Comerica (NYSE:CMA) Price Target Cut to $57.00

Comerica (NYSE:CMA) had its price objective reduced by JPMorgan Chase & Co. from $62.00 to $57.00 in a report issued on Thursday morning, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

CMA has been the subject of several other research reports. Piper Sandler increased their target price on shares of Comerica from $54.00 to $56.00 and gave the stock a neutral rating in a research note on Friday, April 26th. Evercore ISI dropped their target price on shares of Comerica from $58.00 to $54.00 and set an in-line rating for the company in a report on Tuesday, June 25th. DA Davidson restated a neutral rating and set a $56.00 price target on shares of Comerica in a research report on Wednesday, March 6th. The Goldman Sachs Group cut their price objective on Comerica from $69.00 to $62.00 and set a buy rating on the stock in a report on Tuesday, June 4th. Finally, Jefferies Financial Group dropped their target price on Comerica from $65.00 to $60.00 and set a buy rating for the company in a research report on Monday, April 8th. Three analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Comerica has a consensus rating of Hold and a consensus target price of $56.13.

Comerica Price Performance

Shares of CMA stock opened at $51.04 on Thursday. The firm’s 50-day moving average is $50.67 and its two-hundred day moving average is $51.99. Comerica has a 12 month low of $37.40 and a 12 month high of $57.39. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95. The company has a market capitalization of $6.77 billion, a PE ratio of 10.15 and a beta of 1.25.

Comerica (NYSE:CMA) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, beating the consensus estimate of $1.13 by $0.16. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. Comerica had a net margin of 13.11% and a return on equity of 16.51%. During the same quarter in the previous year, the company earned $2.39 EPS. Analysts predict that Comerica will post 5.08 earnings per share for the current year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.56%. The ex-dividend date is Friday, June 14th. Comerica’s dividend payout ratio is presently 56.46%.

Insider Buying and Selling

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the business’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the completion of the transaction, the executive vice president now directly owns 7,236 shares in the company, valued at approximately $380,541.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.19% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Abich Financial Wealth Management LLC boosted its position in shares of Comerica by 50.2% in the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 300 shares during the last quarter. Cetera Advisors LLC purchased a new position in Comerica during the first quarter worth approximately $259,000. Algebris UK Ltd acquired a new position in shares of Comerica in the 1st quarter valued at $11,872,000. iA Global Asset Management Inc. purchased a new stake in shares of Comerica during the 1st quarter valued at $244,000. Finally, Comerica Bank increased its holdings in shares of Comerica by 2.1% during the 1st quarter. Comerica Bank now owns 150,608 shares of the financial services provider’s stock worth $8,282,000 after buying an additional 3,076 shares during the last quarter. Institutional investors and hedge funds 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.