Other research analysts have also issued reports about the company. Raymond James lowered Comerica from an outperform rating to a market perform rating in a research report on Monday, July 8th. Barclays reduced their price target on Comerica from $81.00 to $74.00 and set an underweight rating on the stock in a research report on Thursday, September 12th. Morgan Stanley reduced their price target on Comerica from $90.00 to $82.00 and set an overweight rating on the stock in a research report on Tuesday, September 10th. SunTrust Banks reduced their price target on Comerica from $75.00 to $67.00 and set a hold rating on the stock in a research report on Tuesday, September 10th. Finally, Odeon Capital Group lowered Comerica from a buy rating to a sell rating in a research report on Wednesday, September 4th. Six investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $80.90.
Shares of NYSE:CMA traded up $0.49 during midday trading on Wednesday, hitting $63.91. The company had a trading volume of 1,056,537 shares, compared to its average volume of 1,924,708. Comerica has a 12 month low of $58.54 and a 12 month high of $93.28. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.90. The stock has a market cap of $9.55 billion, a price-to-earnings ratio of 8.83, a PEG ratio of 0.58 and a beta of 1.53. The firm has a fifty day simple moving average of $63.07 and a 200 day simple moving average of $70.48.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 4.19%. The ex-dividend date was Thursday, September 12th. Comerica’s payout ratio is presently 37.02%.
Institutional investors have recently modified their holdings of the stock. Covington Capital Management raised its stake in Comerica by 88.5% during the 2nd quarter. Covington Capital Management now owns 411 shares of the financial services provider’s stock worth $30,000 after buying an additional 193 shares during the period. Creative Financial Designs Inc. ADV acquired a new stake in Comerica during the 2nd quarter worth $51,000. CSat Investment Advisory L.P. raised its stake in Comerica by 170.5% during the 2nd quarter. CSat Investment Advisory L.P. now owns 706 shares of the financial services provider’s stock worth $52,000 after buying an additional 445 shares during the period. Kavar Capital Partners LLC acquired a new stake in shares of Comerica in the 2nd quarter valued at about $73,000. Finally, Thor Advisors LLC acquired a new stake in shares of Comerica in the 1st quarter valued at about $78,000. 86.54% of the stock is currently owned by institutional investors and hedge funds.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services middle market businesses, multinational corporations, and governmental entities.
Further Reading: How are Outstanding Shares Different from Authorized Shares?
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