Robert W. Baird Cuts Comerica (NYSE:CMA) Price Target to $68.00

Comerica (NYSE:CMA) had its target price reduced by Robert W. Baird from $72.00 to $68.00 in a research note released on Thursday morning, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Other analysts have also issued research reports about the stock. Citigroup lowered shares of Comerica from a buy rating to a neutral rating and cut their price objective for the stock from $60.00 to $56.00 in a research report on Monday, May 6th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Comerica in a research report on Wednesday, April 10th. They issued a hold rating and a $59.00 price objective on the stock. Evercore ISI boosted their price objective on shares of Comerica from $55.00 to $58.00 and gave the stock an in-line rating in a research report on Thursday, March 28th. UBS Group cut their price objective on shares of Comerica from $59.00 to $55.00 and set a neutral rating on the stock in a research report on Friday, April 19th. Finally, Royal Bank of Canada cut their price objective on shares of Comerica from $62.00 to $58.00 and set an outperform rating on the stock in a research report on Wednesday, June 12th. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $56.30.

Comerica Stock Performance

Shares of CMA opened at $47.80 on Thursday. 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 twelve month low of $37.40 and a twelve month high of $57.39. The firm’s 50 day moving average price is $50.86 and its two-hundred day moving average price is $52.05. The firm has a market cap of $6.34 billion, a P/E ratio of 9.50 and a beta of 1.25.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. During the same quarter in the previous year, the firm posted $2.39 earnings per share. On average, analysts forecast that Comerica will post 5.13 EPS for the current fiscal year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.84 annualized dividend and a dividend yield of 5.94%. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Insider Activity at Comerica

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of the company’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total value of $382,381.89. Following 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Comerica

Several institutional investors and hedge funds have recently modified their holdings of CMA. Spire Wealth Management grew its stake in Comerica by 95.9% during 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 in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in Comerica during the fourth quarter worth about $36,000. Fortitude Family Office LLC acquired a new stake in Comerica during the fourth quarter worth about $36,000. Abich Financial Wealth Management LLC grew its stake in Comerica by 50.2% during 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 in the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in Comerica during the fourth quarter worth about $50,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Comerica Company Profile

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.