Comerica (NYSE:CMA) Price Target Cut to $57.00 by Analysts at Truist Financial

Comerica (NYSE:CMA) had its price objective decreased by Truist Financial from $65.00 to $57.00 in a research note published on Tuesday,Benzinga reports. Truist Financial currently has a hold rating on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the company. Barclays increased their price target on Comerica from $66.00 to $68.00 and gave the stock an “underweight” rating in a research note on Monday, January 6th. Morgan Stanley downgraded shares of Comerica from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $63.00 to $55.00 in a research note on Monday, April 7th. JPMorgan Chase & Co. downgraded Comerica from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $64.00 to $52.00 in a research report on Tuesday. Royal Bank of Canada lowered their target price on shares of Comerica from $75.00 to $65.00 and set an “outperform” rating for the company in a report on Tuesday. Finally, UBS Group upgraded Comerica from a “sell” rating to a “neutral” rating and set a $59.00 price objective for the company in a report on Thursday, April 10th. Five analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $62.84.

Comerica Stock Performance

Comerica stock opened at $51.51 on Tuesday. Comerica has a twelve month low of $45.32 and a twelve month high of $73.45. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.09. The stock’s 50 day moving average is $58.25 and its 200 day moving average is $62.79. The company has a market capitalization of $6.76 billion, a P/E ratio of 10.26 and a beta of 0.96.

Comerica (NYSE:CMA) last issued its earnings results on Monday, April 21st. The financial services provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. Comerica had a return on equity of 12.04% and a net margin of 13.98%. The business had revenue of $829.00 million during the quarter, compared to analyst estimates of $839.31 million. During the same quarter in the previous year, the firm earned $1.29 EPS. On average, equities research analysts predict that Comerica will post 5.28 earnings per share for the current fiscal year.

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were given a dividend of $0.71 per share. The ex-dividend date was Friday, March 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.51%. Comerica’s payout ratio is 56.57%.

Institutional Investors Weigh In On Comerica

Several institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC increased its holdings in Comerica by 17.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 10,095 shares of the financial services provider’s stock valued at $605,000 after acquiring an additional 1,467 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Comerica during the 3rd quarter worth about $42,000. Tidal Investments LLC raised its stake in Comerica by 96.2% during the third quarter. Tidal Investments LLC now owns 32,138 shares of the financial services provider’s stock worth $1,925,000 after purchasing an additional 15,758 shares during the period. Franklin Resources Inc. boosted its holdings in Comerica by 9.3% in the third quarter. Franklin Resources Inc. now owns 14,690 shares of the financial services provider’s stock valued at $901,000 after acquiring an additional 1,255 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Comerica by 134.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock valued at $51,309,000 after purchasing an additional 490,468 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other 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.