Comerica Incorporated (CMA) to Issue Quarterly Dividend of $0.71 on August 1st

Comerica Incorporated (NYSE:CMA) announced 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 4.82%. The ex-dividend date is Friday, June 13th.

Comerica has a dividend payout ratio of 50.0% meaning 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

Shares of NYSE CMA opened at $58.92 on Wednesday. The stock’s 50-day moving average is $55.16 and its two-hundred day moving average is $60.79. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97. Comerica has a 1-year low of $45.32 and a 1-year high of $73.45. The company has a market cap of $7.74 billion, a price-to-earnings ratio of 11.74 and a beta of 0.92.

Comerica (NYSE:CMA) last issued 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 company had revenue of $829.00 million for the quarter, compared to the consensus estimate of $839.31 million. During the same quarter in the prior year, the business earned $1.29 EPS. Analysts forecast that Comerica will post 5.28 EPS for the current fiscal year.

Institutional Trading of Comerica

Several hedge funds have recently modified their holdings of the business. Geneos Wealth Management Inc. lifted its holdings in shares of Comerica by 41.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider’s stock valued at $35,000 after buying an additional 176 shares during the period. Empowered Funds LLC lifted its holdings in shares of Comerica by 12.6% in the 1st quarter. Empowered Funds LLC now owns 6,464 shares of the financial services provider’s stock valued at $382,000 after buying an additional 724 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Comerica by 60.1% in the 1st 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 buying an additional 17,552 shares during the period. 80.74% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CMA. Royal Bank of Canada dropped their price objective on Comerica from $75.00 to $65.00 and set an “outperform” rating on the stock in a report on Tuesday, April 22nd. UBS Group upgraded Comerica from a “sell” rating to a “neutral” rating and set a $59.00 price objective on the stock in a report on Thursday, April 10th. Stephens downgraded Comerica from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $66.00 to $64.00 in a report on Monday, March 31st. Morgan Stanley downgraded Comerica from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $63.00 to $55.00 in a report on Monday, April 7th. Finally, Truist Financial dropped their price objective on Comerica from $65.00 to $57.00 and set a “hold” rating on the stock in a report on Tuesday, April 22nd. Six investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $62.37.

About Comerica

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.