Comerica Incorporated (NYSE:CMA - Get Free Report) shares gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $73.85, but opened at $76.52. Comerica shares last traded at $74.87, with a volume of 795,597 shares.
The financial services provider reported $1.53 earnings per share (EPS) for the quarter. The firm had revenue of $824.00 million during the quarter. Comerica had a return on equity of 10.92% and a net margin of 14.92%.
Comerica Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were paid a $0.71 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.8%. Comerica's payout ratio is currently 54.41%.
Analyst Ratings Changes
Several analysts have recently commented on CMA shares. Royal Bank Of Canada increased their price target on shares of Comerica from $75.00 to $86.00 and gave the company an "outperform" rating in a research note on Friday, October 10th. TD Cowen began coverage on Comerica in a research report on Thursday, September 25th. They issued a "hold" rating and a $75.00 price objective on the stock. Truist Financial lifted their target price on Comerica from $68.00 to $70.00 and gave the company a "hold" rating in a research note on Friday, September 12th. Raymond James Financial reaffirmed a "market perform" rating on shares of Comerica in a research note on Tuesday, July 8th. Finally, Cowen assumed coverage on Comerica in a report on Wednesday, September 24th. They issued a "hold" rating on the stock. Four research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Comerica presently has an average rating of "Hold" and a consensus target price of $71.55.
Get Our Latest Research Report on CMA
Insiders Place Their Bets
In related news, insider James Mcgregor Carr sold 4,000 shares of the company's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $67.28, for a total value of $269,120.00. Following the completion of the sale, the insider owned 33,471 shares in the company, valued at approximately $2,251,928.88. This represents a 10.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Allysun C. Fleming sold 2,100 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $67.03, for a total value of $140,763.00. Following the transaction, the executive vice president owned 9,424 shares in the company, valued at approximately $631,690.72. This trade represents a 18.22% decrease in their position. The disclosure for this sale can be found here. 0.19% of the stock is owned by insiders.
Hedge Funds Weigh In On Comerica
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. MorganRosel Wealth Management LLC acquired a new stake in Comerica during the 1st quarter worth $33,000. Gen Wealth Partners Inc bought a new stake in shares of Comerica in the first quarter worth about $34,000. FNY Investment Advisers LLC bought a new stake in shares of Comerica in the second quarter worth about $35,000. Geneos Wealth Management Inc. raised its position in shares of 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 purchasing an additional 176 shares during the period. Finally, Employees Retirement System of Texas bought a new position in shares of Comerica during the 2nd quarter valued at about $48,000. 80.74% of the stock is owned by institutional investors.
Comerica Price Performance
The company has a 50-day moving average of $70.77 and a 200-day moving average of $62.68. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market capitalization of $9.68 billion, a price-to-earnings ratio of 14.44 and a beta of 0.96.
Comerica Company Profile
(
Get Free Report)
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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