Comerica (NYSE:CMA) Price Target Cut to $60.00 by Analysts at Truist Financial

Comerica (NYSE:CMA) had its price objective decreased by Truist Financial from $62.00 to $60.00 in a report published on Monday, Benzinga reports. Truist Financial currently has a buy rating on the financial services provider’s stock.

A number of other equities research analysts also recently weighed in on CMA. Royal Bank of Canada boosted their price target on shares of Comerica from $61.00 to $62.00 and gave the stock an outperform rating in a research note on Friday. Jefferies Financial Group reduced their price target on Comerica from $65.00 to $60.00 and set a buy rating on the stock in a research report on Monday, April 8th. TheStreet upgraded Comerica from a c+ rating to a b- rating in a report on Tuesday, December 26th. Keefe, Bruyette & Woods reduced their target price on Comerica from $60.00 to $58.00 and set a market perform rating on the stock in a report on Monday, January 22nd. Finally, Raymond James lowered Comerica from an outperform rating to a market perform rating in a research report on Monday, January 22nd. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $56.89.

Comerica Stock Up 2.0 %

Shares of CMA opened at $52.59 on Monday. The business’s fifty day moving average price is $51.38 and its two-hundred day moving average price is $49.45. The firm has a market capitalization of $6.97 billion, a price-to-earnings ratio of 10.46 and a beta of 1.27. Comerica has a 52 week low of $28.40 and a 52 week high of $57.39. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.94 and a current ratio of 0.95.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.16. The business 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 last year, the business earned $2.39 earnings per share. On average, analysts predict that Comerica will post 5.09 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 5.40%. Comerica’s dividend payout ratio is currently 56.46%.

Insider Transactions at Comerica

In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the sale, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $52.74, for a total transaction of $160,013.16. Following the transaction, the executive vice president now directly owns 17,460 shares in the company, valued at $920,840.40. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the stock in a transaction on Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the sale, the executive vice president now owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Comerica

A number of institutional investors and hedge funds have recently modified their holdings of the company. Spire Wealth Management increased its position in Comerica by 95.9% during the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after buying an additional 235 shares during the last quarter. Fortitude Family Office LLC acquired a new position in shares of Comerica during the 4th quarter worth approximately $36,000. Turtle Creek Wealth Advisors LLC bought a new stake in Comerica in the 4th quarter valued at $36,000. Authentikos Wealth Advisory LLC acquired a new stake in Comerica during the 3rd quarter valued at $47,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Comerica in the fourth quarter valued at $50,000. 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.