Truist Financial Raises Comerica (NYSE:CMA) Price Target to $66.00

Comerica (NYSE:CMA) had its target price boosted by Truist Financial from $53.00 to $66.00 in a report published on Friday morning, Benzinga reports. They currently have a hold rating on the financial services provider’s stock.

CMA has been the subject of several other reports. Piper Sandler increased their price objective on Comerica from $51.00 to $52.00 and gave the stock a neutral rating in a research note on Monday, July 22nd. 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. Royal Bank of Canada reduced their target price on Comerica from $58.00 to $56.00 and set an outperform rating for the company in a report on Monday, July 22nd. The Goldman Sachs Group reduced their target price on Comerica from $69.00 to $62.00 and set a buy rating for the company in a report on Tuesday, June 4th. Finally, Barclays reduced their target price on Comerica from $59.00 to $56.00 and set an underweight rating for the company in a report on Monday, July 22nd. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $56.32.

Comerica Stock Up 0.6 %

Shares of NYSE:CMA opened at $61.49 on Friday. The company has a market capitalization of $8.15 billion, a price-to-earnings ratio of 12.22 and a beta of 1.23. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96. The business’s 50-day moving average is $55.23 and its 200-day moving average is $52.67. Comerica has a 1 year low of $37.40 and a 1 year high of $61.74.

Comerica (NYSE:CMA) last posted its quarterly earnings results 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. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. During the same period in the prior year, the business earned $2.01 EPS. Equities research analysts predict that Comerica will post 5.05 earnings per share for the current 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 4.62%. The ex-dividend date of this dividend is Friday, September 13th. Comerica’s payout ratio is currently 56.46%.

Insider Buying and Selling

In related news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction on Friday, August 23rd. The stock was 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 in the company, valued at $1,605,104.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Comerica

A number of large investors have recently added to or reduced their stakes in CMA. Principal Financial Group Inc. raised its position in Comerica by 2.1% during the fourth quarter. Principal Financial Group Inc. now owns 159,385 shares of the financial services provider’s stock valued at $8,895,000 after purchasing an additional 3,227 shares in the last quarter. Norges Bank bought a new stake in shares of Comerica in the fourth quarter worth about $80,691,000. PNC Financial Services Group Inc. grew its stake in shares of Comerica by 1.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 47,903 shares of the financial services provider’s stock worth $2,673,000 after purchasing an additional 501 shares during the last quarter. UBS Group AG grew its stake in shares of Comerica by 46.8% in the fourth quarter. UBS Group AG now owns 164,987 shares of the financial services provider’s stock worth $9,208,000 after purchasing an additional 52,569 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its position in Comerica by 12.9% during the 4th quarter. Corient Private Wealth LLC now owns 41,197 shares of the financial services provider’s stock valued at $2,299,000 after acquiring an additional 4,715 shares in the last quarter. Hedge funds and other 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.