Comerica (NYSE:CMA) Shares Down 2.6%

Comerica Incorporated (NYSE:CMA)’s share price was down 2.6% during mid-day trading on Tuesday . The company traded as low as $44.52 and last traded at $45.11. Approximately 484,599 shares were traded during trading, a decline of 85% from the average daily volume of 3,267,336 shares. The stock had previously closed at $46.32.

Analyst Ratings Changes

CMA has been the topic of a number of recent analyst reports. Truist Financial upped their price objective on Comerica from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. Odeon Capital Group upgraded shares of Comerica from a “hold” rating to a “buy” rating and set a $47.24 price target for the company in a report on Monday, June 5th. Royal Bank of Canada boosted their price objective on shares of Comerica from $54.00 to $58.00 and gave the stock an “outperform” rating in a report on Monday, July 24th. Piper Sandler increased their target price on shares of Comerica from $46.00 to $52.00 in a report on Monday, July 24th. Finally, DA Davidson boosted their price target on Comerica from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Tuesday, August 8th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Comerica currently has a consensus rating of “Hold” and a consensus price target of $61.11.

Comerica Stock Down 0.8 %

The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 1.34. The stock’s 50-day moving average is $48.89 and its 200-day moving average is $45.90. The stock has a market cap of $6.06 billion, a P/E ratio of 4.71, a price-to-earnings-growth ratio of 1.37 and a beta of 1.23.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $2.01 EPS for the quarter, beating analysts’ consensus estimates of $1.86 by $0.15. Comerica had a net margin of 27.01% and a return on equity of 25.54%. The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $904.80 million. During the same period in the prior year, the firm earned $1.92 earnings per share. As a group, research analysts anticipate that Comerica Incorporated will post 7.75 earnings per share for the current fiscal year.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 6.18%. The ex-dividend date of this dividend is Thursday, September 14th. Comerica’s dividend payout ratio (DPR) is 29.65%.

Hedge Funds Weigh In On Comerica

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMA. Forest Hill Capital LLC lifted its holdings in shares of Comerica by 9.7% during the fourth quarter. Forest Hill Capital LLC now owns 113,089 shares of the financial services provider’s stock valued at $7,560,000 after acquiring an additional 10,000 shares during the period. SkyOak Wealth LLC lifted its stake in Comerica by 74.4% in the 1st quarter. SkyOak Wealth LLC now owns 9,368 shares of the financial services provider’s stock valued at $407,000 after acquiring an additional 3,997 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Comerica by 38.6% in the 1st quarter. Russell Investments Group Ltd. now owns 330,554 shares of the financial services provider’s stock valued at $14,354,000 after acquiring an additional 92,040 shares in the last quarter. Ellevest Inc. raised its stake in shares of Comerica by 114.3% during the 1st quarter. Ellevest Inc. now owns 3,478 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 1,855 shares in the last quarter. Finally, HRT Financial LP increased its holdings in shares of Comerica by 39.8% during the 4th quarter. HRT Financial LP now owns 84,543 shares of the financial services provider’s stock worth $5,651,000 after acquiring an additional 24,075 shares during the last quarter. Institutional investors and hedge funds own 81.94% 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, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services, as well as payment and card services for small and middle market businesses, multinational corporations, and governmental entities.