Comerica (NYSE:CMA) Raised to Outperform at Wedbush

Wedbush upgraded shares of Comerica (NYSE:CMA) from a neutral rating to an outperform rating in a research report released on Tuesday, MarketBeat Ratings reports. Wedbush currently has $75.00 target price on the financial services provider’s stock, up from their prior target price of $52.00. Wedbush also issued estimates for Comerica’s Q4 2024 earnings at $1.07 EPS, Q2 2025 earnings at $1.41 EPS, Q3 2025 earnings at $1.55 EPS, Q2 2026 earnings at $1.64 EPS and FY2026 earnings at $6.70 EPS.

Several other research analysts have also recently issued reports on CMA. Wells Fargo & Company cut their price objective on Comerica from $48.00 to $45.00 and set an underweight rating for the company in a research report on Wednesday, June 12th. Robert W. Baird reduced their price objective on shares of Comerica from $72.00 to $68.00 and set an outperform rating for the company in a research note on Thursday, June 20th. JPMorgan Chase & Co. lowered their target price on shares of Comerica from $62.00 to $57.00 and set a neutral rating on the stock in a research report on Thursday, June 27th. Royal Bank of Canada reduced their price target on shares of Comerica from $58.00 to $56.00 and set an outperform rating for the company in a research report on Monday, July 22nd. Finally, Stephens restated an overweight rating and issued a $58.00 price target on shares of Comerica in a report on Tuesday, September 10th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, Comerica has a consensus rating of Hold and a consensus price target of $58.24.

Comerica Stock Up 1.3 %

CMA stock opened at $59.47 on Tuesday. Comerica has a one year low of $37.40 and a one year high of $61.84. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96. The company has a fifty day moving average of $55.46 and a 200-day moving average of $52.87. The stock has a market capitalization of $7.88 billion, a PE ratio of 11.82 and a beta of 1.23.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same quarter in the previous year, the company earned $2.01 EPS. As a group, analysts expect that Comerica will post 5.06 EPS for the current year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 annualized dividend and a yield of 4.78%. Comerica’s payout ratio is currently 56.46%.

Insiders Place Their Bets

In other news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the sale, the executive vice president now owns 27,910 shares of the company’s stock, valued at $1,605,104.10. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Comerica by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock worth $941,968,000 after acquiring an additional 676,959 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Comerica by 51.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after purchasing an additional 1,370,886 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Comerica by 51.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock valued at $143,109,000 after buying an additional 870,812 shares during the period. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Comerica by 1.1% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock worth $93,621,000 after buying an additional 19,068 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Comerica by 9.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock worth $78,288,000 after buying an additional 130,458 shares during the period. Hedge funds and other institutional investors 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.