Comerica Incorporated to Issue Quarterly Dividend of $0.71 (NYSE:CMA)

Comerica Incorporated (NYSE:CMA - Get Free Report) declared a quarterly dividend on Monday, April 28th, RTT News reports. Shareholders of record on Friday, June 13th will be paid a dividend of 0.71 per share by the financial services provider on Friday, August 1st. This represents a $2.84 annualized dividend and a yield of 5.03%. The ex-dividend date is Friday, June 13th.

Comerica has raised its dividend payment by an average of 1.5% per year over the last three years. Comerica has a dividend payout ratio of 49.6% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Stock Up 3.6 %

Shares of NYSE:CMA traded up $1.98 during trading on Friday, reaching $56.44. 1,988,089 shares of the stock traded hands, compared to its average volume of 2,206,561. Comerica has a 52-week low of $45.32 and a 52-week high of $73.45. The stock has a market cap of $7.41 billion, a P/E ratio of 11.24 and a beta of 0.96. The stock has a 50-day moving average of $56.24 and a two-hundred day moving average of $62.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97.

Comerica (NYSE:CMA - Get Free Report) last posted its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.11. Comerica had a return on equity of 12.04% and a net margin of 13.98%. The firm had revenue of $829.00 million during the quarter, compared to analysts' expectations of $839.31 million. During the same quarter in the previous year, the business earned $1.29 earnings per share. As a group, sell-side analysts expect that Comerica will post 5.28 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on CMA shares. Barclays boosted their price objective on shares of Comerica from $66.00 to $68.00 and gave the company an "underweight" rating in a report on Monday, January 6th. Royal Bank of Canada decreased their target price on shares of Comerica from $75.00 to $65.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Argus upgraded Comerica to a "hold" rating in a research note on Friday, January 31st. Raymond James reduced their price objective on Comerica from $72.00 to $67.00 and set an "outperform" rating for the company in a research report on Wednesday, April 2nd. Finally, JPMorgan Chase & Co. cut Comerica from a "neutral" rating to an "underweight" rating and dropped their target price for the stock from $64.00 to $52.00 in a research report on Tuesday, April 22nd. Five research analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Comerica has a consensus rating of "Hold" and an average price target of $62.84.

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.