Comerica (NYSE:CMA) Sets New 1-Year High at $58.83

Shares of Comerica Incorporated (NYSE:CMA) reached a new 52-week high on Tuesday . The company traded as high as $58.83 and last traded at $58.72, with a volume of 73113 shares traded. The stock had previously closed at $57.99.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. DA Davidson reaffirmed a “neutral” rating and issued a $55.00 price target on shares of Comerica in a report on Tuesday, September 10th. JPMorgan Chase & Co. cut their target price on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Keefe, Bruyette & Woods upgraded Comerica from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $50.00 to $69.00 in a research note on Thursday, September 5th. The Goldman Sachs Group lowered their price objective on Comerica from $69.00 to $62.00 and set a “buy” rating for the company in a report on Tuesday, June 4th. Finally, Evercore ISI reduced their target price on Comerica from $58.00 to $54.00 and set an “in-line” rating on the stock in a report on Tuesday, June 25th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Comerica presently has an average rating of “Hold” and an average target price of $55.73.

Comerica Stock Performance

The firm has a market capitalization of $7.81 billion, a price-to-earnings ratio of 11.53 and a beta of 1.23. The company has a 50-day moving average price of $54.71 and a 200-day moving average price of $52.40. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. The company had revenue of $1.26 billion during 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 firm posted $2.01 EPS. As a group, equities research analysts forecast that Comerica Incorporated will post 5.05 earnings per share for the current year.

Comerica Dividend Announcement

The business 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 dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 annualized dividend and a yield of 4.82%. Comerica’s payout ratio is 56.46%.

Insiders Place Their Bets

In other news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now directly owns 27,910 shares in the company, valued at $1,605,104.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.19% of the stock is owned by insiders.

Institutional Trading of Comerica

Several institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC boosted its position in shares of Comerica by 17.4% during the 4th quarter. International Assets Investment Management LLC now owns 6,385 shares of the financial services provider’s stock valued at $356,000 after purchasing an additional 945 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Comerica by 348.6% during the fourth quarter. Victory Capital Management Inc. now owns 22,699 shares of the financial services provider’s stock worth $1,267,000 after purchasing an additional 17,639 shares during the period. Principal Securities Inc. acquired a new stake in shares of Comerica during the fourth quarter worth $121,000. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Comerica during the fourth quarter valued at $492,000. Finally, Principal Financial Group Inc. boosted its position in shares of Comerica by 2.1% in the 4th quarter. Principal Financial Group Inc. now owns 159,385 shares of the financial services provider’s stock valued at $8,895,000 after purchasing an additional 3,227 shares during the period. Institutional investors and hedge funds 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.