Comerica (NYSE:CMA) Given New $56.00 Price Target at Piper Sandler

Comerica (NYSE:CMA) had its price objective raised by Piper Sandler from $54.00 to $56.00 in a research note issued to investors on Friday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Other equities analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft assumed coverage on Comerica in a report on Wednesday, April 10th. They issued a hold rating and a $59.00 price objective for the company. Royal Bank of Canada raised their price objective on Comerica from $61.00 to $62.00 and gave the company an outperform rating in a report on Friday, April 19th. Bank Of America (Bofa) raised their price objective on Comerica from $52.00 to $55.00 and gave the company a neutral rating in a report on Thursday, January 18th. Jefferies Financial Group decreased their price objective on Comerica from $65.00 to $60.00 and set a buy rating for the company in a report on Monday, April 8th. Finally, UBS Group cut their target price on shares of Comerica from $59.00 to $55.00 and set a neutral rating for the company in a research note on Friday, April 19th. Three analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus target price of $56.98.

Comerica Stock Down 0.1 %

NYSE:CMA opened at $52.08 on Friday. The stock’s fifty day moving average price is $51.54 and its two-hundred day moving average price is $49.66. Comerica has a 52-week low of $28.40 and a 52-week high of $57.39. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.94 and a current ratio of 0.95. The company has a market cap of $6.90 billion, a price-to-earnings ratio of 10.35 and a beta of 1.27.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $807.57 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same quarter in the prior year, the business posted $2.39 EPS. On average, analysts anticipate that Comerica will post 5.16 EPS for the current year.

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, June 14th. This represents a $2.84 annualized dividend and a dividend yield of 5.45%. Comerica’s dividend payout ratio is presently 56.46%.

Insider Activity at Comerica

In related news, EVP Wendy Bridges sold 3,034 shares of Comerica stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 shares were sold at an average price of $52.59, for a total transaction of $382,381.89. Following the sale, the executive vice president now owns 7,236 shares of the company’s stock, valued at $380,541.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction 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 sale, the executive vice president now directly owns 17,460 shares in the company, valued at approximately $920,840.40. The disclosure for this sale can be found here. Insiders have sold 11,921 shares of company stock valued at $630,693 over the last three months. 0.19% of the stock is owned by insiders.

Institutional Trading of Comerica

A number of hedge funds and other institutional investors have recently modified their holdings of CMA. SG Americas Securities LLC bought a new stake in shares of Comerica during the third quarter worth $756,000. Czech National Bank grew its stake in shares of Comerica by 47.8% during the third quarter. Czech National Bank now owns 23,031 shares of the financial services provider’s stock worth $957,000 after buying an additional 7,444 shares during the last quarter. Linden Thomas Advisory Services LLC acquired a new position in shares of Comerica during the third quarter worth $1,274,000. Raymond James & Associates lifted its holdings in shares of Comerica by 34.0% during the third quarter. Raymond James & Associates now owns 172,199 shares of the financial services provider’s stock worth $7,155,000 after purchasing an additional 43,679 shares during the period. Finally, 1834 Investment Advisors Co. lifted its holdings in shares of Comerica by 3.8% during the third quarter. 1834 Investment Advisors Co. now owns 102,776 shares of the financial services provider’s stock worth $4,270,000 after purchasing an additional 3,798 shares during the period. Institutional investors 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.