Wells Fargo & Company Lowers Comerica (NYSE:CMA) Price Target to $55.00

Comerica (NYSE:CMA - Free Report) had its price objective decreased by Wells Fargo & Company from $67.00 to $55.00 in a research report sent to investors on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider's stock.

Other equities analysts have also recently issued reports about the company. Argus upgraded Comerica to a "hold" rating in a research report on Friday, January 31st. JPMorgan Chase & Co. cut shares of Comerica from a "neutral" rating to an "underweight" rating and decreased their price objective for the stock from $64.00 to $52.00 in a research report on Tuesday, April 22nd. DA Davidson dropped their target price on shares of Comerica from $71.00 to $67.00 and set a "neutral" rating for the company in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods decreased their price target on shares of Comerica from $82.00 to $77.00 and set an "outperform" rating on the stock in a report on Thursday, January 23rd. Finally, UBS Group raised shares of Comerica from a "sell" rating to a "neutral" rating and set a $59.00 price objective for the company in a report on Thursday, April 10th. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $62.84.

Comerica Price Performance

Shares of Comerica stock traded down $0.25 on Tuesday, reaching $53.12. The stock had a trading volume of 725,340 shares, compared to its average volume of 2,218,706. The business's 50 day moving average is $57.38 and its two-hundred day moving average is $62.67. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.09. Comerica has a 1 year low of $45.32 and a 1 year high of $73.45. The company has a market cap of $6.97 billion, a P/E ratio of 10.58 and a beta of 0.96.

Comerica (NYSE:CMA - Get Free Report) last posted its earnings results on Monday, April 21st. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.11. The business had revenue of $829.00 million for the quarter, compared to analysts' expectations of $839.31 million. Comerica had a net margin of 13.98% and a return on equity of 12.04%. During the same period in the prior year, the company posted $1.29 EPS. As a group, research analysts anticipate that Comerica will post 5.28 EPS for the current year.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 5.35%. The ex-dividend date of this dividend was Friday, March 14th. Comerica's dividend payout ratio (DPR) is presently 53.69%.

Hedge Funds Weigh In On Comerica

Hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in Comerica by 134.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider's stock valued at $51,309,000 after purchasing an additional 490,468 shares during the period. Independent Advisor Alliance purchased a new position in shares of Comerica during the fourth quarter valued at approximately $206,000. Jupiter Asset Management Ltd. bought a new position in shares of Comerica during the fourth quarter valued at approximately $82,419,000. Bank of Nova Scotia bought a new position in shares of Comerica during the fourth quarter valued at approximately $1,320,000. Finally, Franklin Resources Inc. lifted its stake in Comerica by 251.1% in the fourth quarter. Franklin Resources Inc. now owns 51,573 shares of the financial services provider's stock worth $3,190,000 after acquiring an additional 36,883 shares during the period. 80.74% of the stock is owned by 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.