Comerica (NYSE:CMA) Earns “Overweight” Rating from Stephens

Stephens restated their overweight rating on shares of Comerica (NYSE:CMA) in a report published on Tuesday morning, Benzinga reports. They currently have a $58.00 target price on the financial services provider’s stock.

CMA has been the subject of a number of other research reports. Morgan Stanley boosted their price objective on shares of Comerica from $50.00 to $61.00 and gave the company an equal weight rating in a research report on Monday, August 5th. Evercore ISI cut their price target on Comerica from $58.00 to $54.00 and set an in-line rating for the company in a report on Tuesday, June 25th. Truist Financial downgraded Comerica from a buy rating to a hold rating and decreased their price objective for the stock from $55.00 to $53.00 in a research note on Monday, July 22nd. Raymond James upgraded Comerica from a market perform rating to an outperform rating and set a $60.00 price objective for the company in a research note on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Comerica from $62.00 to $57.00 and set a neutral rating on the stock in a research note on Thursday, June 27th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $55.73.

Comerica Trading Up 0.5 %

Comerica stock opened at $56.73 on Tuesday. Comerica has a one year low of $37.40 and a one year high of $58.50. The business’s fifty day moving average is $54.40 and its 200 day moving average is $52.23. 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 has a market capitalization of $7.52 billion, a PE ratio of 11.28 and a beta of 1.23.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same quarter last year, the firm posted $2.01 EPS. On average, sell-side analysts predict that Comerica will post 5.05 EPS for the current year.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 annualized dividend and a yield of 5.01%. Comerica’s dividend payout ratio (DPR) is currently 56.46%.

Insider Transactions at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CMA. Spire Wealth Management increased its position in shares of Comerica by 95.9% during the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 235 shares during the last quarter. Family Firm Inc. bought a new position in Comerica during the second quarter valued at $37,000. UMB Bank n.a. raised its stake in shares of Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 208 shares during the period. Versant Capital Management Inc raised its stake in shares of 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 acquiring an additional 817 shares during the period. Finally, Abich Financial Wealth Management LLC lifted its holdings in shares of Comerica by 50.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 300 shares during the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

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.