Comerica (NYSE:CMA) Price Target Lowered to $56.00 at Royal Bank of Canada

Comerica (NYSE:CMA) had its target price reduced by Royal Bank of Canada from $58.00 to $56.00 in a research note issued to investors on Monday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the financial services provider’s stock.

A number of other equities analysts have also commented on the stock. JPMorgan Chase & Co. cut their price objective on shares of Comerica from $62.00 to $57.00 and set a neutral rating for the company in a research report on Thursday, June 27th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Comerica in a research report on Wednesday, April 10th. They issued a hold rating and a $59.00 price objective for the company. Morgan Stanley reiterated an equal weight rating and set a $53.00 target price on shares of Comerica in a research report on Monday, April 22nd. Stephens reiterated an overweight rating and set a $64.00 target price on shares of Comerica in a research report on Tuesday, June 11th. Finally, Piper Sandler lifted their target price on shares of Comerica from $51.00 to $52.00 and gave the company a neutral rating in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and an average price target of $54.95.

Comerica Price Performance

CMA opened at $52.82 on Monday. The firm has a 50-day moving average price of $50.62 and a 200-day moving average price of $51.66. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. Comerica has a twelve month low of $37.40 and a twelve month high of $58.50. The company has a market capitalization of $7.00 billion, a price-to-earnings ratio of 10.50 and a beta of 1.25.

Comerica (NYSE:CMA) last released its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $812.79 million. During the same period last year, the business earned $2.01 earnings per share. Equities analysts expect that Comerica will post 5.03 EPS for the current year.

Comerica Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 5.38%. The ex-dividend date is Friday, September 13th. Comerica’s payout ratio is 56.46%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Spire Wealth Management increased its stake 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 worth $25,000 after buying an additional 235 shares during the period. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Comerica in the fourth quarter worth $36,000. Family Firm Inc. purchased a new position in shares of Comerica in the second quarter worth $37,000. Versant Capital Management Inc increased its stake in shares of Comerica by 2,723.3% in the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after buying an additional 817 shares during the period. Finally, Abich Financial Wealth Management LLC increased its stake 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 buying an additional 300 shares during the period. 80.74% of the stock is owned by hedge funds and other institutional investors.

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.