Comerica (NYSE:CMA) Given New $62.00 Price Target at Royal Bank of Canada

Comerica (NYSE:CMA) had its price target raised by Royal Bank of Canada from $61.00 to $62.00 in a research note released on Friday morning, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other equities analysts have also issued reports on CMA. Bank Of America (Bofa) increased their target price on shares of Comerica from $52.00 to $55.00 and gave the company a neutral rating in a research report on Thursday, January 18th. Truist Financial upped their price target on shares of Comerica from $60.00 to $62.00 and gave the company a buy rating in a report on Monday, April 1st. Argus downgraded shares of Comerica from a buy rating to a hold rating in a report on Monday, January 29th. The Goldman Sachs Group raised shares of Comerica from a neutral rating to a buy rating and set a $70.50 price target for the company in a report on Thursday, January 4th. Finally, Jefferies Financial Group cut their price target on shares of Comerica from $65.00 to $60.00 and set a buy rating for the company in a report on Monday, April 8th. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Comerica currently has a consensus rating of Hold and a consensus price target of $58.02.

Comerica Stock Performance

Shares of CMA opened at $51.58 on Friday. The firm has a 50-day moving average price of $51.38 and a 200 day moving average price of $49.23. The firm has a market capitalization of $6.83 billion, a PE ratio of 10.25 and a beta of 1.27. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.26. Comerica has a 52-week low of $28.40 and a 52-week high of $57.39.

Comerica (NYSE:CMA) last announced its earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $807.57 million. Comerica had a net margin of 13.11% and a return on equity of 16.51%. During the same quarter in the prior year, the firm posted $2.39 EPS. On average, sell-side analysts anticipate that Comerica will post 5.09 earnings per share for the current fiscal year.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $2.84 annualized dividend and a yield of 5.51%. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction of $88,298.24. Following the transaction, the executive vice president now owns 8,314 shares in the company, valued at $454,276.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Cassandra M. Mckinney sold 1,616 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $54.64, for a total value of $88,298.24. Following the completion of the sale, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at $454,276.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Wendy Bridges sold 3,034 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the sale, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at $920,840.40. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Several hedge funds have recently modified their holdings of CMA. First Trust Advisors LP boosted its position in shares of Comerica by 1,192.2% in the first quarter. First Trust Advisors LP now owns 3,878,506 shares of the financial services provider’s stock valued at $168,405,000 after acquiring an additional 3,578,355 shares during the period. Norges Bank bought a new position in Comerica in the fourth quarter worth $113,763,000. BlackRock Inc. lifted its position in Comerica by 9.4% in the first quarter. BlackRock Inc. now owns 13,313,998 shares of the financial services provider’s stock worth $578,094,000 after purchasing an additional 1,145,951 shares during the period. Azora Capital LP bought a new position in Comerica in the fourth quarter worth $63,548,000. Finally, Vaughan Nelson Investment Management L.P. lifted its position in Comerica by 129.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,930,045 shares of the financial services provider’s stock worth $107,716,000 after purchasing an additional 1,088,330 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.