Comerica (NYSE:CMA) Price Target Raised to $63.00 at Morgan Stanley

Comerica (NYSE:CMA) had its target price raised by Morgan Stanley from $61.00 to $63.00 in a report issued on Monday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.

Other equities research analysts also recently issued reports about the company. Truist Financial boosted their price target on Comerica from $53.00 to $66.00 and gave the company a hold rating in a research note on Friday, September 20th. StockNews.com cut shares of Comerica from a hold rating to a sell rating in a report on Tuesday, September 24th. The Goldman Sachs Group dropped their price target on shares of Comerica from $69.00 to $62.00 and set a buy rating on the stock in a research note on Tuesday, June 4th. Evercore ISI reduced their price objective on Comerica from $58.00 to $54.00 and set an in-line rating for the company in a research note on Tuesday, June 25th. Finally, Robert W. Baird lowered their price objective on Comerica from $72.00 to $68.00 and set an outperform rating on the stock in a research report on Thursday, June 20th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $58.81.

Comerica Stock Up 0.9 %

Shares of Comerica stock opened at $58.67 on Monday. Comerica has a twelve month low of $37.40 and a twelve month high of $61.84. 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 company’s 50 day moving average is $56.08 and its 200 day moving average is $53.11. The company has a market cap of $7.78 billion, a price-to-earnings ratio of 11.66 and a beta of 1.23.

Comerica (NYSE:CMA) last released its quarterly 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. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $812.79 million. During the same period in the prior year, the firm earned $2.01 EPS. Research analysts anticipate that Comerica will post 5.06 EPS for the current year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were given a dividend of $0.71 per share. The ex-dividend date was Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.84%. Comerica’s dividend payout ratio is currently 56.46%.

Insider Activity at Comerica

In other 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 sale, the executive vice president now directly owns 27,910 shares in the company, valued at approximately $1,605,104.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CMA. Pitcairn Co. increased its position in shares of Comerica by 2.9% during the 1st quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock valued at $374,000 after purchasing an additional 190 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Comerica by 19.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 199 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in Comerica by 0.7% in 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 purchasing an additional 201 shares during the last quarter. Summit Securities Group LLC boosted its position in shares of 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 buying an additional 202 shares during the period. Finally, UMB Bank n.a. grew its stake in shares of Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after buying an additional 208 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

About Comerica

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.