Comerica (NYSE:CMA) Price Target Raised to $60.00

Comerica (NYSE:CMA) had its target price boosted by Piper Sandler from $57.00 to $60.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

CMA has been the topic of a number of other research reports. Morgan Stanley downgraded shares of Comerica from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $63.00 to $55.00 in a research note on Monday, April 7th. Royal Bank of Canada dropped their price target on shares of Comerica from $75.00 to $65.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 22nd. Raymond James dropped their target price on shares of Comerica from $72.00 to $67.00 and set an “outperform” rating for the company in a research report on Wednesday, April 2nd. JPMorgan Chase & Co. lowered shares of Comerica from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $64.00 to $52.00 in a report on Tuesday, April 22nd. Finally, Evercore ISI lowered shares of Comerica from an “in-line” rating to an “underperform” rating and decreased their price target for the company from $65.00 to $50.00 in a report on Tuesday, April 22nd. Six research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $61.95.

Comerica Stock Performance

NYSE:CMA opened at $54.90 on Wednesday. The company has a fifty day simple moving average of $55.51 and a two-hundred day simple moving average of $60.55. The company has a market cap of $7.21 billion, a price-to-earnings ratio of 10.94 and a beta of 0.92. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.09. Comerica has a 52 week low of $45.86 and a 52 week high of $73.45.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. Comerica had a net margin of 13.98% and a return on equity of 12.04%. The firm had revenue of $829.00 million during the quarter, compared to analysts’ expectations of $839.31 million. During the same period in the previous year, the company earned $1.29 earnings per share. As a group, equities analysts anticipate that Comerica will post 5.28 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, June 13th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.17%. The ex-dividend date is Friday, June 13th. Comerica’s dividend payout ratio is presently 53.69%.

Institutional Trading of Comerica

A number of institutional investors have recently made changes to their positions in CMA. Dimensional Fund Advisors LP increased its holdings in shares of Comerica by 9.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,508,229 shares of the financial services provider’s stock valued at $325,308,000 after purchasing an additional 472,409 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Comerica by 5.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,663,441 shares of the financial services provider’s stock worth $275,423,000 after acquiring an additional 231,885 shares during the last quarter. North Reef Capital Management LP raised its holdings in Comerica by 15.7% in the 4th quarter. North Reef Capital Management LP now owns 4,050,000 shares of the financial services provider’s stock valued at $250,492,000 after buying an additional 550,000 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Comerica by 9.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,321,494 shares of the financial services provider’s stock valued at $137,107,000 after buying an additional 203,333 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Comerica by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 2,214,963 shares of the financial services provider’s stock valued at $137,039,000 after purchasing an additional 103,118 shares during the period. 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.