Comerica Incorporated (NYSE:CMA) announced a quarterly dividend on Tuesday, April 23rd, RTT News reports. Stockholders of record on Friday, June 14th will be given a dividend of 0.67 per share by the financial services provider on Monday, July 1st. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.39%.

Comerica has increased its dividend payment by an average of 23.4% annually over the last three years and has raised its dividend annually for the last 7 consecutive years. Comerica has a payout ratio of 37.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Comerica to earn $8.47 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 31.6%.

Shares of Comerica stock traded up $0.70 during trading on Tuesday, reaching $79.01. The company’s stock had a trading volume of 1,427,581 shares, compared to its average volume of 2,072,688. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $12.36 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 1.36 and a beta of 1.43. Comerica has a 1-year low of $63.69 and a 1-year high of $101.05.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.93 by $0.15. The firm had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $852.88 million. Comerica had a return on equity of 16.95% and a net margin of 34.75%. The business’s quarterly revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.59 EPS. On average, equities research analysts anticipate that Comerica will post 8.22 earnings per share for the current fiscal year.

In other Comerica news, insider Paul R. Obermeyer sold 8,200 shares of Comerica stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $86.75, for a total transaction of $711,350.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Peter William Guilfoile sold 2,922 shares of Comerica stock in a transaction dated Tuesday, January 29th. The shares were sold at an average price of $82.26, for a total value of $240,363.72. The disclosure for this sale can be found here. Insiders have sold a total of 18,565 shares of company stock valued at $1,603,348 in the last quarter. Company insiders own 0.98% of the company’s stock.

A number of analysts have recently weighed in on CMA shares. Barclays lowered their price objective on Comerica from $102.00 to $90.00 and set an “underweight” rating for the company in a research report on Wednesday, January 2nd. ValuEngine raised Comerica from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 2nd. Argus assumed coverage on Comerica in a research report on Thursday, January 3rd. They set a “buy” rating and a $88.00 price target for the company. Goldman Sachs Group cut Comerica from a “conviction-buy” rating to a “buy” rating in a research report on Monday, January 7th. Finally, Morgan Stanley lowered their price target on Comerica from $98.00 to $96.00 and set an “overweight” rating for the company in a research report on Tuesday, January 8th. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $91.91.

Comerica announced that its board has authorized a share buyback program on Tuesday, January 22nd that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

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Comerica Company Profile

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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Dividend History for Comerica (NYSE:CMA)

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