Comerica’s (CMA) “Overweight” Rating Reaffirmed at Stephens

Stephens reiterated their overweight rating on shares of Comerica (NYSE:CMA) in a report issued on Tuesday morning, Benzinga reports. They currently have a $64.00 price objective on the financial services provider’s stock.

A number of other equities analysts also recently weighed in on CMA. JPMorgan Chase & Co. boosted their target price on Comerica from $46.00 to $52.00 in a research note on Thursday, June 29th. Piper Sandler boosted their target price on Comerica from $46.00 to $52.00 in a research note on Monday, July 24th. Royal Bank of Canada boosted their target price on Comerica from $54.00 to $58.00 and gave the stock an outperform rating in a research note on Monday, July 24th. Raymond James boosted their target price on Comerica from $53.00 to $57.00 and gave the stock a strong-buy rating in a research note on Monday, July 24th. Finally, Odeon Capital Group upgraded Comerica from a hold rating to a buy rating and set a $47.24 price objective on the stock in a research note on Monday, June 5th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $61.11.

Comerica Price Performance

CMA stock opened at $45.47 on Tuesday. The company has a market capitalization of $5.99 billion, a P/E ratio of 4.75, a price-to-earnings-growth ratio of 1.37 and a beta of 1.23. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.93 and a current ratio of 0.93. Comerica has a 52-week low of $28.40 and a 52-week high of $84.87. The business has a 50-day simple moving average of $48.92 and a two-hundred day simple moving average of $45.72.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, July 21st. The financial services provider reported $2.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.86 by $0.15. Comerica had a return on equity of 25.54% and a net margin of 27.01%. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $904.80 million. During the same quarter in the previous year, the business earned $1.92 EPS. Research analysts expect that Comerica will post 7.75 EPS for the current fiscal year.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.84 annualized dividend and a dividend yield of 6.25%. Comerica’s payout ratio is currently 29.65%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Forest Hill Capital LLC grew its position in Comerica by 9.7% in the fourth quarter. Forest Hill Capital LLC now owns 113,089 shares of the financial services provider’s stock worth $7,560,000 after acquiring an additional 10,000 shares in the last quarter. SkyOak Wealth LLC grew its position in Comerica by 74.4% in the first quarter. SkyOak Wealth LLC now owns 9,368 shares of the financial services provider’s stock worth $407,000 after acquiring an additional 3,997 shares in the last quarter. Russell Investments Group Ltd. grew its position in Comerica by 38.6% in the first quarter. Russell Investments Group Ltd. now owns 330,554 shares of the financial services provider’s stock worth $14,354,000 after acquiring an additional 92,040 shares in the last quarter. Ellevest Inc. grew its position in Comerica by 114.3% in the first quarter. Ellevest Inc. now owns 3,478 shares of the financial services provider’s stock worth $151,000 after acquiring an additional 1,855 shares in the last quarter. Finally, HRT Financial LP grew its position in Comerica by 39.8% in the fourth quarter. HRT Financial LP now owns 84,543 shares of the financial services provider’s stock worth $5,651,000 after acquiring an additional 24,075 shares in the last quarter. Institutional investors own 81.94% of the company’s stock.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial 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, as well as payment and card services for small and middle market businesses, multinational corporations, and governmental entities.