Comerica Incorporated (CMA) To Go Ex-Dividend on September 13th

Comerica Incorporated (NYSE:CMA) announced a quarterly dividend on Tuesday, July 23rd, RTT News reports. Stockholders of record on Friday, September 13th will be paid a dividend of 0.71 per share by the financial services provider on Tuesday, October 1st. This represents a $2.84 annualized dividend and a dividend yield of 4.95%. The ex-dividend date of this dividend is Friday, September 13th.

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 53.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Comerica to earn $5.21 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 54.5%.

Comerica Price Performance

Shares of CMA opened at $57.42 on Wednesday. The company has a market cap of $7.62 billion, a P/E ratio of 11.42 and a beta of 1.23. Comerica has a fifty-two week low of $37.40 and a fifty-two week high of $58.50. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. The firm’s 50 day moving average price is $54.15 and its 200 day moving average price is $52.17.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same quarter in the prior year, the company earned $2.01 earnings per share. On average, research analysts forecast that Comerica will post 5.05 earnings per share for the current fiscal year.

Insider Transactions at Comerica

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the sale, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CMA shares. DA Davidson reissued a “neutral” rating and set a $55.00 price objective on shares of Comerica in a research report on Tuesday. Wells Fargo & Company dropped their price objective on shares of Comerica from $48.00 to $45.00 and set an “underweight” rating on the stock in a research report on Wednesday, June 12th. Piper Sandler raised their price objective on shares of Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Morgan Stanley increased their target price on Comerica from $50.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Finally, Evercore ISI decreased their price target on Comerica from $58.00 to $54.00 and set an “in-line” rating for the company in a report on Tuesday, June 25th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Comerica currently has an average rating of “Hold” and a consensus price target of $55.73.

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.