Comerica (NYSE:CMA) Sets New 52-Week High at $57.55

Comerica Incorporated (NYSE:CMA)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $57.55 and last traded at $57.22, with a volume of 546272 shares. The stock had previously closed at $56.14.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Citigroup cut Comerica from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $60.00 to $56.00 in a report on Monday, May 6th. Raymond James raised Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a research report on Tuesday, July 2nd. Deutsche Bank Aktiengesellschaft initiated coverage on Comerica in a research note on Wednesday, April 10th. They set a “hold” rating and a $59.00 price objective on the stock. Morgan Stanley reissued an “equal weight” rating and issued a $53.00 target price on shares of Comerica in a research note on Monday, April 22nd. Finally, Robert W. Baird dropped their price target on shares of Comerica from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Thursday, June 20th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Comerica presently has an average rating of “Hold” and a consensus price target of $55.96.

Comerica Trading Down 1.9 %

The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market capitalization of $7.47 billion, a price-to-earnings ratio of 11.20 and a beta of 1.25. The business has a fifty day simple moving average of $50.82 and a 200 day simple moving average of $51.78.

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. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $807.57 million. During the same period in the prior year, the company posted $2.39 earnings per share. As a group, research analysts expect that Comerica Incorporated will post 5.01 EPS for the current year.

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were issued a dividend of $0.71 per share. The ex-dividend date was Friday, June 14th. This represents a $2.84 annualized dividend and a dividend yield of 5.04%. Comerica’s dividend payout ratio is presently 56.46%.

Insider Buying and Selling

In other news, EVP Cassandra M. Mckinney sold 7,271 shares of the stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total transaction of $382,381.89. Following the sale, the executive vice president now directly owns 7,236 shares of the company’s stock, valued at approximately $380,541.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Comerica

Hedge funds and other institutional investors have recently modified their holdings of the business. Raymond James & Associates lifted its holdings in shares of Comerica by 18.1% in the fourth quarter. Raymond James & Associates now owns 203,324 shares of the financial services provider’s stock worth $11,348,000 after acquiring an additional 31,125 shares during the last quarter. Avaii Wealth Management LLC acquired a new stake in Comerica in the fourth quarter valued at $679,000. NewEdge Wealth LLC bought a new position in Comerica during the 4th quarter worth $10,068,000. Aigen Investment Management LP acquired a new position in Comerica during the 4th quarter worth about $891,000. Finally, PNC Financial Services Group Inc. grew its position in shares of Comerica by 1.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 47,903 shares of the financial services provider’s stock valued at $2,673,000 after buying an additional 501 shares during the last quarter. 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.