Comerica (NYSE:CMA) PT Raised to $65.00

Comerica (NYSE:CMA) had its price target boosted by JPMorgan Chase & Co. from $57.00 to $65.00 in a research report released on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

A number of other equities analysts have also weighed in on CMA. Royal Bank of Canada lowered their target price on Comerica from $58.00 to $56.00 and set an outperform rating on the stock in a research note on Monday, July 22nd. Raymond James upgraded Comerica from a market perform rating to an outperform rating and set a $60.00 price objective on the stock in a research report on Tuesday, July 2nd. Truist Financial boosted their target price on shares of Comerica from $53.00 to $66.00 and gave the company a hold rating in a research report on Friday, September 20th. Stephens reaffirmed an overweight rating and set a $58.00 price target on shares of Comerica in a research report on Tuesday, September 10th. Finally, Piper Sandler boosted their price objective on shares of Comerica from $51.00 to $52.00 and gave the company a neutral rating in a report on Monday, July 22nd. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $59.62.

Comerica Stock Up 3.2 %

CMA opened at $61.28 on Wednesday. The stock’s fifty day simple moving average is $56.89 and its 200 day simple moving average is $53.48. Comerica has a 1-year low of $37.40 and a 1-year high of $61.84. The stock has a market cap of $8.12 billion, a PE ratio of 12.18 and a beta of 1.23. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. During the same period in the prior year, the firm earned $2.01 earnings per share. As a group, research analysts expect that Comerica will post 5.12 earnings per share for the current year.

Comerica Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.63%. Comerica’s payout ratio is presently 56.46%.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the sale, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Comerica by 4.2% in the 4th quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock valued at $941,968,000 after acquiring an additional 676,959 shares during the period. Dimensional Fund Advisors LP raised its position in Comerica by 51.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock worth $206,468,000 after purchasing an additional 1,370,886 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Comerica by 51.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock worth $143,109,000 after buying an additional 870,812 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in shares of Comerica by 1.1% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock valued at $93,621,000 after buying an additional 19,068 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Comerica by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock valued at $78,288,000 after buying an additional 130,458 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

About Comerica

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.