Comerica (NYSE:CMA) Price Target Raised to $75.00

Comerica (NYSE:CMA) had its price objective hoisted by Jefferies Financial Group from $70.00 to $75.00 in a research note released on Wednesday morning,Benzinga reports. Jefferies Financial Group currently has a hold rating on the financial services provider’s stock.

Several other brokerages have also recently issued reports on CMA. Piper Sandler raised their target price on shares of Comerica from $60.00 to $65.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. DA Davidson set a $60.00 target price on shares of Comerica and gave the stock a “neutral” rating in a report on Monday, July 21st. Raymond James Financial reissued a “market perform” rating on shares of Comerica in a report on Tuesday, July 8th. UBS Group set a $64.00 target price on shares of Comerica and gave the stock a “neutral” rating in a report on Monday, July 21st. Finally, Citigroup raised their target price on shares of Comerica from $54.00 to $61.00 and gave the stock a “neutral” rating in a report on Wednesday, July 2nd. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $64.65.

Comerica Trading Down 2.5%

NYSE CMA opened at $68.86 on Wednesday. The company has a fifty day simple moving average of $66.55 and a two-hundred day simple moving average of $60.38. The stock has a market cap of $8.85 billion, a P/E ratio of 13.19, a P/E/G ratio of 12.74 and a beta of 0.97. Comerica has a 12-month low of $48.12 and a 12-month high of $73.45. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.84.

Comerica (NYSE:CMA) last posted 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 business had revenue of $849.00 million during the quarter, compared to analysts’ expectations of $844.39 million. Comerica had a net margin of 14.92% and a return on equity of 10.92%. During the same quarter last year, the company posted $1.49 earnings per share. On average, analysts forecast 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 will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a yield of 4.1%. Comerica’s payout ratio is presently 54.41%.

Insiders Place Their Bets

In other Comerica news, EVP Allysun C. Fleming sold 2,100 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $67.03, for a total transaction of $140,763.00. Following the transaction, the executive vice president directly owned 9,424 shares of the company’s stock, valued at $631,690.72. This trade represents a 18.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James Mcgregor Carr sold 4,000 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $67.28, for a total transaction of $269,120.00. Following the transaction, the insider directly owned 33,471 shares in the company, valued at approximately $2,251,928.88. The trade was a 10.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by insiders.

Institutional Trading of Comerica

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its stake in shares of Comerica by 9.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,508,229 shares of the financial services provider’s stock worth $325,308,000 after purchasing an additional 472,409 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Comerica by 1.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 4,741,310 shares of the financial services provider’s stock worth $282,819,000 after purchasing an additional 77,869 shares in the last quarter. Primecap Management Co. CA increased its stake in shares of Comerica by 55.3% during the second quarter. Primecap Management Co. CA now owns 2,593,800 shares of the financial services provider’s stock worth $154,720,000 after purchasing an additional 923,690 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Comerica by 3.0% during the second quarter. Geode Capital Management LLC now owns 2,579,763 shares of the financial services provider’s stock worth $153,905,000 after purchasing an additional 73,971 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Comerica by 9.6% during the first quarter. Goldman Sachs Group Inc. now owns 2,321,494 shares of the financial services provider’s stock worth $137,107,000 after purchasing an additional 203,333 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

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.