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

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

A number of other analysts have also issued reports on CMA. TheStreet upgraded shares of Comerica from a c+ rating to a b- rating in a research note on Tuesday, December 26th. DA Davidson restated a neutral rating and set a $56.00 target price on shares of Comerica in a research note on Wednesday, March 6th. Barclays upped their target price on shares of Comerica from $49.00 to $59.00 and gave the stock an underweight rating in a research note on Tuesday, January 2nd. Royal Bank of Canada upped their target price on shares of Comerica from $61.00 to $62.00 and gave the stock an outperform rating in a research note on Friday, April 19th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Comerica in a research note on Wednesday, April 10th. They set a hold rating and a $59.00 target price on the stock. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus price target of $56.89.

Comerica Stock Down 1.5 %

Shares of NYSE:CMA opened at $52.16 on Monday. 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 firm has a market capitalization of $6.91 billion, a PE ratio of 10.37 and a beta of 1.27. The firm’s 50-day moving average is $51.51 and its two-hundred day moving average is $49.58. Comerica has a 1 year low of $28.40 and a 1 year high of $57.39.

Comerica (NYSE:CMA) last issued its quarterly 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. The company 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 period in the prior year, the firm earned $2.39 earnings per share. Analysts predict that Comerica will post 5.15 EPS for the current year.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 5.44%. The ex-dividend date of this dividend 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 1,616 shares of the firm’s 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 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 filing with the SEC, which is available through this hyperlink. In other Comerica news, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction 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 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 filing with the SEC, which is available through this hyperlink. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the firm’s stock in a transaction on Monday, January 29th. The shares were 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 approximately $454,276.96. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CMA. Spire Wealth Management increased its position in shares of Comerica by 95.9% in the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after buying an additional 235 shares in the last quarter. Fortitude Family Office LLC purchased a new position in shares of Comerica in the fourth quarter valued at $36,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Comerica in the fourth quarter valued at $36,000. Authentikos Wealth Advisory LLC purchased a new position in shares of Comerica in the third quarter valued at $47,000. Finally, FNY Investment Advisers LLC purchased a new position in shares of Comerica in the fourth quarter valued at $50,000. Hedge funds and other 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.