Comerica (NYSE:CMA) Stock Rating Reaffirmed by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their market perform rating on shares of Comerica (NYSE:CMA) in a report released on Tuesday morning, Benzinga reports. Keefe, Bruyette & Woods currently has a $58.00 price target on the financial services provider’s stock.

Several other research firms have also commented on CMA. DA Davidson reissued a neutral rating and issued a $56.00 price objective on shares of Comerica in a research report on Wednesday, March 6th. Citigroup downgraded Comerica from a buy rating to a neutral rating and dropped their target price for the company from $60.00 to $56.00 in a report on Monday, May 6th. Morgan Stanley restated an equal weight rating and issued a $53.00 price target on shares of Comerica in a report on Monday, April 22nd. Piper Sandler increased their price objective on shares of Comerica from $54.00 to $56.00 and gave the company a neutral rating in a research report on Friday, April 26th. Finally, The Goldman Sachs Group reduced their target price on shares of Comerica from $69.00 to $62.00 and set a buy rating on the stock in a research report on Tuesday, June 4th. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Comerica currently has a consensus rating of Hold and a consensus price target of $55.77.

Comerica Stock Down 2.8 %

CMA opened at $46.84 on Tuesday. Comerica has a 1 year low of $37.40 and a 1 year high of $57.39. The firm has a 50 day moving average price of $51.50 and a 200 day moving average price of $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. The company has a market cap of $6.21 billion, a PE ratio of 9.31 and a beta of 1.25.

Comerica (NYSE:CMA) last released its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $807.57 million. During the same period in the previous year, the firm earned $2.39 earnings per share. Sell-side analysts expect that Comerica will post 5.18 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, June 14th. This represents a $2.84 annualized dividend and a yield of 6.06%. Comerica’s payout ratio is 56.46%.

Insiders Place Their Bets

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of the business’s 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 completion of 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 is available through this link. 0.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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