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

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

Wall Street Analysts Forecast Growth

CMA has been the topic of a number of recent research reports. Wells Fargo & Company dropped their price objective on shares of Comerica from $48.00 to $45.00 and set an “underweight” rating on the stock in a research note on Wednesday, June 12th. StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a report on Monday. DA Davidson restated a “neutral” rating and set a $55.00 price objective on shares of Comerica in a research note on Tuesday, September 10th. Robert W. Baird cut their target price on Comerica from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Thursday, June 20th. Finally, Barclays lowered their price target on shares of Comerica from $59.00 to $56.00 and set an “underweight” rating on the stock in a report on Monday, July 22nd. Two equities research 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, the stock currently has an average rating of “Hold” and a consensus target price of $55.73.

Comerica Stock Performance

The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. The stock has a market capitalization of $7.92 billion, a PE ratio of 11.87 and a beta of 1.23. The firm has a 50 day moving average price of $54.86 and a 200-day moving average price of $52.46.

Comerica (NYSE:CMA) last posted 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 net margin of 12.15% and a return on equity of 15.01%. During the same period last year, the firm posted $2.01 EPS. Research analysts expect that Comerica Incorporated will post 5.05 EPS for the current fiscal year.

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.76%. Comerica’s dividend payout ratio is presently 56.46%.

Insiders Place Their Bets

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the transaction, the executive vice president now owns 27,910 shares in the company, valued at approximately $1,605,104.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Comerica

Several institutional investors have recently made changes to their positions in CMA. Family Firm Inc. acquired a new stake in Comerica during the second quarter valued at $37,000. UMB Bank n.a. grew its position in shares of Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 208 shares during the period. Versant Capital Management Inc grew its position in shares of Comerica by 2,723.3% during the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 817 shares during the period. Abich Financial Wealth Management LLC increased its stake in shares of Comerica by 50.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 300 shares in the last quarter. Finally, Summit Securities Group LLC raised its holdings in Comerica by 22.4% in the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 202 shares during the period. 80.74% of the stock is owned by hedge funds and other institutional investors.

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.