Comerica (NYSE:CMA) Shares Up 5%

Comerica Incorporated (NYSE:CMA) shares rose 5% during trading on Friday . The stock traded as high as $50.43 and last traded at $50.23. Approximately 693,703 shares changed hands during trading, a decline of 69% from the average daily volume of 2,206,554 shares. The stock had previously closed at $47.84.

Wall Street Analyst Weigh In

CMA has been the subject of a number of analyst reports. Stephens reissued an “overweight” rating and set a $64.00 target price on shares of Comerica in a research note on Tuesday, June 11th. DA Davidson reissued a “neutral” rating and set a $56.00 target price on shares of Comerica in a research note on Wednesday, March 6th. Deutsche Bank Aktiengesellschaft initiated coverage on Comerica in a research note on Wednesday, April 10th. They set a “hold” rating and a $59.00 target price for the company. UBS Group cut their target price on Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday, April 19th. Finally, Citigroup downgraded Comerica from a “buy” rating to a “neutral” rating and cut their target price for the stock from $60.00 to $56.00 in a research note on Monday, May 6th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $56.13.

Comerica Stock Up 6.7 %

The firm has a 50-day simple moving average of $50.67 and a 200 day simple moving average of $52.00. The company has a market capitalization of $6.77 billion, a PE ratio of 10.15 and a beta of 1.25. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $807.57 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same quarter in the previous year, the firm posted $2.39 earnings per share. On average, research analysts predict that Comerica Incorporated will post 5.08 EPS for the current fiscal year.

Comerica Announces Dividend

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 $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 5.56%. The ex-dividend date of this dividend is Friday, June 14th. Comerica’s dividend payout ratio (DPR) is 56.46%.

Insider Buying and Selling

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of the business’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 transaction, the executive vice president now owns 7,236 shares in the company, valued at $380,541.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

Several institutional investors and hedge funds have recently bought and sold shares of CMA. Federated Hermes Inc. raised its stake in Comerica by 188.3% during the third quarter. Federated Hermes Inc. now owns 3,321 shares of the financial services provider’s stock valued at $138,000 after buying an additional 2,169 shares in the last quarter. Natixis Advisors L.P. raised its stake in Comerica by 790.8% during the third quarter. Natixis Advisors L.P. now owns 144,745 shares of the financial services provider’s stock valued at $6,014,000 after buying an additional 128,496 shares in the last quarter. Treasurer of the State of North Carolina raised its stake in Comerica by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 57,789 shares of the financial services provider’s stock valued at $2,401,000 after buying an additional 300 shares in the last quarter. Bank of Nova Scotia grew its holdings in shares of Comerica by 13.3% during the third quarter. Bank of Nova Scotia now owns 9,085 shares of the financial services provider’s stock valued at $377,000 after purchasing an additional 1,066 shares during the last quarter. Finally, Toronto Dominion Bank grew its holdings in shares of Comerica by 58.9% during the third quarter. Toronto Dominion Bank now owns 55,379 shares of the financial services provider’s stock valued at $2,301,000 after purchasing an additional 20,529 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

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.