Royal Bank of Canada Cuts Comerica (NYSE:CMA) Price Target to $65.00

Comerica (NYSE:CMA) had its price target cut by Royal Bank of Canada from $75.00 to $65.00 in a research note published on Tuesday,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other equities analysts have also recently weighed in on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of Comerica from $77.00 to $68.00 and set an “outperform” rating for the company in a research report on Tuesday. Robert W. Baird dropped their price objective on Comerica from $80.00 to $75.00 and set an “outperform” rating for the company in a research note on Tuesday. Wells Fargo & Company decreased their target price on Comerica from $67.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Raymond James dropped their target price on Comerica from $72.00 to $67.00 and set an “outperform” rating for the company in a research report on Wednesday, April 2nd. Finally, Morgan Stanley cut shares of Comerica from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $63.00 to $55.00 in a research report on Monday, April 7th. Five equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Comerica currently has an average rating of “Hold” and an average price target of $62.84.

Comerica Price Performance

Shares of CMA stock opened at $53.37 on Tuesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $7.00 billion, a PE ratio of 10.63 and a beta of 0.96. The firm’s 50-day moving average is $57.68 and its two-hundred day moving average is $62.68. Comerica has a 12 month low of $45.32 and a 12 month high of $73.45.

Comerica (NYSE:CMA) last posted its earnings results on Monday, April 21st. The financial services provider reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. Comerica had a return on equity of 12.04% and a net margin of 13.98%. The company had revenue of $829.00 million for the quarter, compared to the consensus estimate of $839.31 million. During the same quarter in the previous year, the business earned $1.29 earnings per share. Analysts predict that Comerica will post 5.28 earnings per share for the current year.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 5.32%. The ex-dividend date of this dividend was Friday, March 14th. Comerica’s payout ratio is 56.57%.

Institutional Trading of Comerica

A number of large investors have recently made changes to their positions in CMA. Elevated Capital Advisors LLC boosted its holdings in shares of Comerica by 3.4% in the first quarter. Elevated Capital Advisors LLC now owns 14,675 shares of the financial services provider’s stock valued at $867,000 after acquiring an additional 477 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Comerica by 11.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 107,173 shares of the financial services provider’s stock worth $6,293,000 after purchasing an additional 11,148 shares during the period. Oakworth Capital Inc. grew its position in Comerica by 1.2% during the 1st quarter. Oakworth Capital Inc. now owns 250,709 shares of the financial services provider’s stock worth $14,807,000 after purchasing an additional 2,943 shares during the last quarter. Sylvest Advisors LLC increased its stake in Comerica by 9.9% in the first quarter. Sylvest Advisors LLC now owns 10,913 shares of the financial services provider’s stock valued at $645,000 after purchasing an additional 981 shares during the period. Finally, Bessemer Group Inc. raised its holdings in shares of Comerica by 3.8% in the first quarter. Bessemer Group Inc. now owns 11,273 shares of the financial services provider’s stock valued at $666,000 after buying an additional 414 shares during the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.

Comerica Company Profile

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.