Comerica (NYSE:CMA) Sets New 1-Year High on Analyst Upgrade

Comerica Incorporated (NYSE:CMA) shares hit a new 52-week high during mid-day trading on Monday after Truist Financial raised their price target on the stock from $53.00 to $66.00. Truist Financial currently has a hold rating on the stock. Comerica traded as high as $61.77 and last traded at $61.77, with a volume of 42734 shares changing hands. The stock had previously closed at $61.49.

A number of other research analysts have also weighed in on the stock. Royal Bank of Canada cut their target price on shares of Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. StockNews.com raised shares of Comerica from a “sell” rating to a “hold” rating in a report on Monday, September 16th. Morgan Stanley raised their target price on shares of Comerica from $50.00 to $61.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Wells Fargo & Company cut their target price on shares of Comerica from $48.00 to $45.00 and set an “underweight” rating for the company in a report on Wednesday, June 12th. Finally, Robert W. Baird cut their target price on shares of Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, June 20th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $56.32.

Insider Transactions at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the sale, the executive vice president now directly 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 accessible through this hyperlink. Corporate insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Comerica by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock valued at $941,968,000 after purchasing an additional 676,959 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Comerica by 51.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after purchasing an additional 1,370,886 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Comerica by 51.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock valued at $143,109,000 after purchasing an additional 870,812 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in shares of Comerica by 1.1% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock worth $93,621,000 after acquiring an additional 19,068 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Comerica by 9.3% during the second quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock valued at $78,288,000 after acquiring an additional 130,458 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors.

Comerica Trading Down 0.8 %

The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market cap of $8.09 billion, a price-to-earnings ratio of 12.22 and a beta of 1.23. The company’s fifty day moving average price is $55.23 and its 200-day moving average price is $52.67.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share (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 firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. During the same quarter in the prior year, the company posted $2.01 earnings per share. On average, research analysts expect that Comerica Incorporated will post 5.05 EPS for the current fiscal year.

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.66%. Comerica’s dividend payout ratio (DPR) 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.