Truist Financial Trims Comerica (NYSE:CMA) Target Price to $60.00

Comerica (NYSE:CMA) had its price objective lowered by Truist Financial from $62.00 to $60.00 in a research report released on Monday morning, Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

A number of other analysts also recently commented on the company. Morgan Stanley boosted their target price on Comerica from $45.00 to $54.00 and gave the stock an equal weight rating in a research report on Wednesday, February 7th. DA Davidson reiterated a neutral rating and issued a $56.00 target price on shares of Comerica in a research note on Wednesday, March 6th. Argus lowered Comerica from a buy rating to a hold rating in a research note on Monday, January 29th. TheStreet upgraded Comerica from a c+ rating to a b- rating in a research note on Tuesday, December 26th. Finally, Stephens reaffirmed an overweight rating and issued a $64.00 target price on shares of Comerica in a research report on Friday, April 19th. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Comerica presently has a consensus rating of Hold and an average price target of $56.89.

Comerica Trading Up 0.6 %

NYSE:CMA opened at $52.95 on Monday. The stock’s 50 day moving average price is $51.49 and its 200 day moving average price is $49.56. The company has a market capitalization of $7.02 billion, a PE ratio of 10.53 and a beta of 1.27. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.26. Comerica has a 52-week low of $28.40 and a 52-week high of $57.39.

Comerica (NYSE:CMA) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. Comerica had a return on equity of 16.51% and a net margin of 13.11%. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $807.57 million. During the same quarter last year, the business posted $2.39 EPS. On average, research analysts anticipate that Comerica will post 5.11 EPS for the current year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.36%. The ex-dividend date of this dividend is Friday, June 14th. Comerica’s payout ratio is 56.46%.

Insider Activity at Comerica

In related news, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $52.74, for a total value of $160,013.16. Following the sale, the executive vice president now directly owns 17,460 shares in the company, valued at approximately $920,840.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Cassandra M. Mckinney sold 1,616 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the sale, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $52.74, for a total value of $160,013.16. Following the sale, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is owned by insiders.

Institutional Investors Weigh In On Comerica

Large investors have recently modified their holdings of the stock. Spire Wealth Management boosted its position in shares of Comerica by 95.9% in the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after buying an additional 235 shares during the period. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Comerica in the fourth quarter valued at approximately $36,000. Fortitude Family Office LLC bought a new stake in shares of Comerica in the fourth quarter valued at approximately $36,000. FNY Investment Advisers LLC acquired a new position in shares of Comerica in the fourth quarter valued at $50,000. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of Comerica in the fourth quarter valued at $51,000. 80.74% of the stock is owned by 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.