Comerica (NYSE:CMA) PT Raised to $62.00

Comerica (NYSE:CMA) had its target price boosted by Royal Bank of Canada from $61.00 to $62.00 in a report published on Friday, Benzinga reports. The firm currently has an outperform rating on the financial services provider’s stock.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley upped their price objective on shares of Comerica from $45.00 to $54.00 and gave the stock an equal weight rating in a research report on Wednesday, February 7th. Bank Of America (Bofa) upped their price objective on shares of Comerica from $52.00 to $55.00 and gave the stock a neutral rating in a research report on Thursday, January 18th. Evercore ISI upped their price objective on shares of Comerica from $55.00 to $58.00 and gave the stock an in-line rating in a research report on Thursday, March 28th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Comerica in a research report on Wednesday, April 10th. They set a hold rating and a $59.00 price objective for the company. Finally, Stephens reaffirmed an overweight rating and set a $64.00 price target on shares of Comerica in a research note on Friday. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $56.89.

Comerica Stock Up 2.0 %

CMA stock opened at $52.59 on Friday. The company has a fifty day moving average price of $51.38 and a 200 day moving average price of $49.45. Comerica has a 12 month low of $28.40 and a 12 month high of $57.39. The company has a market cap of $6.97 billion, a price-to-earnings ratio of 10.46 and a beta of 1.27. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.94.

Comerica (NYSE:CMA) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, beating the consensus estimate of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $807.57 million. During the same quarter in the prior year, the firm earned $2.39 EPS. Sell-side analysts expect that Comerica will post 5.09 earnings per share for the current year.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 5.40%. Comerica’s dividend payout ratio is currently 56.46%.

Insiders Place Their Bets

In other Comerica news, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $52.74, for a total transaction of $160,013.16. Following the sale, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at approximately $920,840.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of the firm’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the sale, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $52.74, for a total transaction of $160,013.16. Following the sale, the executive vice president now directly owns 17,460 shares in the company, valued at $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CMA. Spire Wealth Management lifted its holdings 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 worth $25,000 after acquiring an additional 235 shares during the period. Fortitude Family Office LLC purchased a new position in shares of Comerica during the 4th quarter worth about $36,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Comerica during the 4th quarter worth about $36,000. Authentikos Wealth Advisory LLC purchased a new position in shares of Comerica during the 3rd quarter worth about $47,000. Finally, FNY Investment Advisers LLC purchased a new position in shares of Comerica during the 4th quarter worth about $50,000. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Company Profile

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.