Comerica Incorporated (NYSE:CMA) – Research analysts at Wedbush cut their FY2022 earnings estimates for shares of Comerica in a note issued to investors on Tuesday, April 6th. Wedbush analyst P. Winter now anticipates that the financial services provider will post earnings of $5.25 per share for the year, down from their previous estimate of $5.26.
Other analysts also recently issued research reports about the stock. Truist boosted their price objective on shares of Comerica from $67.00 to $72.00 in a report on Monday, March 8th. Barclays boosted their price objective on shares of Comerica from $65.00 to $67.00 and gave the stock an “underweight” rating in a report on Wednesday. Robert W. Baird downgraded shares of Comerica from an “outperform” rating to a “neutral” rating and set a $60.00 price target on the stock. in a report on Wednesday, January 13th. Wells Fargo & Company upped their price target on shares of Comerica from $54.00 to $65.00 and gave the company an “underweight” rating in a report on Thursday, April 1st. Finally, DA Davidson raised shares of Comerica from a “neutral” rating to a “buy” rating in a report on Tuesday, March 30th. Six analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $55.89.
Comerica (NYSE:CMA) last released its quarterly earnings data on Monday, January 18th. The financial services provider reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. The firm had revenue of $734.00 million for the quarter, compared to the consensus estimate of $703.98 million. Comerica had a net margin of 16.17% and a return on equity of 7.12%. During the same quarter in the previous year, the firm earned $1.85 earnings per share.
A number of hedge funds have recently modified their holdings of the stock. Fort Pitt Capital Group LLC acquired a new stake in shares of Comerica in the fourth quarter worth $32,000. Salem Investment Counselors Inc. acquired a new stake in shares of Comerica in the fourth quarter worth $47,000. FAI Wealth Management acquired a new stake in shares of Comerica in the fourth quarter worth $55,000. Vantage Consulting Group Inc acquired a new stake in shares of Comerica in the fourth quarter worth $100,000. Finally, Meeder Asset Management Inc. increased its position in shares of Comerica by 11.7% in the fourth quarter. Meeder Asset Management Inc. now owns 2,033 shares of the financial services provider’s stock worth $114,000 after acquiring an additional 213 shares in the last quarter. 78.17% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Cassandra M. Mckinney sold 4,643 shares of the company’s stock in a transaction that occurred on Thursday, February 4th. The shares were sold at an average price of $62.23, for a total transaction of $288,933.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Christine M. Moore sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 23rd. The stock was sold at an average price of $68.67, for a total transaction of $206,010.00. The disclosure for this sale can be found here. Corporate insiders own 0.55% of the company’s stock.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 1st. Investors of record on Monday, March 15th were paid a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a dividend yield of 3.78%. The ex-dividend date was Friday, March 12th. Comerica’s payout ratio is 34.83%.
Comerica Company Profile
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It 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, 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.
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