Comerica (NYSE:CMA) Price Target Cut to $67.00 by Analysts at Wells Fargo & Company

Comerica (NYSE:CMA) had its target price decreased by Wells Fargo & Company from $70.00 to $67.00 in a report published on Friday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

CMA has been the subject of a number of other research reports. Truist Financial raised shares of Comerica to a “hold” rating in a research note on Monday, January 6th. Royal Bank of Canada cut their target price on shares of Comerica from $78.00 to $76.00 and set an “outperform” rating for the company in a research report on Thursday, January 23rd. Piper Sandler raised their price target on Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Barclays upped their price objective on Comerica from $66.00 to $68.00 and gave the stock an “underweight” rating in a report on Monday, January 6th. Finally, Morgan Stanley decreased their price objective on Comerica from $71.00 to $63.00 and set an “equal weight” rating on the stock in a report on Thursday, March 13th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $68.00.

Comerica Trading Down 1.5 %

Shares of CMA stock opened at $58.73 on Friday. The company has a market capitalization of $7.71 billion, a PE ratio of 11.70 and a beta of 1.23. Comerica has a 52-week low of $45.32 and a 52-week high of $73.45. The business’s fifty day moving average is $63.07 and its 200 day moving average is $63.54. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a net margin of 13.98% and a return on equity of 12.04%. During the same period in the prior year, the company posted $1.46 EPS. On average, equities research analysts anticipate that Comerica will post 5.28 EPS for the current fiscal year.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.84%. The ex-dividend date of this dividend is Friday, March 14th. Comerica’s dividend payout ratio (DPR) is currently 56.57%.

Hedge Funds Weigh In On Comerica

Several hedge funds have recently made changes to their positions in the business. Wedmont Private Capital boosted its holdings in Comerica by 2.4% in the fourth quarter. Wedmont Private Capital now owns 7,870 shares of the financial services provider’s stock valued at $474,000 after acquiring an additional 186 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Comerica by 5.2% in the 4th quarter. Blue Trust Inc. now owns 4,040 shares of the financial services provider’s stock worth $242,000 after purchasing an additional 200 shares during the period. Bessemer Group Inc. increased its position in shares of Comerica by 2.0% during the fourth quarter. Bessemer Group Inc. now owns 10,859 shares of the financial services provider’s stock valued at $672,000 after buying an additional 211 shares during the period. V Square Quantitative Management LLC increased its position in shares of Comerica by 36.7% during the fourth quarter. V Square Quantitative Management LLC now owns 824 shares of the financial services provider’s stock valued at $51,000 after buying an additional 221 shares during the period. Finally, US Bancorp DE raised its stake in Comerica by 2.0% in the fourth quarter. US Bancorp DE now owns 11,823 shares of the financial services provider’s stock worth $731,000 after buying an additional 227 shares in the last quarter. 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.