Comerica Incorporated (NYSE:CMA) declared a quarterly dividend on Tuesday, July 23rd, RTT News reports. Shareholders of record on Friday, September 13th will be given a dividend of 0.67 per share by the financial services provider on Tuesday, October 1st. This represents a $2.68 dividend on an annualized basis and a yield of 4.17%. The ex-dividend date of this dividend is Thursday, September 12th.
Comerica has increased its dividend payment by an average of 23.4% annually over the last three years and has increased its dividend every year for the last 7 years. Comerica has a payout ratio of 37.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Comerica to earn $7.77 per share next year, which means the company should continue to be able to cover its $2.68 annual dividend with an expected future payout ratio of 34.5%.
Shares of NYSE:CMA opened at $64.25 on Wednesday. The stock’s 50-day simple moving average is $64.08 and its two-hundred day simple moving average is $72.76. The stock has a market capitalization of $9.57 billion, a price-to-earnings ratio of 8.87, a PEG ratio of 0.57 and a beta of 1.52. Comerica has a 52-week low of $58.54 and a 52-week high of $98.75. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.02 and a current ratio of 1.02.
Several analysts recently issued reports on CMA shares. Citigroup lowered shares of Comerica from a “neutral” rating to a “sell” rating and cut their target price for the company from $80.00 to $66.00 in a research report on Friday, July 12th. B. Riley set a $75.00 price target on shares of Comerica and gave the stock a “hold” rating in a research report on Thursday, July 11th. Stephens set a $78.00 price target on shares of Comerica and gave the stock a “hold” rating in a research note on Friday, September 6th. Morgan Stanley dropped their price target on shares of Comerica from $90.00 to $82.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, Odeon Capital Group downgraded shares of Comerica from a “buy” rating to a “sell” rating in a research report on Wednesday, September 4th. Seven analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $82.24.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers 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 middle market businesses, multinational corporations, and governmental entities.
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