Comerica’s (CMA) “Neutral” Rating Reaffirmed at DA Davidson

DA Davidson restated their neutral rating on shares of Comerica (NYSE:CMA) in a report published on Tuesday, Benzinga reports. The firm currently has a $55.00 price target on the financial services provider’s stock.

Other equities research analysts also recently issued reports about the company. Wells Fargo & Company lowered their price target on Comerica from $48.00 to $45.00 and set an underweight rating on the stock in a research report on Wednesday, June 12th. The Goldman Sachs Group cut their price target on Comerica from $69.00 to $62.00 and set a buy rating for the company in a report on Tuesday, June 4th. Keefe, Bruyette & Woods raised Comerica from a market perform rating to an outperform rating and increased their price objective for the company from $50.00 to $69.00 in a research report on Thursday, September 5th. Stephens reaffirmed an overweight rating and set a $58.00 target price on shares of Comerica in a research report on Tuesday. Finally, Evercore ISI reduced their price target on shares of Comerica from $58.00 to $54.00 and set an in-line rating for the company in a report on Tuesday, June 25th. Three analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $55.73.

Comerica Stock Up 1.4 %

CMA opened at $57.51 on Tuesday. The firm has a market cap of $7.63 billion, a P/E ratio of 11.43 and a beta of 1.23. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96. The business has a 50 day moving average price of $54.55 and a 200 day moving average price of $52.29. Comerica has a twelve month low of $37.40 and a twelve month high of $58.50.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same period in the previous year, the company earned $2.01 earnings per share. Research analysts forecast that Comerica will post 5.05 EPS for the current year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, September 13th. This represents a $2.84 annualized dividend and a yield of 4.94%. Comerica’s dividend payout ratio is currently 56.46%.

Insider Buying and Selling at Comerica

In other news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the sale, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CMA. International Assets Investment Management LLC boosted its holdings in shares of Comerica by 17.4% in the 4th quarter. International Assets Investment Management LLC now owns 6,385 shares of the financial services provider’s stock worth $356,000 after acquiring an additional 945 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Comerica by 348.6% during the fourth quarter. Victory Capital Management Inc. now owns 22,699 shares of the financial services provider’s stock worth $1,267,000 after purchasing an additional 17,639 shares during the last quarter. M&T Bank Corp increased its stake in shares of Comerica by 7.1% in the fourth quarter. M&T Bank Corp now owns 10,481 shares of the financial services provider’s stock valued at $585,000 after buying an additional 693 shares in the last quarter. National Bank of Canada FI raised its holdings in shares of Comerica by 9.2% in the fourth quarter. National Bank of Canada FI now owns 31,097 shares of the financial services provider’s stock valued at $1,757,000 after buying an additional 2,627 shares during the last quarter. Finally, Spire Wealth Management lifted its position in Comerica by 95.9% during the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after buying an additional 235 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

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.