Comerica (NYSE:CMA) Price Target Raised to $56.00

Comerica (NYSE:CMA) had its price target raised by Piper Sandler from $54.00 to $56.00 in a research note released on Friday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Several other analysts have also recently weighed in on the company. DA Davidson reaffirmed a neutral rating and set a $56.00 price objective on shares of Comerica in a research report on Wednesday, March 6th. Royal Bank of Canada lifted their price objective on Comerica from $61.00 to $62.00 and gave the company an outperform rating in a research report on Friday, April 19th. Argus cut Comerica from a buy rating to a hold rating in a research report on Monday, January 29th. Bank Of America (Bofa) lifted their price objective on Comerica from $52.00 to $55.00 and gave the company a neutral rating in a research report on Thursday, January 18th. Finally, Truist Financial cut their price objective on Comerica from $62.00 to $60.00 and set a buy rating on the stock in a research report on Monday, April 22nd. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $56.98.

Comerica Stock Down 0.2 %

Shares of NYSE:CMA opened at $52.07 on Friday. Comerica has a 1 year low of $28.40 and a 1 year high of $57.39. The company has a market cap of $6.90 billion, a PE ratio of 10.35 and a beta of 1.27. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.94. The stock’s 50-day moving average is $51.54 and its 200 day moving average is $49.77.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16. Comerica had a return on equity of 16.51% and a net margin of 13.11%. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $807.57 million. During the same quarter in the previous year, the business earned $2.39 EPS. Sell-side analysts anticipate that Comerica will post 5.16 EPS for the current year.

Comerica Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.45%. Comerica’s dividend payout ratio is presently 56.46%.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $52.74, for a total transaction of $160,013.16. Following the completion of the sale, the executive vice president now directly owns 17,460 shares in the company, valued at approximately $920,840.40. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, EVP Wendy Bridges sold 3,034 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the sale, the executive vice president now directly owns 17,460 shares in the company, valued at approximately $920,840.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Cassandra M. Mckinney sold 7,271 shares of the company’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the completion of the sale, the executive vice president now owns 7,236 shares of the company’s stock, valued at $380,541.24. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Institutional investors and hedge funds have recently bought and sold shares of the business. Spire Wealth Management raised its holdings in Comerica by 95.9% during the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 235 shares during the period. Turtle Creek Wealth Advisors LLC bought a new stake in Comerica during the fourth quarter valued at about $36,000. Fortitude Family Office LLC bought a new stake in Comerica during the fourth quarter valued at about $36,000. FNY Investment Advisers LLC bought a new stake in Comerica during the fourth quarter valued at about $50,000. Finally, Cullen Frost Bankers Inc. bought a new stake in Comerica during the fourth quarter valued at about $51,000. 80.74% of the stock is owned by institutional investors.

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, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.