Evercore ISI Raises Comerica (NYSE:CMA) Price Target to $64.00

Comerica (NYSE:CMA) had its price target increased by Evercore ISI from $58.00 to $64.00 in a research report sent to investors on Wednesday, Benzinga reports. Evercore ISI currently has an in-line rating on the financial services provider’s stock.

Several other equities research analysts have also recently issued reports on CMA. StockNews.com cut Comerica from a hold rating to a sell rating in a report on Tuesday, September 24th. Royal Bank of Canada decreased their price objective on Comerica from $58.00 to $56.00 and set an outperform rating on the stock in a report on Monday, July 22nd. DA Davidson reiterated a neutral rating and set a $55.00 target price on shares of Comerica in a research report on Tuesday, September 10th. Piper Sandler boosted their price target on shares of Comerica from $51.00 to $52.00 and gave the stock a neutral rating in a research report on Monday, July 22nd. Finally, Barclays lowered their price objective on shares of Comerica from $59.00 to $56.00 and set an underweight rating for the company in a research report on Monday, July 22nd. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Hold and an average target price of $58.81.

Comerica Trading Up 0.3 %

Shares of CMA opened at $58.86 on Wednesday. The firm has a market cap of $7.80 billion, a P/E ratio of 11.70 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. Comerica has a 1 year low of $37.40 and a 1 year high of $61.84. The company has a 50 day simple moving average of $56.31 and a two-hundred day simple moving average of $53.21.

Comerica (NYSE:CMA) last posted its earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.30. The company 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 last year, the company posted $2.01 earnings per share. On average, equities analysts expect that Comerica will post 5.06 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.83%. The ex-dividend date was Friday, September 13th. Comerica’s payout ratio is presently 56.46%.

Insider Buying and Selling

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the business’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 completion of the sale, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at $1,605,104.10. The trade was a 0.00 % decrease in their position. 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 insiders.

Institutional Investors Weigh In On Comerica

Several hedge funds have recently made changes to their positions in CMA. Price T Rowe Associates Inc. MD increased its stake in shares of Comerica by 105.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock valued at $10,031,000 after buying an additional 3,595,036 shares during the period. Dimensional Fund Advisors LP grew its holdings in Comerica by 51.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock worth $206,468,000 after acquiring an additional 1,370,886 shares in the last quarter. Azora Capital LP purchased a new position in Comerica during the 4th quarter valued at about $63,548,000. Goldman Sachs Group Inc. raised its holdings in shares of Comerica by 51.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock valued at $143,109,000 after purchasing an additional 870,812 shares in the last quarter. Finally, Samlyn Capital LLC bought a new stake in shares of Comerica in the 2nd quarter valued at about $35,375,000. 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.