Comerica Incorporated (NYSE:CMA – Get Free Report)’s stock price gapped down before the market opened on Friday after Truist Financial lowered their price target on the stock from $60.00 to $55.00. The stock had previously closed at $48.18, but opened at $46.64. Truist Financial currently has a buy rating on the stock. Comerica shares last traded at $46.72, with a volume of 80,131 shares trading hands.
Other research analysts have also recently issued research reports about the company. The Goldman Sachs Group lowered their price objective on Comerica from $69.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. Jefferies Financial Group decreased their price target on Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Evercore ISI boosted their price target on Comerica from $55.00 to $58.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Royal Bank of Canada decreased their price target on Comerica from $62.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday. Finally, Stephens restated an “overweight” rating and issued a $64.00 price target on shares of Comerica in a research note on Tuesday. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $55.77.
Insiders Place Their Bets
In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the company’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the completion of the sale, the executive vice president now owns 7,236 shares in the company, valued at $380,541.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.19% of the company’s stock.
Institutional Trading of Comerica
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Pathstone Family Office LLC purchased a new stake in shares of Comerica during the third quarter worth about $573,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Comerica by 15.4% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,496 shares of the financial services provider’s stock worth $1,101,000 after purchasing an additional 3,532 shares in the last quarter. Deutsche Bank AG grew its position in shares of Comerica by 1.3% during the third quarter. Deutsche Bank AG now owns 301,920 shares of the financial services provider’s stock worth $12,545,000 after purchasing an additional 3,959 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Comerica by 14.0% during the third quarter. PNC Financial Services Group Inc. now owns 47,402 shares of the financial services provider’s stock worth $1,970,000 after purchasing an additional 5,823 shares in the last quarter. Finally, Systematic Alpha Investments LLC purchased a new stake in shares of Comerica during the third quarter worth about $91,000. Hedge funds and other institutional investors own 80.74% of the company’s stock.
Comerica Price Performance
The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a 50-day moving average of $51.50 and a 200-day moving average of $51.93. The stock has a market cap of $6.21 billion, a PE ratio of 9.28 and a beta of 1.25.
Comerica (NYSE:CMA – Get Free Report) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.16. Comerica had a return on equity of 16.51% and a net margin of 13.11%. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $807.57 million. During the same quarter last year, the business posted $2.39 EPS. Research analysts predict that Comerica Incorporated will post 5.18 EPS for the current year.
Comerica Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 6.06%. The ex-dividend date of this dividend is Friday, June 14th. Comerica’s dividend payout ratio is currently 56.46%.
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.