On March 13, 2023, Odeon Capital downgraded their outlook for Comerica (NYSE:CMA) from Buy to Hold.
Analyst Price Forecast Suggests 42.23% Upside
As of March 13, 2023, the average one-year price target for Comerica is $83.65. The forecasts range from a low of $72.72 to a high of $99.75. The average price target represents an increase of 42.23% from its latest reported closing price of $58.81.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Comerica is $4,082MM, an increase of 17.50%. The projected annual non-GAAP EPS is $10.22.
Comerica Declares $0.71 Dividend
On February 28, 2023 the company declared a regular quarterly dividend of $0.71 per share ($2.84 annualized). Shareholders of record as of March 15, 2023 will receive the payment on April 1, 2023. Previously, the company paid $0.68 per share.
At the current share price of $58.81 / share, the stock's dividend yield is 4.83%. Looking back five years and taking a sample every week, the average dividend yield has been 3.98%, the lowest has been 1.19%, and the highest has been 9.95%. The standard deviation of yields is 1.65 (n=236).
The current dividend yield is 0.51 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.32. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.04%, demonstrating that it has increased its dividend over time.
What are Large Shareholders Doing?
Invesco holds 4,983K shares representing 3.79% ownership of the company. In it's prior filing, the firm reported owning 3,997K shares, representing an increase of 19.79%. The firm decreased its portfolio allocation in CMA by 99.99% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 3,973K shares representing 3.02% ownership of the company. In it's prior filing, the firm reported owning 3,883K shares, representing an increase of 2.25%. The firm decreased its portfolio allocation in CMA by 11.17% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 3,374K shares representing 2.57% ownership of the company. In it's prior filing, the firm reported owning 3,321K shares, representing an increase of 1.55%. The firm decreased its portfolio allocation in CMA by 11.59% over the last quarter.
Bank of New York Mellon holds 3,262K shares representing 2.48% ownership of the company. In it's prior filing, the firm reported owning 6,152K shares, representing a decrease of 88.61%. The firm decreased its portfolio allocation in CMA by 91.57% over the last quarter.
Charles Schwab Investment Management holds 3,150K shares representing 2.40% ownership of the company. In it's prior filing, the firm reported owning 2,854K shares, representing an increase of 9.42%. The firm decreased its portfolio allocation in CMA by 99.92% over the last quarter.
What is the Fund Sentiment?
There are 1269 funds or institutions reporting positions in Comerica. This is a decrease of 49 owner(s) or 3.72% in the last quarter. Average portfolio weight of all funds dedicated to CMA is 0.20%, a decrease of 20.38%. Total shares owned by institutions decreased in the last three months by 0.05% to 127,052K shares. The put/call ratio of CMA is 1.75, indicating a bearish outlook.
Comerica Background Information
(This description is provided by the company.)
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Floridaand Michigan, with select businesses operating in several other states, as well as in Canadaand Mexico.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
