Comerica (NYSE:CMA) Stock Rating Reaffirmed by Morgan Stanley

Morgan Stanley reaffirmed their equal weight rating on shares of Comerica (NYSE:CMA) in a report published on Monday morning, Benzinga reports. They currently have a $53.00 price target on the financial services provider’s stock.

Other analysts have also recently issued reports about the company. Raymond James cut Comerica from an outperform rating to a market perform rating in a research report on Monday, January 22nd. The Goldman Sachs Group upgraded Comerica from a neutral rating to a buy rating and set a $70.50 price objective on the stock in a research report on Thursday, January 4th. Jefferies Financial Group lowered their price objective on Comerica from $65.00 to $60.00 and set a buy rating on the stock in a research report on Monday, April 8th. Stephens reaffirmed an overweight rating and issued a $64.00 price target on shares of Comerica in a research note on Friday, April 19th. Finally, Truist Financial decreased their price target on Comerica from $62.00 to $60.00 and set a buy rating on the stock in a research note on Monday. Three analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Comerica has a consensus rating of Hold and an average price target of $56.89.

Comerica Stock Performance

CMA opened at $52.16 on Monday. The stock has a market cap of $6.91 billion, a PE ratio of 10.37 and a beta of 1.27. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 1.26. Comerica has a 1 year low of $28.40 and a 1 year high of $57.39. The stock’s 50 day simple moving average is $51.51 and its 200-day simple moving average is $49.58.

Comerica (NYSE:CMA) last released its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $807.57 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same period in the previous year, the business posted $2.39 earnings per share. Sell-side analysts forecast that Comerica will post 5.15 EPS for the current year.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 5.44%. The ex-dividend date is Friday, June 14th. Comerica’s dividend payout ratio is currently 56.46%.

Insiders Place Their Bets

In other news, EVP Wendy Bridges sold 3,034 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $52.74, for a total transaction of $160,013.16. Following the transaction, the executive vice president now owns 17,460 shares of the company’s stock, valued at $920,840.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Cassandra M. Mckinney sold 1,616 shares of the company’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 transaction, the executive vice president now owns 8,314 shares of the company’s stock, valued at $454,276.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Wendy Bridges sold 3,034 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the transaction, the executive vice president now directly owns 17,460 shares in the company, valued at approximately $920,840.40. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

Large investors have recently made changes to their positions in the company. Spire Wealth Management increased its holdings in Comerica by 95.9% in the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 235 shares during the last quarter. Fortitude Family Office LLC acquired a new position in Comerica in the fourth quarter valued at about $36,000. Turtle Creek Wealth Advisors LLC acquired a new position in Comerica in the fourth quarter valued at about $36,000. Authentikos Wealth Advisory LLC acquired a new position in Comerica in the third quarter valued at about $47,000. Finally, FNY Investment Advisers LLC acquired a new position in Comerica in the fourth quarter valued at about $50,000. 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.