Comerica (NYSE:CMA) Upgraded by Wedbush to “Outperform”

Wedbush upgraded shares of Comerica (NYSE:CMA) from a neutral rating to an outperform rating in a research report sent to investors on Tuesday morning, Marketbeat.com reports. The firm currently has $75.00 price objective on the financial services provider’s stock, up from their previous price objective of $52.00.

Other research analysts have also recently issued reports about the stock. Raymond James raised shares of Comerica from a market perform rating to an outperform rating and set a $60.00 price target for the company in a report on Tuesday, July 2nd. Barclays cut their price target on shares of Comerica from $59.00 to $56.00 and set an underweight rating for the company in a report on Monday, July 22nd. The Goldman Sachs Group decreased their price objective on shares of Comerica from $69.00 to $62.00 and set a buy rating on the stock in a report on Tuesday, June 4th. JPMorgan Chase & Co. lowered their target price on Comerica from $62.00 to $57.00 and set a neutral rating on the stock in a report on Thursday, June 27th. Finally, Keefe, Bruyette & Woods upgraded shares of Comerica from a market perform rating to an outperform rating and raised their target price for the company from $50.00 to $69.00 in a report on Thursday, September 5th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Comerica currently has a consensus rating of Hold and a consensus price target of $57.68.

Comerica Stock Up 0.4 %

CMA opened at $60.46 on Tuesday. The company has a market cap of $8.02 billion, a PE ratio of 12.02 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 business has a 50 day moving average price of $55.37 and a two-hundred day moving average price of $52.78. Comerica has a 52 week low of $37.40 and a 52 week high of $61.84.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same period last year, the firm posted $2.01 EPS. As a group, research analysts anticipate that Comerica will post 5.05 EPS for the current year.

Comerica Announces Dividend

The company 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 dividend on an annualized basis and a dividend yield of 4.70%. Comerica’s payout ratio is 56.46%.

Insider Activity at Comerica

In other news, EVP Christine M. Moore sold 2,545 shares of the firm’s 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 transaction, the executive vice president now directly owns 27,910 shares in the company, valued at approximately $1,605,104.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.19% of the stock is owned by insiders.

Institutional Trading of Comerica

Large investors have recently added to or reduced their stakes in the stock. Family Firm Inc. purchased a new stake in shares of Comerica during the 2nd quarter valued at about $37,000. UMB Bank n.a. lifted its position in shares of Comerica by 39.3% during the second 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 in the last quarter. Versant Capital Management Inc boosted its stake in shares of Comerica by 2,723.3% in the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 817 shares during the period. Abich Financial Wealth Management LLC grew its holdings in Comerica by 50.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 300 shares in the last quarter. Finally, Summit Securities Group LLC increased its stake in Comerica by 22.4% during the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after buying an additional 202 shares during the period. 80.74% of the stock is currently owned by institutional investors and hedge funds.

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.