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

Comerica (NYSE:CMA) had its target price raised by JPMorgan Chase & Co. from $52.00 to $60.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has an underweight rating on the financial services provider’s stock.

Several other equities research analysts have also commented on the company. Royal Bank Of Canada decreased their price target on Comerica from $75.00 to $65.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 22nd. Morgan Stanley downgraded Comerica from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $63.00 to $55.00 in a research report on Monday, April 7th. Evercore ISI lowered Comerica from an “in-line” rating to an “underperform” rating and lowered their target price for the company from $65.00 to $50.00 in a report on Tuesday, April 22nd. Raymond James Financial cut their price target on Comerica from $72.00 to $67.00 and set an “outperform” rating for the company in a research note on Wednesday, April 2nd. Finally, Piper Sandler increased their price objective on shares of Comerica from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, June 11th. Six equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Comerica presently has a consensus rating of “Hold” and an average price target of $62.30.

Comerica Price Performance

Comerica stock opened at $63.78 on Tuesday. The company has a market cap of $8.38 billion, a P/E ratio of 12.06 and a beta of 0.92. Comerica has a one year low of $48.12 and a one year high of $73.45. The business has a fifty day moving average of $57.18 and a two-hundred day moving average of $59.49. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.96 and a current ratio of 0.96.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.25 EPS for the quarter, beating the consensus estimate of $1.14 by $0.11. Comerica had a net margin of 14.89% and a return on equity of 11.59%. The firm had revenue of $829.00 million during the quarter, compared to analysts’ expectations of $839.31 million. During the same quarter last year, the business earned $1.29 earnings per share. As a group, analysts predict that Comerica will post 5.28 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The company 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 4.45%. The ex-dividend date of this dividend is Friday, June 13th. Comerica’s dividend payout ratio is presently 53.69%.

Institutional Trading of Comerica

Hedge funds have recently bought and sold shares of the company. MorganRosel Wealth Management LLC purchased a new position in shares of Comerica during the 1st quarter worth $33,000. Gen Wealth Partners Inc acquired a new position in Comerica in the first quarter valued at $34,000. Geneos Wealth Management Inc. lifted its position in Comerica by 41.8% during the first quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider’s stock worth $35,000 after buying an additional 176 shares during the period. Quarry LP lifted its position in Comerica by 152.0% during the fourth quarter. Quarry LP now owns 867 shares of the financial services provider’s stock worth $54,000 after buying an additional 523 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Comerica in the 1st quarter valued at about $55,000. 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.