Comerica (NYSE:CMA) Price Target Raised to $63.00

Comerica (NYSE:CMA) had its price target raised by Morgan Stanley from $61.00 to $63.00 in a research note released on Monday morning, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other research firms also recently weighed in on CMA. Wells Fargo & Company reduced 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. DA Davidson reaffirmed a neutral rating and issued a $55.00 price objective on shares of Comerica in a report on Tuesday, September 10th. The Goldman Sachs Group reduced their price objective on shares of Comerica from $69.00 to $62.00 and set a buy rating for the company in a report on Tuesday, June 4th. JPMorgan Chase & Co. reduced their price objective on shares of Comerica from $62.00 to $57.00 and set a neutral rating for the company in a report on Thursday, June 27th. Finally, Keefe, Bruyette & Woods raised shares of Comerica from a market perform rating to an outperform rating and upped their price objective for the stock from $50.00 to $69.00 in a report on Thursday, September 5th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Comerica currently has a consensus rating of Hold and an average target price of $58.81.

Comerica Stock Performance

Shares of CMA opened at $58.12 on Monday. Comerica has a 1 year low of $37.40 and a 1 year high of $61.84. The company has a market cap of $7.71 billion, a price-to-earnings ratio of 11.55 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. The firm has a fifty day moving average of $56.08 and a 200-day moving average of $53.11.

Comerica (NYSE:CMA) last announced its quarterly 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. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same quarter in the previous year, the company posted $2.01 earnings per share. As a group, equities analysts anticipate that Comerica will post 5.06 earnings per share for the current year.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 4.89%. The ex-dividend date was Friday, September 13th. Comerica’s dividend payout ratio is presently 56.46%.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the sale, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at $1,605,104.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

A number of hedge funds have recently made changes to their positions in CMA. Price T Rowe Associates Inc. MD lifted its position in shares of Comerica by 105.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock worth $10,031,000 after purchasing an additional 3,595,036 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of 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 worth $206,468,000 after purchasing an additional 1,370,886 shares in the last quarter. Azora Capital LP purchased a new stake in shares of Comerica in the fourth quarter worth approximately $63,548,000. Goldman Sachs Group Inc. lifted its position in shares of 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 worth $143,109,000 after purchasing an additional 870,812 shares in the last quarter. Finally, Samlyn Capital LLC acquired a new position in Comerica in the second quarter worth approximately $35,375,000. 80.74% of the stock is 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.