Comerica (NYSE:CMA) Given New $62.00 Price Target at Royal Bank of Canada

Comerica (NYSE:CMA) had its target price raised by Royal Bank of Canada from $61.00 to $62.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

CMA has been the subject of a number of other reports. UBS Group cut their target price on Comerica from $59.00 to $55.00 and set a neutral rating for the company in a research report on Friday. Truist Financial upped their target price on Comerica from $60.00 to $62.00 and gave the company a buy rating in a research report on Monday, April 1st. Bank Of America (Bofa) upped their target price on Comerica from $52.00 to $55.00 and gave the company a neutral rating in a research report on Thursday, January 18th. Raymond James downgraded Comerica from an outperform rating to a market perform rating in a research report on Monday, January 22nd. Finally, The Goldman Sachs Group upgraded Comerica from a neutral rating to a buy rating and set a $70.50 target price for the company in a research report on Thursday, January 4th. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $58.02.

Comerica Stock Performance

Shares of NYSE CMA opened at $51.58 on Friday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.94. The stock’s fifty day moving average price is $51.38 and its two-hundred day moving average price is $49.23. Comerica has a one year low of $28.40 and a one year high of $57.39. The firm has a market cap of $6.83 billion, a price-to-earnings ratio of 10.25 and a beta of 1.27.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, beating 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 firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. During the same period in the prior year, the firm posted $2.39 EPS. On average, equities analysts forecast that Comerica will post 5.09 EPS for the current year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 15th were paid a $0.71 dividend. The ex-dividend date was Thursday, March 14th. This represents a $2.84 annualized dividend and a dividend yield of 5.51%. Comerica’s payout ratio is 56.46%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CMA. Private Advisor Group LLC boosted its holdings in Comerica by 9.3% in the first quarter. Private Advisor Group LLC now owns 6,692 shares of the financial services provider’s stock worth $605,000 after acquiring an additional 568 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in Comerica by 22.7% in the first quarter. MetLife Investment Management LLC now owns 35,565 shares of the financial services provider’s stock worth $3,216,000 after acquiring an additional 6,590 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Comerica by 6.2% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,486 shares of the financial services provider’s stock worth $1,581,000 after acquiring an additional 1,024 shares in the last quarter. Great West Life Assurance Co. Can boosted its holdings in Comerica by 8.4% in the first quarter. Great West Life Assurance Co. Can now owns 27,966 shares of the financial services provider’s stock worth $2,626,000 after acquiring an additional 2,163 shares in the last quarter. Finally, Yousif Capital Management LLC boosted its holdings in Comerica by 119.2% in the first quarter. Yousif Capital Management LLC now owns 7,659 shares of the financial services provider’s stock worth $693,000 after acquiring an additional 4,165 shares in the last quarter. Institutional investors own 80.74% of the company’s stock.

Comerica Company Profile

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.