Comerica (NYSE:CMA) PT Lowered to $58.00 at Royal Bank of Canada

Comerica (NYSE:CMA) had its target price lowered by Royal Bank of Canada from $62.00 to $58.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

CMA has been the topic of a number of other research reports. Jefferies Financial Group dropped their price target on Comerica from $65.00 to $60.00 and set a buy rating on the stock in a research report on Monday, April 8th. Deutsche Bank Aktiengesellschaft started coverage on Comerica in a research report on Wednesday, April 10th. They set a hold rating and a $59.00 price target on the stock. DA Davidson reaffirmed a neutral rating and set a $56.00 price target on shares of Comerica in a research report on Wednesday, March 6th. Citigroup lowered Comerica from a buy rating to a neutral rating and dropped their price target for the stock from $60.00 to $56.00 in a research report on Monday, May 6th. Finally, Keefe, Bruyette & Woods reaffirmed a market perform rating and set a $58.00 price target on shares of Comerica in a research report on Tuesday, June 11th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average target price of $55.77.

Comerica Trading Down 1.3 %

NYSE:CMA opened at $46.82 on Wednesday. Comerica has a 1-year low of $37.40 and a 1-year high of $57.39. The business’s 50-day moving average price is $51.39 and its two-hundred day moving average price is $51.95. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.26. The firm has a market capitalization of $6.21 billion, a price-to-earnings ratio of 9.31 and a beta of 1.25.

Comerica (NYSE:CMA) last released its earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.16. Comerica had a return on equity of 16.51% and a net margin of 13.11%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. During the same quarter in the prior year, the firm posted $2.39 earnings per share. On average, equities analysts expect that Comerica will post 5.16 earnings per share for the current year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.71 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.84 dividend on an annualized basis and a yield of 6.07%. Comerica’s dividend payout ratio is 56.46%.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the completion of the transaction, the executive vice president now directly owns 7,236 shares in the company, valued at $380,541.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

A number of hedge funds have recently made changes to their positions in CMA. D.A. Davidson & CO. lifted its position in shares of Comerica by 2.5% in the third quarter. D.A. Davidson & CO. now owns 12,525 shares of the financial services provider’s stock valued at $520,000 after buying an additional 300 shares during the last quarter. Pathstone Family Office LLC acquired a new position in Comerica in the 3rd quarter valued at $573,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in Comerica by 15.4% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,496 shares of the financial services provider’s stock valued at $1,101,000 after acquiring an additional 3,532 shares in the last quarter. Deutsche Bank AG raised its holdings in Comerica by 1.3% in the 3rd quarter. Deutsche Bank AG now owns 301,920 shares of the financial services provider’s stock valued at $12,545,000 after acquiring an additional 3,959 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Comerica by 14.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 47,402 shares of the financial services provider’s stock valued at $1,970,000 after acquiring an additional 5,823 shares in 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.