Comerica (NYSE:CMA) Given New $62.00 Price Target at The Goldman Sachs Group

Comerica (NYSE:CMAFree Report) had its price target cut by The Goldman Sachs Group from $69.00 to $62.00 in a research note published on Tuesday, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

CMA has been the topic of several other research reports. Piper Sandler raised their price target on Comerica from $54.00 to $56.00 and gave the stock a neutral rating in a report on Friday, April 26th. UBS Group decreased their target price on Comerica from $59.00 to $55.00 and set a neutral rating for the company in a research report on Friday, April 19th. Evercore ISI boosted their price objective on shares of Comerica from $55.00 to $58.00 and gave the company an in-line rating in a research report on Thursday, March 28th. Jefferies Financial Group lowered their target price on Comerica from $65.00 to $60.00 and set a buy rating on the stock in a research note on Monday, April 8th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Comerica in a research report on Wednesday, April 10th. They issued a hold rating and a $59.00 target price for the company. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Hold and a consensus target price of $56.50.

Read Our Latest Stock Report on Comerica

Comerica Stock Performance

Comerica stock opened at $48.33 on Tuesday. The firm has a market capitalization of $6.41 billion, a PE ratio of 9.61 and a beta of 1.25. The stock’s 50 day moving average price is $52.36 and its 200 day moving average price is $51.84. Comerica has a one year low of $37.40 and a one year high of $57.39. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.95 and a current ratio of 0.95.

Comerica (NYSE:CMAGet Free Report) last issued its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $807.57 million. Comerica had a net margin of 13.11% and a return on equity of 16.51%. During the same quarter in the previous year, the firm earned $2.39 earnings per share. As a group, sell-side analysts expect that Comerica will post 5.19 EPS for the current fiscal year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 5.88%. The ex-dividend date of this dividend is Friday, June 14th. Comerica’s payout ratio is 56.46%.

Insiders Place Their Bets

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total transaction of $382,381.89. Following the sale, the executive vice president now owns 7,236 shares of the company’s stock, valued at approximately $380,541.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Spire Wealth Management grew its position in shares of Comerica by 95.9% during the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after buying an additional 235 shares during the period. Fortitude Family Office LLC acquired a new position in shares of Comerica during the 4th quarter worth approximately $36,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Comerica in the fourth quarter valued at $36,000. FNY Investment Advisers LLC bought a new position in Comerica in the 4th quarter valued at about $50,000. Finally, Cullen Frost Bankers Inc. bought a new position in shares of Comerica during the fourth quarter worth approximately $51,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Comerica Company Profile

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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.

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