DA Davidson Reaffirms Neutral Rating for Comerica (NYSE:CMA)

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

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. dropped their price target on shares of Comerica from $62.00 to $57.00 and set a neutral rating on the stock in a research report on Thursday, June 27th. The Goldman Sachs Group dropped their target price on shares of Comerica from $69.00 to $62.00 and set a buy rating on the stock in a research report on Tuesday, June 4th. Truist Financial lowered Comerica from a buy rating to a hold rating and reduced their target price for the company from $55.00 to $53.00 in a report on Monday, July 22nd. Wells Fargo & Company dropped their price target on Comerica from $48.00 to $45.00 and set an underweight rating on the stock in a report on Wednesday, June 12th. Finally, Royal Bank of Canada reduced their price objective on Comerica from $58.00 to $56.00 and set an outperform rating for the company in a research note on Monday, July 22nd. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $55.73.

Comerica Stock Performance

Shares of Comerica stock opened at $56.73 on Tuesday. Comerica has a 52 week low of $37.40 and a 52 week high of $58.50. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. The business has a 50 day moving average price of $54.40 and a 200-day moving average price of $52.23. The company has a market cap of $7.52 billion, a PE ratio of 11.28 and a beta of 1.23.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same period in the prior year, the firm posted $2.01 EPS. Equities analysts anticipate that Comerica will post 5.05 earnings per share for the current fiscal year.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.01%. The ex-dividend date is Friday, September 13th. Comerica’s payout ratio is currently 56.46%.

Insider Activity at Comerica

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

Institutional Trading of Comerica

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bluefin Capital Management LLC bought a new position in shares of Comerica in the second quarter worth $245,000. Sanctuary Advisors LLC purchased a new position in Comerica during the second quarter worth about $449,000. Teachers Retirement System of The State of Kentucky increased its stake in Comerica by 200.9% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 32,400 shares of the financial services provider’s stock worth $1,654,000 after acquiring an additional 21,631 shares during the last quarter. LHM Inc. raised its holdings in shares of Comerica by 45.3% in the 2nd quarter. LHM Inc. now owns 43,740 shares of the financial services provider’s stock valued at $2,264,000 after acquiring an additional 13,640 shares in the last quarter. Finally, Truist Financial Corp bought a new stake in shares of Comerica during the 2nd quarter valued at about $318,000. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

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.