Comerica (NYSE:CMA) Upgraded to Outperform at Raymond James

Raymond James upgraded shares of Comerica (NYSE:CMA) from a market perform rating to an outperform rating in a report published on Tuesday, Marketbeat reports. The brokerage currently has $60.00 price objective on the financial services provider’s stock.

A number of other research firms have also commented on CMA. UBS Group lowered their price target on Comerica from $59.00 to $55.00 and set a neutral rating for the company in a research report on Friday, April 19th. Truist Financial dropped their price target on shares of Comerica from $60.00 to $55.00 and set a buy rating on the stock in a research report on Thursday, June 13th. Robert W. Baird cut their price target on shares of Comerica from $72.00 to $68.00 and set an outperform rating on the stock in a report on Thursday, June 20th. Evercore ISI decreased their price objective on shares of Comerica from $58.00 to $54.00 and set an in-line rating for the company in a research note on Tuesday, June 25th. Finally, Citigroup downgraded Comerica from a buy rating to a neutral rating and cut their target price for the stock from $60.00 to $56.00 in a research note on Monday, May 6th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $56.04.

Comerica Trading Up 0.6 %

Shares of Comerica stock opened at $51.12 on Tuesday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.95 and a current ratio of 0.95. Comerica has a 52 week low of $37.40 and a 52 week high of $57.39. The stock has a 50 day moving average price of $50.61 and a two-hundred day moving average price of $51.92. The stock has a market capitalization of $6.78 billion, a PE ratio of 10.16 and a beta of 1.25.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (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 during the quarter, compared to the consensus estimate of $807.57 million. During the same quarter last year, the firm posted $2.39 EPS. As a group, equities analysts anticipate that Comerica will post 5.08 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Stockholders of record on Friday, June 14th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 5.56%. The ex-dividend date was Friday, June 14th. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Insider Buying and Selling

In other news, EVP Cassandra M. Mckinney sold 7,271 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total value of $382,381.89. Following the completion of the transaction, the executive vice president now directly owns 7,236 shares in the company, valued at $380,541.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Comerica

A number of institutional investors and hedge funds have recently made changes to their positions in CMA. Spire Wealth Management increased its stake in Comerica by 95.9% in the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 235 shares during the last quarter. Fortitude Family Office LLC purchased a new position in shares of Comerica during the fourth quarter worth about $36,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Comerica in the fourth quarter worth approximately $36,000. Abich Financial Wealth Management LLC raised its stake in Comerica by 50.2% in the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 300 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in Comerica during the fourth quarter valued at approximately $50,000. Hedge funds and other 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.