Comerica (NYSE:CMA) Sets New 1-Year Low - What's Next?

Shares of Comerica Incorporated (NYSE:CMA - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $52.57 and last traded at $53.75, with a volume of 999051 shares trading hands. The stock had previously closed at $54.20.

Analyst Ratings Changes

CMA has been the subject of a number of recent research reports. The Goldman Sachs Group decreased their price objective on Comerica from $66.00 to $57.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd. JPMorgan Chase & Co. cut 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 research note on Tuesday, April 22nd. DA Davidson cut their price objective on Comerica from $71.00 to $67.00 and set a "neutral" rating on the stock in a research note on Thursday, January 23rd. Royal Bank of Canada reduced their target price on Comerica from $75.00 to $65.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Finally, Barclays raised their price target on shares of Comerica from $66.00 to $68.00 and gave the stock an "underweight" rating in a report on Monday, January 6th. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $62.84.

Comerica Stock Down 1.2 %

The stock has a market cap of $7.24 billion, a price-to-earnings ratio of 11.00 and a beta of 0.92. The stock has a 50 day simple moving average of $56.09 and a 200 day simple moving average of $62.38. 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 (NYSE:CMA - Get Free Report) last posted its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.11. Comerica had a net margin of 13.98% and a return on equity of 12.04%. The business had revenue of $829.00 million during the quarter, compared to the consensus estimate of $839.31 million. During the same quarter last year, the firm posted $1.29 EPS. As a group, analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, June 13th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 5.15%. The ex-dividend date of this dividend is Friday, June 13th. Comerica's payout ratio is presently 53.69%.

Hedge Funds Weigh In On Comerica

Several large investors have recently added to or reduced their stakes in CMA. Wedmont Private Capital raised its holdings in Comerica by 2.4% during the 4th quarter. Wedmont Private Capital now owns 7,870 shares of the financial services provider's stock valued at $474,000 after acquiring an additional 186 shares during the period. Blue Trust Inc. grew its position in shares of Comerica by 5.2% in the fourth quarter. Blue Trust Inc. now owns 4,040 shares of the financial services provider's stock valued at $242,000 after purchasing an additional 200 shares in the last quarter. Bessemer Group Inc. grew its position in shares of Comerica by 2.0% in the fourth quarter. Bessemer Group Inc. now owns 10,859 shares of the financial services provider's stock valued at $672,000 after purchasing an additional 211 shares in the last quarter. V Square Quantitative Management LLC raised its stake in shares of 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 purchasing an additional 221 shares during the period. Finally, US Bancorp DE lifted its holdings in Comerica by 2.0% during the 4th quarter. US Bancorp DE now owns 11,823 shares of the financial services provider's stock worth $731,000 after purchasing an additional 227 shares in the last quarter. Institutional investors 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.