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

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

A number of other equities research analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft started coverage on Comerica in a research report on Wednesday, April 10th. They set a hold rating and a $59.00 target price on the stock. Barclays lifted their target price on Comerica from $49.00 to $59.00 and gave the stock an underweight rating in a research report on Tuesday, January 2nd. DA Davidson reissued a neutral rating and set a $56.00 target price on shares of Comerica in a research report on Wednesday, March 6th. Raymond James downgraded Comerica from an outperform rating to a market perform rating in a research report on Monday, January 22nd. Finally, TheStreet raised Comerica from a c+ rating to a b- rating in a research report on Tuesday, December 26th. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $58.02.

Comerica Price Performance

NYSE CMA opened at $51.58 on Friday. Comerica has a fifty-two week low of $28.40 and a fifty-two week high of $57.39. The stock’s 50-day moving average is $51.38 and its two-hundred day moving average is $49.23. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.94. The firm has a market cap of $6.83 billion, a P/E ratio of 10.25 and a beta of 1.27.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $807.57 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same period last year, the business posted $2.39 earnings per share. On average, analysts anticipate that Comerica will post 5.09 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 15th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 5.51%. The ex-dividend date was Thursday, March 14th. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Insider Buying and Selling

In related news, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 17,460 shares in the company, valued at approximately $920,840.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of Comerica stock in a transaction 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 completion of the sale, the executive vice president now owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Wendy Bridges sold 3,034 shares of Comerica 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 sale, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at approximately $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Comerica

Several institutional investors and hedge funds have recently made changes to their positions in CMA. Spire Wealth Management grew its holdings in shares of Comerica by 95.9% in the 4th 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 period. Quarry LP acquired a new position in shares of Comerica in the 4th quarter valued at $26,000. Chilton Capital Management LLC acquired a new position in shares of Comerica in the 1st quarter valued at $28,000. Fortitude Family Office LLC acquired a new position in shares of Comerica in the 4th quarter valued at $36,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in shares of Comerica in the 4th quarter valued at $36,000. 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.