Comerica (NYSE:CMA) Lifted 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 released on Tuesday morning, MarketBeat reports. Raymond James currently has $60.00 target price on the financial services provider’s stock.

A number of other equities analysts also recently issued reports on CMA. UBS Group decreased their price objective on Comerica from $59.00 to $55.00 and set a neutral rating for the company in a report on Friday, April 19th. Wells Fargo & Company cut their price objective on shares of Comerica from $48.00 to $45.00 and set an underweight rating on the stock in a report on Wednesday, June 12th. The Goldman Sachs Group lowered their target price on shares of Comerica from $69.00 to $62.00 and set a buy rating for the company in a report on Tuesday, June 4th. Piper Sandler upped their price target on Comerica from $54.00 to $56.00 and gave the stock a neutral rating in a research note on Friday, April 26th. Finally, Evercore ISI lowered their price objective on Comerica from $58.00 to $54.00 and set an in-line rating for the company in a research note on Tuesday, June 25th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $56.04.

Comerica Stock Performance

NYSE:CMA opened at $50.35 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.26. The firm’s fifty day simple moving average is $50.52 and its 200 day simple moving average is $51.89. The stock has a market cap of $6.68 billion, a P/E ratio of 10.01 and a beta of 1.25. Comerica has a twelve month low of $37.40 and a twelve month high of $57.39.

Comerica (NYSE:CMA) last announced its 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 EPS. As a group, research analysts predict that Comerica will post 5.07 EPS for the current year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were given a $0.71 dividend. The ex-dividend date was Friday, June 14th. This represents a $2.84 annualized dividend and a yield of 5.64%. Comerica’s payout ratio is presently 56.46%.

Insider Activity

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of the firm’s stock in a transaction on Wednesday, April 24th. The stock was 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 of the company’s stock, valued at approximately $380,541.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CMA. Pitcairn Co. increased its stake in shares of Comerica by 2.9% in the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after purchasing an additional 190 shares in the last quarter. Bison Wealth LLC increased its stake in Comerica by 1.7% in the 4th quarter. Bison Wealth LLC now owns 11,653 shares of the financial services provider’s stock worth $650,000 after buying an additional 196 shares in the last quarter. Fruth Investment Management raised its holdings in Comerica by 1.6% during the fourth quarter. Fruth Investment Management now owns 13,090 shares of the financial services provider’s stock valued at $730,000 after acquiring an additional 200 shares during the period. Texas Permanent School Fund Corp lifted its position in shares of Comerica by 0.7% in the first quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock valued at $1,498,000 after acquiring an additional 201 shares in the last quarter. Finally, Yousif Capital Management LLC boosted its stake in shares of Comerica by 2.8% in the fourth quarter. Yousif Capital Management LLC now owns 7,918 shares of the financial services provider’s stock worth $442,000 after acquiring an additional 219 shares during the period. 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.