Comerica Incorporated (NYSE:CMA) announced a quarterly dividend on Tuesday, July 25th, RTT News reports. Investors of record on Friday, September 15th will be paid a dividend of 0.30 per share by the financial services provider on Sunday, October 1st. This represents a $1.20 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend is Thursday, September 14th. This is an increase from Comerica’s previous quarterly dividend of $0.26.
Comerica has increased its dividend payment by an average of 9.6% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Comerica has a dividend payout ratio of 25.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Comerica to earn $5.19 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 23.1%.
Shares of Comerica (NYSE:CMA) opened at 70.21 on Friday. Comerica has a one year low of $45.14 and a one year high of $75.72. The stock has a market capitalization of $12.35 billion, a PE ratio of 17.53 and a beta of 1.47. The company’s 50-day moving average price is $73.06 and its 200 day moving average price is $70.82.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.07. The firm had revenue of $776 million during the quarter, compared to analyst estimates of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. Comerica’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.58 earnings per share. Analysts anticipate that Comerica will post $4.58 EPS for the current year.
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A number of analysts have weighed in on the company. BidaskClub upgraded Comerica from a “sell” rating to a “hold” rating in a report on Tuesday. Zacks Investment Research upgraded Comerica from a “hold” rating to a “buy” rating and set a $81.00 target price for the company in a report on Thursday, August 3rd. Wells Fargo & Company started coverage on Comerica in a report on Wednesday. They set a “market perform” rating and a $73.00 price objective for the company. Piper Jaffray Companies reiterated a “hold” rating and set a $76.00 price objective on shares of Comerica in a report on Friday, July 28th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $81.00 price objective on shares of Comerica in a report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $71.71.
Comerica announced that its board has authorized a share repurchase program on Wednesday, June 28th that authorizes the company to buyback $605.00 million in shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Comerica Company Profile
Comerica Incorporated is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. The Company’s segments include the Business Bank, the Retail Bank, Wealth Management, Finance and Other. The Business Bank serves middle market businesses, multinational corporations and governmental entities by offering various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services and loan syndication services.
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