Comerica (NYSE:CMA) PT Lowered to $45.00 at Wells Fargo & Company

Comerica (NYSE:CMA) had its target price reduced by Wells Fargo & Company from $48.00 to $45.00 in a report issued on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

Several other brokerages also recently commented on CMA. Deutsche Bank Aktiengesellschaft started coverage on shares of Comerica in a research note on Wednesday, April 10th. They issued a hold rating and a $59.00 target price on the stock. Royal Bank of Canada decreased their target price on shares of Comerica from $62.00 to $58.00 and set an outperform rating on the stock in a research note on Wednesday. DA Davidson reaffirmed a neutral rating and issued a $56.00 target price on shares of Comerica in a research note on Wednesday, March 6th. Citigroup downgraded shares of Comerica from a buy rating to a neutral rating and decreased their target price for the stock from $60.00 to $56.00 in a research note on Monday, May 6th. Finally, Piper Sandler lifted their target price on shares of Comerica from $54.00 to $56.00 and gave the stock a neutral rating in a research note on Friday, April 26th. Three analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $55.77.

Comerica Trading Down 2.8 %

CMA stock opened at $46.84 on Wednesday. The company has a market capitalization of $6.21 billion, a PE ratio of 9.31 and a beta of 1.25. Comerica has a one year low of $37.40 and a one year high of $57.39. The company’s 50 day moving average price is $51.50 and its two-hundred day moving average price is $51.93. 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:CMA) last posted its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, topping the consensus estimate of $1.13 by $0.16. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $807.57 million. Comerica had a net margin of 13.11% and a return on equity of 16.51%. During the same period last year, the firm posted $2.39 earnings per share. As a group, analysts predict that Comerica will post 5.18 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The firm 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 dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 6.06%. The ex-dividend date is Friday, June 14th. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Insider Activity

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of the company’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total value of $382,381.89. Following the transaction, the executive vice president now owns 7,236 shares in the company, valued at approximately $380,541.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

A number of hedge funds have recently bought and sold shares of the company. Pitcairn Co. boosted its stake in Comerica by 2.9% in the 1st quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after purchasing an additional 190 shares in the last quarter. Bison Wealth LLC boosted its stake in Comerica by 1.7% in the 4th quarter. Bison Wealth LLC now owns 11,653 shares of the financial services provider’s stock worth $650,000 after purchasing an additional 196 shares in the last quarter. Fruth Investment Management boosted its stake in Comerica by 1.6% in the 4th quarter. Fruth Investment Management now owns 13,090 shares of the financial services provider’s stock worth $730,000 after purchasing an additional 200 shares in the last quarter. Texas Permanent School Fund Corp raised its position in Comerica by 0.7% in the 1st quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock worth $1,498,000 after buying an additional 201 shares during the last quarter. Finally, Yousif Capital Management LLC raised its position in Comerica by 2.8% in the 4th quarter. Yousif Capital Management LLC now owns 7,918 shares of the financial services provider’s stock worth $442,000 after buying an additional 219 shares during the last quarter. Institutional investors own 80.74% of the company’s stock.

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.