Comerica (NYSE:CMA) Reaches New 1-Year High – Here’s What Happened

Comerica Incorporated (NYSE:CMA)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $62.00 and last traded at $61.98, with a volume of 79663 shares traded. The stock had previously closed at $61.33.

Analyst Ratings Changes

Several equities analysts have commented on CMA shares. StockNews.com downgraded Comerica from a “hold” rating to a “sell” rating in a report on Friday, October 11th. Evercore ISI increased their target price on shares of Comerica from $58.00 to $64.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. Robert W. Baird decreased their price target on shares of Comerica from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Thursday, June 20th. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $52.00 to $75.00 in a research note on Tuesday, September 24th. Finally, JPMorgan Chase & Co. increased their target price on shares of Comerica from $57.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 9th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $59.62.

Comerica Price Performance

The firm has a market capitalization of $8.27 billion, a price-to-earnings ratio of 12.39 and a beta of 1.23. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. The company’s fifty day moving average is $57.50 and its two-hundred day moving average is $53.63.

Comerica (NYSE:CMA) last issued its earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $812.79 million. During the same quarter in the previous year, the company posted $2.01 EPS. Equities research analysts anticipate that Comerica Incorporated will post 5.12 earnings per share for the current fiscal year.

Comerica Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date of this dividend was Friday, September 13th. Comerica’s dividend payout ratio (DPR) is currently 56.46%.

Insider Transactions at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the transaction, the executive vice president now owns 27,910 shares of the company’s stock, valued at $1,605,104.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Several large investors have recently modified their holdings of the business. Pitcairn Co. grew its position in shares of Comerica by 2.9% in the 1st quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock valued at $374,000 after purchasing an additional 190 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Comerica by 19.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 199 shares in the last quarter. Texas Permanent School Fund Corp raised its holdings in shares of Comerica by 0.7% during the first quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock worth $1,498,000 after acquiring an additional 201 shares during the period. Summit Securities Group LLC lifted its position in Comerica by 22.4% in the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 202 shares in the last quarter. Finally, UMB Bank n.a. boosted its stake in Comerica by 39.3% in the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 208 shares during the period. 80.74% of the stock is currently owned by 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.