Comerica (NYSE:CMA) Price Target Raised to $61.00 at Morgan Stanley

Comerica (NYSE:CMA) had its target price lifted by Morgan Stanley from $50.00 to $61.00 in a research report released on Monday morning, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other equities research analysts have also recently issued reports about the company. Truist Financial cut Comerica from a buy rating to a hold rating and dropped their price objective for the company from $55.00 to $53.00 in a research report on Monday, July 22nd. Wells Fargo & Company reduced their price target on shares of Comerica from $48.00 to $45.00 and set an underweight rating for the company in a research note on Wednesday, June 12th. Deutsche Bank Aktiengesellschaft started coverage on shares of Comerica in a research report on Wednesday, April 10th. They set a hold rating and a $59.00 price objective on the stock. Stephens reaffirmed an overweight rating and issued a $64.00 target price on shares of Comerica in a research report on Tuesday, June 11th. Finally, Jefferies Financial Group lowered their price target on Comerica from $65.00 to $60.00 and set a buy rating on the stock in a report on Monday, April 8th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $55.45.

Comerica Trading Up 0.5 %

Shares of NYSE CMA traded up $0.25 during mid-day trading on Monday, hitting $51.83. The stock had a trading volume of 1,705,197 shares, compared to its average volume of 2,272,305. Comerica has a 1 year low of $37.40 and a 1 year high of $58.50. The business has a 50 day moving average price of $50.72 and a two-hundred day moving average price of $51.56. The firm has a market cap of $6.87 billion, a P/E ratio of 10.44 and a beta of 1.25. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.95 and a current ratio of 0.96.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same quarter in the prior year, the company posted $2.01 earnings per share. On average, equities analysts anticipate that Comerica will post 5.05 EPS for the current fiscal year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 5.48%. The ex-dividend date is Friday, September 13th. Comerica’s dividend payout ratio (DPR) is currently 56.46%.

Hedge Funds Weigh In On Comerica

Several hedge funds have recently modified their holdings of CMA. Entropy Technologies LP bought a new stake in Comerica in the 1st quarter valued at $1,764,000. Avaii Wealth Management LLC purchased a new position in Comerica during the 4th quarter valued at approximately $679,000. NewEdge Wealth LLC purchased a new position in Comerica during the 4th quarter valued at approximately $10,068,000. Aigen Investment Management LP bought a new stake in Comerica in the 4th quarter worth approximately $891,000. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Comerica by 1.1% during the 4th 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 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.