Comerica Incorporated (NYSE:CMA) Announces $0.71 Quarterly Dividend

Key Points

• Comerica Incorporated declared a quarterly dividend of $0.71 per share, which amounts to an annualized dividend of $2.84, and corresponds to a dividend yield of 4.09% based on recent stock prices.
• The company's earnings per share (EPS) for the last quarter exceeded analysts' expectations, reporting $1.42 compared to a consensus estimate of $1.23.
• Analysts have mixed ratings for Comerica, with a consensus rating of "Hold" and an average target price of $63.25, reflecting various outlooks among multiple investment firms.

Comerica Incorporated (NYSE:CMA - Get Free Report) announced a quarterly dividend on Tuesday, July 29th, RTT News reports. Stockholders of record on Monday, September 15th will be given a dividend of 0.71 per share by the financial services provider on Wednesday, October 1st. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.09%.

Comerica has a payout ratio of 50.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Comerica to earn $5.80 per share next year, which means the company should continue to be able to cover its $2.84 annual dividend with an expected future payout ratio of 49.0%.

Comerica Price Performance

Shares of Comerica stock traded down $0.24 during trading hours on Tuesday, reaching $69.40. The company's stock had a trading volume of 2,647,259 shares, compared to its average volume of 2,014,416. The firm has a 50 day moving average price of $59.99 and a 200-day moving average price of $59.74. Comerica has a one year low of $48.12 and a one year high of $73.45. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market cap of $9.12 billion, a P/E ratio of 13.29 and a beta of 0.92.

Comerica (NYSE:CMA - Get Free Report) last posted its earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.19. Comerica had a net margin of 14.92% and a return on equity of 10.92%. The firm had revenue of $849.00 million for the quarter, compared to the consensus estimate of $844.39 million. During the same period in the previous year, the firm posted $1.49 EPS. On average, analysts predict that Comerica will post 5.28 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CMA. UBS Group set a $64.00 price target on shares of Comerica and gave the stock a "neutral" rating in a research note on Monday, July 21st. Morgan Stanley cut shares of Comerica from an "equal weight" rating to an "underweight" rating and dropped their price target for the stock from $63.00 to $55.00 in a research note on Monday, April 7th. Keefe, Bruyette & Woods lifted their price target on shares of Comerica from $69.00 to $73.00 and gave the stock an "outperform" rating in a research note on Monday, July 21st. Citigroup lifted their price target on shares of Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Finally, Piper Sandler lifted their price target on shares of Comerica from $60.00 to $65.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Six research analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $63.25.

Institutional Investors Weigh In On Comerica

Several hedge funds have recently modified their holdings of CMA. Geneos Wealth Management Inc. lifted its position in Comerica by 41.8% during the first quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 176 shares during the last quarter. Empowered Funds LLC lifted its position in Comerica by 12.6% during the first quarter. Empowered Funds LLC now owns 6,464 shares of the financial services provider's stock valued at $382,000 after acquiring an additional 724 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Comerica by 60.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,755 shares of the financial services provider's stock valued at $2,761,000 after acquiring an additional 17,552 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company's stock.

Comerica Company Profile

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.