Comerica Incorporated will issue a quarterly dividend of $0.68 (NYSE: CMA)
Comerica Incorporated (NYSE:CMA – Get Rating) declared a quarterly dividend on Tuesday, November 8, reports RTT News. Shareholders of record on Thursday, December 15 will receive a dividend of 0.68 per share from the financial services provider on Sunday, January 1. This represents an annualized dividend of $2.72 and a yield of 3.81%.
Comerica has increased its dividend payout by an average of 13.9% per year over the past three years and has increased its dividend every year for the past 11 years. Comerica has a payout ratio of 26.8%, indicating that its dividend is sufficiently covered by earnings. Equity research analysts expect Comerica to earn $10.08 per share next year, meaning the company should continue to be able to cover its $2.72 annual dividend with an expected future payout ratio of 27.0%.
Comerica price performance
CMA stock traded at $1.25 at midday Tuesday, hitting $71.48. The company’s shares had a trading volume of 2,504,621 shares, compared to its average volume of 1,383,367. Comerica has a 12-month low of $64.11 and a 12-month high of 102, $09. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt ratio of 0.65. The company has a market cap of $9.36 billion, a price-to-earnings ratio of 9.52, a growth price-to-earnings ratio of 1.29, and a beta of 1.20. The company has a 50-day moving average of $74.43 and a two-hundred-day moving average of $77.19.
Comerica (NYSE:CMA – Get Rating) last released its quarterly results on Wednesday, October 19. The financial services provider reported earnings per share of $2.60 for the quarter, beating the consensus estimate of $2.57 by $0.03. Comerica had a return on equity of 16.56% and a net margin of 30.73%. In the same period a year earlier, the company posted earnings per share of $1.90. On average, analysts expect Comerica to post an EPS of 8.53 for the current year.
Analyst upgrades and downgrades
Several brokerages have recently released reports on CMA. Argus upgraded Comerica from a “hold” rating to a “buy” rating and set a price target of $87.00 on the stock in a Thursday, October 20 report. Evercore ISI raised its price target on Comerica to $86.00 in a Friday, July 22 report. Goldman Sachs Group lowered its price target on Comerica from $94.00 to $84.00 and set a “neutral” rating on the stock in a Monday, October 3 report. Compass Point reduced its price target on Comerica to $88.00 in a Thursday, October 20 report. Finally, Piper Sandler reduced her price target on Comerica to $85.00 in a Thursday, October 20 report. Two research analysts rated the stock with a sell rating, seven gave the company a hold rating and twelve gave the company a buy rating. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $91.00.
Insiders place their bets
In other news, Executive Vice Chairman Peter L. Sefzik sold 7,287 shares in a trade Thursday, August 11. The stock was sold at an average price of $83.78, for a total transaction of $610,504.86. Following the transaction, the executive vice president now owns 32,007 shares of the company, valued at approximately $2,681,546.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this link. Insiders own 0.76% of the shares of the company.
Hedge funds weigh on Comerica
A number of hedge funds and other institutional investors have recently changed their positions in the company. First Republic Investment Management Inc. increased its position in Comerica shares by 20.4% during the second quarter. First Republic Investment Management Inc. now owns 21,094 shares of the financial services provider worth $1,548,000 after buying 3,574 additional shares last quarter. Natixis Advisors LP increased its position in Comerica by 11.4% during the second quarter. Natixis Advisors LP now owns 31,638 shares of the financial services provider valued at $2,322,000 after buying 3,236 additional shares last quarter. NewEdge Advisors LLC purchased a new stake in Comerica during the second quarter worth approximately $458,000. Wells Fargo & Company MN increased its position in Comerica by 16.0% during the second quarter. Wells Fargo & Company MN now owns 123,119 shares of the financial services provider valued at $9,033,000 after buying an additional 17,006 shares last quarter. Finally, LPL Financial LLC increased its position in Comerica by 33.0% during the second quarter. LPL Financial LLC now owns 50,423 shares of the financial services provider valued at $3,700,000 after purchasing an additional 12,524 shares last quarter. Institutional investors hold 82.56% of the company’s shares.
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Comerica, Inc engages in the provision of financial services. It operates through the following segments: Commercial Banking, Retail Banking, Wealth Management, Finance and Others. The Commercial Banking segment serves the needs of small and medium enterprises, multinational corporations and government entities by offering various products and services, including commercial loans and lines of credit, deposits, cash management, market products capital, international trade finance, letters of credit, foreign exchange management services and loan syndication services.
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