Comerica (NYSE:CMA - Free Report) had its target price upped by Truist Financial from $60.00 to $61.00 in a report released on Friday,Benzinga reports. The brokerage currently has a hold rating on the financial services provider's stock.
Other research analysts also recently issued reports about the company. Morgan Stanley downgraded Comerica from an "equal weight" rating to an "underweight" rating and reduced their price objective for the company from $63.00 to $55.00 in a research note on Monday, April 7th. Jefferies Financial Group initiated coverage on Comerica in a research note on Wednesday, May 21st. They issued an "underperform" rating and a $47.00 target price for the company. Raymond James cut their target price on Comerica from $72.00 to $67.00 and set an "outperform" rating for the company in a research note on Wednesday, April 2nd. Stephens downgraded Comerica from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $66.00 to $64.00 in a research note on Monday, March 31st. Finally, JPMorgan Chase & Co. downgraded Comerica from a "neutral" rating to an "underweight" rating and cut their target price for the stock from $64.00 to $52.00 in a research note on Tuesday, April 22nd. Six investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $61.95.
Check Out Our Latest Stock Analysis on CMA
Comerica Price Performance
NYSE CMA traded down $2.61 during mid-day trading on Friday, hitting $54.90. The stock had a trading volume of 1,683,925 shares, compared to its average volume of 2,158,654. The firm's 50 day moving average is $55.51 and its 200 day moving average is $60.47. Comerica has a twelve month low of $45.86 and a twelve month high of $73.45. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $7.21 billion, a price-to-earnings ratio of 10.94 and a beta of 0.92.
Comerica (NYSE:CMA - Get Free Report) last posted 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 return on equity of 12.04% and a net margin of 13.98%. The firm had revenue of $829.00 million during the quarter, compared to the consensus estimate of $839.31 million. During the same period in the prior year, the company earned $1.29 EPS. Equities research analysts forecast that Comerica will post 5.28 earnings per share for the current fiscal year.
Comerica Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, June 13th will be issued a dividend of $0.71 per share. 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%.
Hedge Funds Weigh In On Comerica
A number of hedge funds and other institutional investors have recently bought and sold shares of CMA. MorganRosel Wealth Management LLC purchased a new position in Comerica during the 1st quarter valued at about $33,000. Gen Wealth Partners Inc purchased a new position in Comerica during the 1st quarter valued at about $34,000. Geneos Wealth Management Inc. boosted its holdings in Comerica by 41.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 176 shares during the period. V Square Quantitative Management LLC boosted its holdings in Comerica by 36.7% during the 4th quarter. V Square Quantitative Management LLC now owns 824 shares of the financial services provider's stock valued at $51,000 after acquiring an additional 221 shares during the period. Finally, Quarry LP boosted its holdings in Comerica by 152.0% during the 4th quarter. Quarry LP now owns 867 shares of the financial services provider's stock valued at $54,000 after acquiring an additional 523 shares during the period. 80.74% of the stock is currently owned by hedge funds and other institutional investors.
Comerica Company Profile
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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.
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