Comerica (NYSE:CMA) Given New $48.00 Price Target at Piper Sandler

Comerica (NYSE:CMA) had its price target cut by Piper Sandler from $52.00 to $48.00 in a research note released on Friday morning, Marketbeat reports. The firm currently has a neutral rating on the financial services provider’s stock.

Several other equities analysts have also recently issued reports on the company. DA Davidson lifted their price objective on Comerica from $60.00 to $63.00 and gave the company a buy rating in a research note on Tuesday, August 8th. Bank of America raised their price objective on shares of Comerica from $47.00 to $52.00 and gave the company a neutral rating in a report on Monday, July 24th. Morgan Stanley reiterated an equal weight rating and set a $45.00 target price on shares of Comerica in a research note on Monday, July 24th. Argus raised their price target on Comerica from $56.00 to $64.00 and gave the company a buy rating in a research note on Monday, July 24th. Finally, Truist Financial upped their price objective on Comerica from $50.00 to $58.00 and gave the stock a buy rating in a research report on Tuesday, July 25th. Three analysts have rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus target price of $60.92.

Comerica Trading Down 0.7 %

Shares of CMA stock opened at $43.28 on Friday. Comerica has a fifty-two week low of $28.40 and a fifty-two week high of $80.21. The company has a 50 day moving average price of $48.90 and a 200 day moving average price of $44.99. The stock has a market capitalization of $5.70 billion, a P/E ratio of 4.52, a price-to-earnings-growth ratio of 1.32 and a beta of 1.23. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.93 and a current ratio of 0.93.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, July 21st. The financial services provider reported $2.01 EPS for the quarter, topping the consensus estimate of $1.86 by $0.15. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $904.80 million. Comerica had a net margin of 27.01% and a return on equity of 25.54%. During the same quarter in the previous year, the firm posted $1.92 earnings per share. Equities research analysts predict that Comerica will post 7.75 EPS for the current fiscal year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 6.56%. The ex-dividend date is Thursday, September 14th. Comerica’s dividend payout ratio (DPR) is presently 29.65%.

Institutional Investors Weigh In On Comerica

Several large investors have recently modified their holdings of the stock. Private Advisor Group LLC raised its position in Comerica by 9.3% during the 1st quarter. Private Advisor Group LLC now owns 6,692 shares of the financial services provider’s stock worth $605,000 after buying an additional 568 shares during the last quarter. MetLife Investment Management LLC raised its holdings in Comerica by 22.7% during the first quarter. MetLife Investment Management LLC now owns 35,565 shares of the financial services provider’s stock worth $3,216,000 after purchasing an additional 6,590 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Comerica by 6.2% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,486 shares of the financial services provider’s stock valued at $1,581,000 after purchasing an additional 1,024 shares during the period. Great West Life Assurance Co. Can boosted its holdings in Comerica by 8.4% in the 1st quarter. Great West Life Assurance Co. Can now owns 27,966 shares of the financial services provider’s stock valued at $2,626,000 after purchasing an additional 2,163 shares in the last quarter. Finally, Yousif Capital Management LLC raised its stake in shares of Comerica by 119.2% during the 1st quarter. Yousif Capital Management LLC now owns 7,659 shares of the financial services provider’s stock worth $693,000 after buying an additional 4,165 shares in the last quarter. Hedge funds and other institutional investors own 81.94% 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, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services, as well as payment and card services for small and middle market businesses, multinational corporations, and governmental entities.