Brokerages Set Comerica Incorporated (NYSE:CMA) Target Price at $55.96

Comerica Incorporated (NYSE:CMA) has been given an average rating of “Hold” by the twenty-three brokerages that are covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $55.96.

Several equities research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Comerica in a report on Wednesday, April 10th. They set a “hold” rating and a $59.00 target price for the company. Morgan Stanley restated an “equal weight” rating and set a $53.00 target price on shares of Comerica in a report on Monday, April 22nd. Jefferies Financial Group dropped their target price on Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, April 8th. Wells Fargo & Company dropped their price objective on Comerica from $48.00 to $45.00 and set an “underweight” rating for the company in a report on Wednesday, June 12th. Finally, Truist Financial dropped their price objective on Comerica from $60.00 to $55.00 and set a “buy” rating for the company in a report on Thursday, June 13th.

Insider Transactions at Comerica

In other news, EVP Cassandra M. Mckinney sold 7,271 shares of Comerica stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the sale, the executive vice president now directly owns 7,236 shares of the company’s stock, valued at $380,541.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Several large investors have recently made changes to their positions in CMA. Raymond James & Associates increased its stake in Comerica by 18.1% during the fourth quarter. Raymond James & Associates now owns 203,324 shares of the financial services provider’s stock worth $11,348,000 after acquiring an additional 31,125 shares during the last quarter. Avaii Wealth Management LLC bought a new stake in Comerica during the fourth quarter worth approximately $679,000. NewEdge Wealth LLC bought a new stake in Comerica during the fourth quarter worth approximately $10,068,000. Aigen Investment Management LP bought a new stake in Comerica during the fourth quarter worth approximately $891,000. Finally, PNC Financial Services Group Inc. increased its stake in Comerica by 1.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 47,903 shares of the financial services provider’s stock worth $2,673,000 after acquiring an additional 501 shares during the last quarter. 80.74% of the stock is owned by institutional investors.

Comerica Price Performance

CMA opened at $55.56 on Wednesday. The stock has a market capitalization of $7.37 billion, a P/E ratio of 11.05 and a beta of 1.25. Comerica has a 12-month low of $37.40 and a 12-month high of $57.39. The stock has a 50-day moving average price of $50.62 and a 200-day moving average price of $51.73. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.26.

Comerica (NYSE:CMA) last issued 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. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $807.57 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same period in the prior year, the business posted $2.39 EPS. Equities analysts predict that Comerica will post 5.01 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were issued a $0.71 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.84 annualized dividend and a dividend yield of 5.11%. Comerica’s dividend payout ratio (DPR) is 56.46%.

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.