Comerica (NYSE:CMA) Hits New 12-Month High at $58.83

Comerica Incorporated (NYSE:CMA)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $58.83 and last traded at $58.72, with a volume of 73113 shares traded. The stock had previously closed at $57.99.

Analysts Set New Price Targets

Several equities research analysts recently commented on CMA shares. DA Davidson restated a “neutral” rating and issued a $55.00 price target on shares of Comerica in a research report on Tuesday, September 10th. Raymond James raised Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 target price for the company in a research report on Tuesday, July 2nd. Wells Fargo & Company lowered their price target on Comerica from $48.00 to $45.00 and set an “underweight” rating on the stock in a report on Wednesday, June 12th. Morgan Stanley increased their price objective on Comerica from $50.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, Stephens restated an “overweight” rating and set a $58.00 price objective on shares of Comerica in a research report on Tuesday, September 10th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $55.73.

Comerica Stock Up 1.6 %

The company has a market cap of $7.81 billion, a price-to-earnings ratio of 11.53 and a beta of 1.23. The business has a 50-day simple moving average of $54.71 and a two-hundred day simple moving average of $52.40. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last posted its earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.30. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same period in the previous year, the company earned $2.01 EPS. As a group, equities analysts forecast that Comerica Incorporated will post 5.05 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 4.82%. The ex-dividend date of this dividend is Friday, September 13th. Comerica’s dividend payout ratio is currently 56.46%.

Insider Buying and Selling

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the sale, the executive vice president now directly owns 27,910 shares in the company, valued at $1,605,104.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC grew its stake in shares of Comerica by 17.4% in the fourth quarter. International Assets Investment Management LLC now owns 6,385 shares of the financial services provider’s stock worth $356,000 after acquiring an additional 945 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Comerica by 348.6% in the 4th quarter. Victory Capital Management Inc. now owns 22,699 shares of the financial services provider’s stock valued at $1,267,000 after purchasing an additional 17,639 shares during the period. Principal Securities Inc. bought a new stake in Comerica in the 4th quarter valued at $121,000. Envestnet Portfolio Solutions Inc. acquired a new stake in Comerica in the 4th quarter worth $492,000. Finally, Principal Financial Group Inc. increased its holdings in shares of Comerica by 2.1% during the 4th quarter. Principal Financial Group Inc. now owns 159,385 shares of the financial services provider’s stock worth $8,895,000 after purchasing an additional 3,227 shares during the period. 80.74% of the stock is owned by institutional investors.

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.