Piper Sandler Raises Comerica (NYSE:CMA) Price Target to $54.00

Comerica (NYSE:CMA) had its price objective upped by Piper Sandler from $53.00 to $54.00 in a research report released on Friday, Benzinga reports. Piper Sandler currently has a neutral rating on the financial services provider’s stock.

A number of other analysts have also weighed in on the stock. Raymond James lowered shares of Comerica from an outperform rating to a market perform rating in a research note on Monday, January 22nd. The Goldman Sachs Group raised shares of Comerica from a neutral rating to a buy rating and set a $70.50 price target on the stock in a report on Thursday, January 4th. Morgan Stanley raised their price target on shares of Comerica from $45.00 to $54.00 and gave the company an equal weight rating in a report on Wednesday, February 7th. Jefferies Financial Group dropped their price target on shares of Comerica from $65.00 to $60.00 and set a buy rating on the stock in a report on Monday, April 8th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Comerica from $60.00 to $58.00 and set a market perform rating on the stock in a report on Monday, January 22nd. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average target price of $57.02.

Comerica Stock Up 1.8 %

NYSE:CMA opened at $51.56 on Friday. The firm has a market cap of $6.83 billion, a P/E ratio of 10.25 and a beta of 1.27. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.94 and a current ratio of 0.95. Comerica has a fifty-two week low of $28.40 and a fifty-two week high of $57.39. The firm has a 50-day simple moving average of $51.38 and a two-hundred day simple moving average of $49.36.

Comerica (NYSE:CMA) last released its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $807.57 million. Comerica had a net margin of 13.11% and a return on equity of 16.51%. During the same period last year, the business earned $2.39 EPS. Analysts predict that Comerica will post 5.09 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 5.51%. The ex-dividend date of this dividend was Thursday, March 14th. Comerica’s dividend payout ratio is currently 56.46%.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of Comerica stock in a transaction that occurred on Monday, January 29th. The shares were 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 through the SEC website. In other news, EVP Cassandra M. Mckinney sold 1,616 shares of Comerica stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the sale, the executive vice president now owns 8,314 shares in the company, valued at $454,276.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Wendy Bridges sold 3,034 shares of Comerica stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $52.74, for a total transaction of $160,013.16. Following the sale, the executive vice president now 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.

Institutional Investors Weigh In On Comerica

Several institutional investors and hedge funds have recently modified their holdings of CMA. Spire Wealth Management raised its position in shares of Comerica by 95.9% during the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after buying an additional 235 shares during the last quarter. Quarry LP bought a new stake in Comerica in the fourth quarter worth $26,000. Chilton Capital Management LLC bought a new stake in Comerica in the first quarter worth $28,000. Fortitude Family Office LLC bought a new stake in Comerica in the fourth quarter worth $36,000. Finally, Turtle Creek Wealth Advisors LLC bought a new stake in Comerica in the fourth quarter worth $36,000. 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.