Comerica (NYSE:CMA) Price Target Raised to $80.00

Comerica (NYSE:CMA) had its price objective increased by Raymond James from $72.00 to $80.00 in a research report sent to investors on Wednesday morning, Stock Target Advisor reports. Raymond James currently has an outperform rating on the financial services provider’s stock.

Other equities analysts also recently issued research reports about the stock. Wells Fargo & Company raised their target price on shares of Comerica from $54.00 to $65.00 and gave the company an underweight rating in a research note on Thursday, April 1st. Zacks Investment Research downgraded shares of Comerica from a buy rating to a hold rating and set a $76.00 price target for the company. in a research report on Tuesday, March 9th. Royal Bank of Canada reissued a buy rating and set a $70.00 price target on shares of Comerica in a research report on Wednesday, January 20th. Stephens raised their price target on shares of Comerica from $74.00 to $82.00 and gave the company an overweight rating in a research report on Tuesday, March 30th. Finally, B. Riley downgraded shares of Comerica from a buy rating to a neutral rating in a research report on Friday, March 5th. They noted that the move was a valuation call. Six investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the stock. Comerica currently has an average rating of Hold and an average target price of $56.75.

Shares of NYSE CMA opened at $71.49 on Wednesday. Comerica has a fifty-two week low of $25.80 and a fifty-two week high of $73.73. The company has a 50 day simple moving average of $69.79 and a two-hundred day simple moving average of $56.59. The company has a market capitalization of $9.97 billion, a price-to-earnings ratio of 19.69 and a beta of 1.67. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.97 and a current ratio of 0.97.

Comerica (NYSE:CMA) last announced its earnings results on Monday, January 18th. The financial services provider reported $1.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.30. Comerica had a net margin of 16.17% and a return on equity of 7.12%. The business had revenue of $734.00 million during the quarter, compared to the consensus estimate of $703.98 million. During the same quarter last year, the firm earned $1.85 earnings per share. On average, analysts forecast that Comerica will post 2.98 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 1st. Stockholders of record on Monday, March 15th were paid a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend was Friday, March 12th. Comerica’s dividend payout ratio is presently 34.83%.

In other news, EVP Cassandra M. Mckinney sold 4,643 shares of Comerica stock in a transaction on Thursday, February 4th. The shares were sold at an average price of $62.23, for a total transaction of $288,933.89. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Christine M. Moore sold 3,000 shares of Comerica stock in a transaction on Tuesday, February 23rd. The stock was sold at an average price of $68.67, for a total transaction of $206,010.00. The disclosure for this sale can be found here. Company insiders own 0.55% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CMA. Federated Hermes Inc. lifted its stake in shares of Comerica by 48.2% during the 3rd quarter. Federated Hermes Inc. now owns 3,488 shares of the financial services provider’s stock valued at $133,000 after buying an additional 1,135 shares in the last quarter. Great West Life Assurance Co. Can lifted its stake in shares of Comerica by 53.7% during the 3rd quarter. Great West Life Assurance Co. Can now owns 145,420 shares of the financial services provider’s stock valued at $4,519,000 after buying an additional 50,820 shares in the last quarter. Guggenheim Capital LLC lifted its stake in shares of Comerica by 11.5% during the 3rd quarter. Guggenheim Capital LLC now owns 70,487 shares of the financial services provider’s stock valued at $2,696,000 after buying an additional 7,247 shares in the last quarter. Truist Financial Corp lifted its stake in shares of Comerica by 159.7% during the 3rd quarter. Truist Financial Corp now owns 55,999 shares of the financial services provider’s stock valued at $2,143,000 after buying an additional 34,436 shares in the last quarter. Finally, Morgan Stanley lifted its stake in shares of Comerica by 47.1% during the 3rd quarter. Morgan Stanley now owns 398,713 shares of the financial services provider’s stock valued at $15,251,000 after buying an additional 127,754 shares in the last quarter. Institutional investors own 78.17% of the company’s stock.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It 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, 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.

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Analyst Recommendations for Comerica (NYSE:CMA)

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