Comerica Incorporated (NYSE:CMA – Get Rating)’s share price traded down 2.4% on Friday after The Goldman Sachs Group lowered their price target on the stock from $83.00 to $61.00. The Goldman Sachs Group currently has a neutral rating on the stock. Comerica traded as low as $42.98 and last traded at $43.01. 408,456 shares traded hands during trading, a decline of 87% from the average session volume of 3,227,192 shares. The stock had previously closed at $44.06.
Several other analysts have also commented on the stock. Piper Sandler lowered their price objective on shares of Comerica from $82.00 to $70.00 in a report on Friday, March 10th. Keefe, Bruyette & Woods lowered shares of Comerica from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $105.00 to $80.00 in a report on Monday, December 12th. Truist Financial lowered their price objective on shares of Comerica from $78.00 to $54.00 and set a “buy” rating for the company in a report on Thursday, March 23rd. Wells Fargo & Company cut their price target on Comerica from $77.00 to $72.00 in a research note on Wednesday, December 14th. Finally, DA Davidson lifted their price target on Comerica from $80.00 to $82.00 and gave the stock a “buy” rating in a research report on Friday, January 20th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $80.06.
Insider Transactions at Comerica
In other news, EVP Cassandra M. Mckinney sold 3,262 shares of the stock in a transaction on Friday, January 27th. The shares were sold at an average price of $72.76, for a total value of $237,343.12. Following the completion of the sale, the executive vice president now directly owns 6,825 shares of the company’s stock, valued at $496,587. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.76% of the company’s stock.
Hedge Funds Weigh In On Comerica
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Comerica by 1.4% during the third quarter. Vanguard Group Inc. now owns 16,248,885 shares of the financial services provider’s stock worth $1,155,296,000 after acquiring an additional 221,824 shares during the last quarter. State Street Corp boosted its position in shares of Comerica by 3.9% during the third quarter. State Street Corp now owns 7,675,947 shares of the financial services provider’s stock worth $550,764,000 after acquiring an additional 284,884 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Comerica by 10.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,150,256 shares of the financial services provider’s stock worth $210,595,000 after acquiring an additional 296,736 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Comerica by 5.2% during the fourth quarter. Geode Capital Management LLC now owns 2,741,969 shares of the financial services provider’s stock worth $183,120,000 after acquiring an additional 135,410 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Comerica by 34.7% during the fourth quarter. Alliancebernstein L.P. now owns 2,404,521 shares of the financial services provider’s stock worth $160,742,000 after acquiring an additional 618,978 shares during the last quarter. Institutional investors own 81.91% of the company’s stock.
Comerica Trading Down 3.0 %
The company has a debt-to-equity ratio of 0.63, a current ratio of 0.85 and a quick ratio of 0.85. The stock’s 50-day moving average is $63.85 and its two-hundred day moving average is $68.01. The stock has a market cap of $5.62 billion, a P/E ratio of 5.20, a price-to-earnings-growth ratio of 1.06 and a beta of 1.20.
Comerica (NYSE:CMA – Get Rating) last released its quarterly earnings data on Thursday, January 19th. The financial services provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.56 by $0.02. Comerica had a net margin of 30.72% and a return on equity of 20.75%. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the business earned $1.66 earnings per share. Equities research analysts anticipate that Comerica Incorporated will post 9.4 EPS for the current year.
Comerica Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, April 1st. Shareholders of record on Wednesday, March 15th will be given a dividend of $0.71 per share. The ex-dividend date is Tuesday, March 14th. This represents a $2.84 annualized dividend and a yield of 6.64%. This is a positive change from Comerica’s previous quarterly dividend of $0.68. Comerica’s dividend payout ratio (DPR) is 33.53%.
About Comerica
Comerica, Inc engages in the provision of financial services. It operates through the following segments: Commercial Bank, Retail Bank, Wealth Management, Finance, and Other. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services.