Comerica (NYSE:CMA) Reaches New 52-Week High – Here’s What Happened

Comerica Incorporated (NYSE:CMA)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $62.00 and last traded at $61.98, with a volume of 79663 shares. The stock had previously closed at $61.33.

Analysts Set New Price Targets

Several equities research analysts have commented on CMA shares. Morgan Stanley upped their target price on shares of Comerica from $61.00 to $63.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Piper Sandler raised 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. Robert W. Baird decreased their target price on Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Thursday, June 20th. Stephens reaffirmed an “overweight” rating and set a $58.00 price target on shares of Comerica in a research report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. increased their target price on Comerica from $57.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 9th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $59.62.

Comerica Stock Up 2.0 %

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 firm has a fifty day moving average of $57.09 and a 200-day moving average of $53.52. The firm has a market cap of $8.29 billion, a P/E ratio of 12.26 and a beta of 1.23.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same quarter in the prior year, the business posted $2.01 EPS. On average, equities research analysts anticipate that Comerica Incorporated will post 5.12 earnings per share for the current year.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.54%. The ex-dividend date was Friday, September 13th. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.19% of the stock is owned by insiders.

Institutional Investors Weigh In On Comerica

Several hedge funds have recently added to or reduced their stakes in CMA. Vanguard Group Inc. raised its position in shares of Comerica by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock valued at $941,968,000 after purchasing an additional 676,959 shares during the period. PNC Financial Services Group Inc. raised its holdings in Comerica by 1.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 47,903 shares of the financial services provider’s stock valued at $2,673,000 after acquiring an additional 501 shares during the period. Quadrature Capital Ltd acquired a new stake in Comerica during the fourth quarter worth approximately $1,651,000. CWM LLC boosted its holdings in shares of Comerica by 4.0% during the first quarter. CWM LLC now owns 17,044 shares of the financial services provider’s stock worth $937,000 after acquiring an additional 653 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Comerica by 7.6% in the first quarter. GAMMA Investing LLC now owns 3,240 shares of the financial services provider’s stock valued at $178,000 after purchasing an additional 230 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

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.