Comerica (NYSE:CMA) Shares Gap Up to $52.34

Comerica Incorporated (NYSE:CMA)’s share price gapped up prior to trading on Monday . The stock had previously closed at $52.34, but opened at $54.35. Comerica shares last traded at $54.98, with a volume of 501,739 shares.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CMA shares. Royal Bank of Canada lowered their price objective on Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Citigroup lowered shares of Comerica from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $60.00 to $56.00 in a research note on Monday, May 6th. Piper Sandler increased their target price on shares of Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Raymond James raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price target for the company in a research note on Tuesday, July 2nd. Finally, Stephens reissued an “overweight” rating and issued a $64.00 price objective on shares of Comerica in a research report on Tuesday, June 11th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six 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 $55.45.

Comerica Price Performance

The stock has a 50 day moving average of $50.86 and a 200-day moving average of $51.51. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.95 and a current ratio of 0.96. The company has a market cap of $7.19 billion, a PE ratio of 10.41 and a beta of 1.25.

Comerica (NYSE:CMA) last posted its quarterly earnings results 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 during the quarter, compared to analyst estimates 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 firm posted $2.01 EPS. Equities analysts predict that Comerica Incorporated 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. Shareholders 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 yield of 5.24%. The ex-dividend date of this dividend is Friday, September 13th. Comerica’s payout ratio is presently 56.46%.

Institutional Trading of Comerica

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pitcairn Co. increased its position in shares of Comerica by 2.9% in the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock valued at $374,000 after buying an additional 190 shares in the last quarter. Bison Wealth LLC increased its holdings in Comerica by 1.7% in the 4th quarter. Bison Wealth LLC now owns 11,653 shares of the financial services provider’s stock worth $650,000 after acquiring an additional 196 shares in the last quarter. Texas Permanent School Fund Corp raised its position in Comerica by 0.7% during the first quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock worth $1,498,000 after acquiring an additional 201 shares during the period. Summit Securities Group LLC lifted its holdings in Comerica by 22.4% during the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 202 shares in the last quarter. Finally, UMB Bank n.a. grew its position in shares of Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 208 shares during the period. 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.