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

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

Other equities analysts have also recently issued research reports about the company. TheStreet raised Comerica from a c+ rating to a b- rating in a report on Tuesday, December 26th. The Goldman Sachs Group upgraded Comerica from a neutral rating to a buy rating and set a $70.50 price target on the stock in a research report on Thursday, January 4th. Deutsche Bank Aktiengesellschaft began coverage on Comerica in a research report on Wednesday, April 10th. They issued a hold rating and a $59.00 price target on the stock. Piper Sandler upped their price target on Comerica from $53.00 to $54.00 and gave the company a neutral rating in a research report on Friday, April 19th. Finally, Keefe, Bruyette & Woods reduced their price target on Comerica from $60.00 to $58.00 and set a market perform rating on the stock in a research report on Monday, January 22nd. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $56.89.

Comerica Price Performance

Comerica stock opened at $52.95 on Monday. 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 has a 52 week low of $28.40 and a 52 week high of $57.39. The stock has a market capitalization of $7.02 billion, a P/E ratio of 10.53 and a beta of 1.27. The stock has a fifty day moving average of $51.49 and a 200-day moving average of $49.56.

Comerica (NYSE:CMA) last issued its earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. Comerica had a return on equity of 16.51% and a net margin of 13.11%. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $807.57 million. During the same quarter in the prior year, the firm earned $2.39 EPS. On average, sell-side analysts expect that Comerica will post 5.11 earnings per share for the current fiscal year.

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 5.36%. The ex-dividend date of this dividend is Friday, June 14th. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Insider Transactions at Comerica

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

Institutional Trading of Comerica

Hedge funds have recently bought and sold shares of the business. Spire Wealth Management lifted its holdings 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 acquiring an additional 235 shares during the period. Fortitude Family Office LLC bought a new stake in Comerica during the fourth quarter worth $36,000. Turtle Creek Wealth Advisors LLC bought a new stake in Comerica during the fourth quarter worth $36,000. Authentikos Wealth Advisory LLC bought a new stake in Comerica during the third quarter worth $47,000. Finally, FNY Investment Advisers LLC bought a new stake in Comerica during the fourth quarter worth $50,000. 80.74% of the stock is currently 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.