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

Comerica Incorporated (NYSE:CMA - Get Free Report) declared a quarterly dividend on Tuesday, February 25th, RTT News reports. Investors of record on Friday, March 14th will be given a dividend of 0.71 per share by the financial services provider on Tuesday, April 1st. This represents a $2.84 annualized dividend and a yield of 4.42%. The ex-dividend date is Friday, March 14th.

Comerica has increased its dividend payment by an average of 1.5% per year over the last three years. Comerica has a payout ratio of 48.5% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

NYSE:CMA traded up $0.75 during trading hours on Friday, hitting $64.30. 2,362,133 shares of the stock traded hands, compared to its average volume of 2,061,264. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.09. Comerica has a 1 year low of $45.32 and a 1 year high of $73.45. The company has a market cap of $8.46 billion, a price-to-earnings ratio of 12.81 and a beta of 1.25. The stock has a 50 day moving average price of $64.52 and a 200 day moving average price of $63.11.

Comerica (NYSE:CMA - Get Free Report) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.05). Comerica had a return on equity of 12.04% and a net margin of 13.98%. During the same quarter in the previous year, the company posted $1.46 earnings per share. Sell-side analysts forecast that Comerica will post 5.28 EPS for the current fiscal year.

Comerica announced that its board has approved a share repurchase program on Tuesday, November 5th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms recently commented on CMA. Royal Bank of Canada decreased their target price on Comerica from $78.00 to $76.00 and set an "outperform" rating on the stock in a research report on Thursday, January 23rd. UBS Group assumed coverage on shares of Comerica in a research note on Tuesday, December 17th. They set a "sell" rating and a $64.00 price target on the stock. JPMorgan Chase & Co. decreased their price target on shares of Comerica from $73.00 to $70.00 and set a "neutral" rating on the stock in a research note on Tuesday, January 7th. Barclays upped their price target on shares of Comerica from $66.00 to $68.00 and gave the company an "underweight" rating in a research note on Monday, January 6th. Finally, Truist Financial upgraded shares of Comerica to a "hold" rating in a research report on Monday, January 6th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Comerica presently has a consensus rating of "Hold" and an average target price of $68.57.

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.