Comerica (NYSE:CMA) Reaches New 12-Month High After Dividend Announcement

Comerica Incorporated (NYSE:CMA - Get Free Report)'s share price reached a new 52-week high on Wednesday after the company announced a dividend. The stock traded as high as $69.61 and last traded at $69.61, with a volume of 86027 shares traded. The stock had previously closed at $63.28.

The newly announced dividend which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date is Friday, December 13th. Comerica's dividend payout ratio is currently 71.00%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Barclays raised their price target on Comerica from $56.00 to $66.00 and gave the stock an "underweight" rating in a research note on Monday, October 21st. Piper Sandler boosted their target price on shares of Comerica from $51.00 to $52.00 and gave the company a "neutral" rating in a report on Monday, July 22nd. Royal Bank of Canada cut their price objective on Comerica from $58.00 to $56.00 and set an "outperform" rating on the stock in a report on Monday, July 22nd. StockNews.com upgraded Comerica from a "sell" rating to a "hold" rating in a research note on Monday, October 21st. Finally, DA Davidson upped their target price on shares of Comerica from $64.00 to $68.00 and gave the company a "neutral" rating in a research note on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Comerica has a consensus rating of "Hold" and a consensus price target of $62.81.

Comerica Stock Up 11.1 %

The firm's 50 day simple moving average is $59.69 and its 200 day simple moving average is $54.70. The company has a market cap of $9.25 billion, a price-to-earnings ratio of 15.82 and a beta of 1.22. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97.

Comerica (NYSE:CMA - Get Free Report) last posted its earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.17 by $0.16. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The firm had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $806.49 million. During the same period last year, the firm earned $1.84 EPS. Sell-side analysts anticipate that Comerica Incorporated will post 5.37 EPS for the current fiscal year.

Comerica announced that its board has authorized a stock repurchase program on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of the company's stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the sale, the executive vice president now directly owns 16,428 shares in the company, valued at $1,021,821.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP James Harry Weber sold 6,500 shares of the business's stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total value of $410,995.00. Following the sale, the executive vice president now directly owns 15,773 shares in the company, valued at $997,326.79. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Bruce Mitchell sold 7,564 shares of the firm's stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the sale, the executive vice president now owns 16,428 shares of the company's stock, valued at $1,021,821.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,609 shares of company stock valued at $1,027,839 over the last 90 days. 0.19% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Comerica

Large investors have recently modified their holdings of the stock. V Square Quantitative Management LLC acquired a new stake in shares of Comerica during the third quarter valued at approximately $36,000. Family Firm Inc. purchased a new stake in shares of Comerica in the second quarter valued at $37,000. UMB Bank n.a. boosted its position in shares of Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider's stock worth $38,000 after buying an additional 208 shares during the period. Versant Capital Management Inc grew its holdings in shares of Comerica by 2,723.3% during the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider's stock valued at $43,000 after buying an additional 817 shares in the last quarter. Finally, Abich Financial Wealth Management LLC raised its position in Comerica by 50.2% during the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider's stock valued at $49,000 after buying an additional 300 shares during the period. 80.74% of the stock is owned by institutional investors.

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.