Comerica (NYSE:CMA) Shares Up 3.1%

Shares of Comerica Incorporated (NYSE:CMAGet Free Report) shot up 3.1% on Tuesday . The stock traded as high as $57.65 and last traded at $57.17. 466,948 shares traded hands during trading, a decline of 79% from the average session volume of 2,176,760 shares. The stock had previously closed at $55.44.

Analyst Upgrades and Downgrades

CMA has been the subject of a number of analyst reports. DA Davidson reissued a “neutral” rating and set a $55.00 price objective on shares of Comerica in a research report on Tuesday. Morgan Stanley lifted their price objective on Comerica from $50.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Robert W. Baird decreased their target price on Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, June 20th. Raymond James raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a report on Tuesday, July 2nd. Finally, Stephens reissued an “overweight” rating and issued a $58.00 price objective on shares of Comerica in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $55.73.

Check Out Our Latest Analysis on Comerica

Comerica Price Performance

The firm has a market capitalization of $7.42 billion, a P/E ratio of 11.41 and a beta of 1.23. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96. The stock’s fifty day simple moving average is $54.03 and its 200 day simple moving average is $52.11.

Comerica (NYSE:CMAGet Free Report) last posted its earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.30. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same period in the previous year, the business posted $2.01 EPS. On average, equities research analysts predict that Comerica Incorporated will post 5.05 EPS for the current year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a yield of 5.08%. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Insiders Place Their Bets

In related news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the transaction, the executive vice president now owns 27,910 shares in the company, valued at approximately $1,605,104.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Comerica

Institutional investors have recently added to or reduced their stakes in the business. Spire Wealth Management increased its stake in Comerica by 95.9% during the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after buying an additional 235 shares during the period. Family Firm Inc. acquired a new position in Comerica in the second quarter worth approximately $37,000. UMB Bank n.a. raised its position in Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after buying an additional 208 shares during the period. Versant Capital Management Inc grew its stake in Comerica by 2,723.3% in the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 817 shares in the last quarter. Finally, Abich Financial Wealth Management LLC increased its position in Comerica by 50.2% during the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after buying an additional 300 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

About Comerica

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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.

Further Reading

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