Comerica (NYSE:CMA) Price Target Raised to $73.00 at Keefe, Bruyette & Woods

Comerica (NYSE:CMA) had its price objective upped by Keefe, Bruyette & Woods from $69.00 to $73.00 in a report issued on Monday morning, MarketBeat reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other equities research analysts have also commented on CMA. Piper Sandler raised their price target on Comerica from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 11th. Wells Fargo & Company lowered their price objective on Comerica from $67.00 to $55.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 22nd. The Goldman Sachs Group cut their price target on Comerica from $66.00 to $57.00 and set a “neutral” rating for the company in a report on Tuesday, April 22nd. Stephens set a $68.00 price objective on Comerica and gave the stock an “equal weight” rating in a report on Monday. Finally, UBS Group raised Comerica from a “sell” rating to a “neutral” rating and set a $59.00 price target on the stock in a research report on Thursday, April 10th. Six research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $62.90.

Comerica Stock Down 3.5%

CMA opened at $63.01 on Monday. The stock has a market cap of $8.28 billion, a price-to-earnings ratio of 12.07 and a beta of 0.92. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.96 and a current ratio of 0.96. Comerica has a fifty-two week low of $48.12 and a fifty-two week high of $73.45. The firm’s fifty day moving average is $59.00 and its 200 day moving average is $59.55.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.19. The company had revenue of $849.00 million during the quarter, compared to the consensus estimate of $844.39 million. Comerica had a net margin of 14.92% and a return on equity of 10.92%. During the same quarter in the previous year, the firm earned $1.49 earnings per share. On average, sell-side analysts forecast that Comerica will post 5.28 earnings per share for the current fiscal year.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, June 13th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.51%. The ex-dividend date is Friday, June 13th. Comerica’s dividend payout ratio (DPR) is presently 54.41%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CMA. M&T Bank Corp boosted its position in shares of Comerica by 11.2% in the first quarter. M&T Bank Corp now owns 13,215 shares of the financial services provider’s stock worth $780,000 after buying an additional 1,326 shares during the period. Bank of Nova Scotia acquired a new stake in Comerica during the 4th quarter worth $1,320,000. Bessemer Group Inc. grew its holdings in shares of Comerica by 3.8% in the 1st quarter. Bessemer Group Inc. now owns 11,273 shares of the financial services provider’s stock valued at $666,000 after acquiring an additional 414 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Comerica by 11.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 107,173 shares of the financial services provider’s stock worth $6,293,000 after acquiring an additional 11,148 shares during the period. Finally, tru Independence LLC raised its position in Comerica by 5.9% during the first quarter. tru Independence LLC now owns 85,075 shares of the financial services provider’s stock valued at $5,024,000 after purchasing an additional 4,772 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

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.