Comerica (NYSE:CMA) Price Target Lowered to $56.00 at Royal Bank of Canada

Comerica (NYSE:CMA) had its price objective reduced by Royal Bank of Canada from $58.00 to $56.00 in a research note published on Monday, Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

CMA has been the subject of a number of other research reports. Wells Fargo & Company cut their target price on shares of Comerica from $48.00 to $45.00 and set an underweight rating for the company in a research report on Wednesday, June 12th. Jefferies Financial Group cut their target price on shares of Comerica from $65.00 to $60.00 and set a buy rating for the company in a research report on Monday, April 8th. Stephens reaffirmed an overweight rating and set a $64.00 price objective on shares of Comerica in a research report on Tuesday, June 11th. Keefe, Bruyette & Woods cut their price objective on shares of Comerica from $58.00 to $56.00 and set a market perform rating for the company in a research report on Tuesday, July 9th. Finally, Raymond James raised shares of Comerica from a market perform rating to an outperform rating and set a $60.00 price objective for the company in a research report on Tuesday, July 2nd. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $54.95.

Comerica Stock Up 3.0 %

Comerica stock opened at $52.82 on Monday. The firm has a market cap of $7.00 billion, a price-to-earnings ratio of 10.50 and a beta of 1.25. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.95. Comerica has a fifty-two week low of $37.40 and a fifty-two week high of $58.50. The firm has a fifty day moving average price of $50.62 and a two-hundred day moving average price of $51.66.

Comerica (NYSE:CMA) last released its earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. The firm 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 quarter in the previous year, the business earned $2.01 EPS. As a group, analysts forecast that Comerica will post 5.03 earnings per share for the current year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 annualized dividend and a yield of 5.38%. Comerica’s dividend payout ratio is 56.46%.

Institutional Trading of Comerica

Several large investors have recently added to or reduced their stakes in the company. Pitcairn Co. grew its stake in Comerica by 2.9% during the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after buying an additional 190 shares during the last quarter. Bison Wealth LLC grew its stake in Comerica by 1.7% during the fourth quarter. Bison Wealth LLC now owns 11,653 shares of the financial services provider’s stock worth $650,000 after buying an additional 196 shares during the last quarter. Fruth Investment Management grew its stake in shares of Comerica by 1.6% during the fourth quarter. Fruth Investment Management now owns 13,090 shares of the financial services provider’s stock valued at $730,000 after purchasing an additional 200 shares during the last quarter. Texas Permanent School Fund Corp grew its stake in shares of 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 valued at $1,498,000 after purchasing an additional 201 shares during the last quarter. Finally, Yousif Capital Management LLC grew its stake in shares of Comerica by 2.8% during the fourth quarter. Yousif Capital Management LLC now owns 7,918 shares of the financial services provider’s stock valued at $442,000 after purchasing an additional 219 shares during the last quarter. 80.74% of the stock is owned by institutional investors.

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.