Truist Financial Increases Comerica (NYSE:CMA) Price Target to $66.00

Comerica (NYSE:CMA) had its target price hoisted by Truist Financial from $53.00 to $66.00 in a research report report published on Friday morning, Benzinga reports. Truist Financial currently has a hold rating on the financial services provider’s stock.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company decreased their price objective 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. Morgan Stanley boosted their price objective on shares of Comerica from $50.00 to $61.00 and gave the stock an equal weight rating in a report on Monday, August 5th. Keefe, Bruyette & Woods raised Comerica from a market perform rating to an outperform rating and increased their price target for the company from $50.00 to $69.00 in a report on Thursday, September 5th. Royal Bank of Canada lowered their price target on Comerica from $58.00 to $56.00 and set an outperform rating on the stock in a report on Monday, July 22nd. Finally, The Goldman Sachs Group reduced their price objective on Comerica from $69.00 to $62.00 and set a buy rating for the company in a research note on Tuesday, June 4th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and an average price target of $56.32.

Comerica Price Performance

CMA stock opened at $61.49 on Friday. The firm has a 50 day moving average price of $55.23 and a 200-day moving average price of $52.67. Comerica has a 52-week low of $37.40 and a 52-week high of $61.74. The firm has a market capitalization of $8.15 billion, a price-to-earnings ratio of 12.22 and a beta of 1.23. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96.

Comerica (NYSE:CMA) last released its earnings results 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 during the quarter, compared to analyst estimates of $812.79 million. During the same period last year, the business earned $2.01 earnings per share. Equities research analysts forecast that Comerica will post 5.05 EPS for the current fiscal year.

Comerica Dividend Announcement

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 given a dividend of $0.71 per share. The ex-dividend date is Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.62%. Comerica’s payout ratio is 56.46%.

Insider Activity at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.19% of the stock is owned by insiders.

Institutional Trading of Comerica

Several institutional investors have recently added to or reduced their stakes in the company. Family Firm Inc. bought a new stake in shares of Comerica during the second quarter valued at approximately $37,000. UMB Bank n.a. lifted its stake 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 buying an additional 208 shares during the period. Versant Capital Management Inc lifted its stake in shares of Comerica by 2,723.3% during the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after buying an additional 817 shares during the period. Abich Financial Wealth Management LLC lifted its stake in shares of Comerica by 50.2% during the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after buying an additional 300 shares during the period. Finally, Summit Securities Group LLC lifted its position in Comerica by 22.4% during the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 202 shares during the period. Institutional investors 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.