Evercore ISI Increases Comerica (NYSE:CMA) Price Target to $64.00

Comerica (NYSE:CMA) had its price objective hoisted by Evercore ISI from $58.00 to $64.00 in a report issued on Wednesday, Benzinga reports. Evercore ISI currently has an in-line rating on the financial services provider’s stock.

A number of other brokerages have also recently issued reports on CMA. Raymond James upgraded Comerica from a market perform rating to an outperform rating and set a $60.00 price objective for the company in a report on Tuesday, July 2nd. Wells Fargo & Company decreased their target price on shares of Comerica from $48.00 to $45.00 and set an underweight rating on the stock in a research report on Wednesday, June 12th. Stephens reiterated an overweight rating and issued a $58.00 price target on shares of Comerica in a research note on Tuesday, September 10th. Truist Financial raised their price objective on Comerica from $53.00 to $66.00 and gave the stock a hold rating in a research note on Friday, September 20th. Finally, DA Davidson reaffirmed a neutral rating and issued a $55.00 price objective on shares of Comerica in a report on Tuesday, September 10th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and a consensus target price of $58.81.

Comerica Stock Performance

CMA opened at $58.86 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. Comerica has a 12-month low of $37.40 and a 12-month high of $61.84. The business has a 50 day moving average of $56.20 and a 200-day moving average of $53.14. The stock has a market cap of $7.80 billion, a price-to-earnings ratio of 11.70 and a beta of 1.23.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $812.79 million. During the same quarter in the prior year, the business earned $2.01 EPS. On average, equities research analysts expect that Comerica will post 5.06 earnings per share for the current year.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.83%. Comerica’s payout ratio is presently 56.46%.

Insider Transactions at Comerica

In other 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 sale, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Comerica by 4.2% during the 4th quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock worth $941,968,000 after buying an additional 676,959 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Comerica by 51.3% during the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock worth $206,468,000 after acquiring an additional 1,370,886 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Comerica by 51.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock worth $143,109,000 after acquiring an additional 870,812 shares during the period. Vaughan Nelson Investment Management L.P. boosted its holdings in Comerica by 1.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock valued at $93,621,000 after acquiring an additional 19,068 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Comerica by 9.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock valued at $78,288,000 after purchasing an additional 130,458 shares during the period. 80.74% of the stock is currently owned by institutional investors and hedge funds.

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.