Comerica Incorporated (NYSE:CMA) Receives $56.32 Average Target Price from Brokerages

Shares of Comerica Incorporated (NYSE:CMA) have earned an average rating of “Hold” from the twenty-one analysts that are currently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, eleven have issued a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $58.24.

A number of brokerages have recently issued reports on CMA. Barclays dropped their price target on Comerica from $59.00 to $56.00 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Keefe, Bruyette & Woods raised shares of Comerica from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $50.00 to $69.00 in a research note on Thursday, September 5th. Piper Sandler increased their price target on shares of Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. DA Davidson reaffirmed a “neutral” rating and set a $55.00 price objective on shares of Comerica in a report on Tuesday, September 10th. Finally, Morgan Stanley increased their target price on Comerica from $50.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th.

Comerica Stock Performance

NYSE CMA opened at $59.38 on Monday. The company’s 50 day simple moving average is $55.64 and its two-hundred day simple moving average is $52.93. The stock has a market capitalization of $7.87 billion, a PE ratio of 11.81 and a beta of 1.23. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96. Comerica has a 1 year low of $37.40 and a 1 year high of $61.84.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. During the same quarter last year, the business posted $2.01 earnings per share. Analysts predict that Comerica will post 5.06 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.78%. Comerica’s dividend payout ratio is currently 56.46%.

Insiders Place Their Bets

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the transaction, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

Several large investors have recently modified their holdings of CMA. Principal Financial Group Inc. grew its position in shares of Comerica by 2.1% in the 4th quarter. Principal Financial Group Inc. now owns 159,385 shares of the financial services provider’s stock worth $8,895,000 after buying an additional 3,227 shares during the last quarter. Norges Bank purchased a new position in Comerica during the 4th quarter valued at $80,691,000. PNC Financial Services Group Inc. raised its holdings in Comerica by 1.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 47,903 shares of the financial services provider’s stock worth $2,673,000 after purchasing an additional 501 shares in the last quarter. UBS Group AG raised its holdings in Comerica by 46.8% in the 4th quarter. UBS Group AG now owns 164,987 shares of the financial services provider’s stock worth $9,208,000 after purchasing an additional 52,569 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its position in shares of Comerica by 12.9% in the 4th quarter. Corient Private Wealth LLC now owns 41,197 shares of the financial services provider’s stock worth $2,299,000 after purchasing an additional 4,715 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.