Wells Fargo & Company Cuts Comerica (NYSE:CMA) Price Target to $77.00

Comerica (NYSE:CMAGet Rating) had its price target lowered by Wells Fargo & Company from $82.00 to $77.00 in a report issued on Friday, Marketbeat Ratings reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

CMA has been the subject of several other research reports. The Goldman Sachs Group dropped their price objective on Comerica from $104.00 to $93.00 and set a neutral rating for the company in a research note on Tuesday, May 31st. B. Riley dropped their price target on Comerica from $95.00 to $90.00 and set a neutral rating for the company in a research note on Thursday, April 21st. Piper Sandler raised Comerica from a neutral rating to an overweight rating and lifted their price target for the stock from $90.00 to $94.00 in a research note on Monday, May 2nd. StockNews.com lowered Comerica from a hold rating to a sell rating in a research note on Friday, May 27th. Finally, Wolfe Research dropped their price target on Comerica from $124.00 to $85.00 and set an outperform rating for the company in a research note on Thursday, May 26th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Comerica presently has a consensus rating of Hold and an average price target of $98.40.

Shares of CMA opened at $74.28 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.40. The stock has a 50 day moving average of $78.30 and a 200 day moving average of $87.34. Comerica has a 12 month low of $63.07 and a 12 month high of $102.09. The company has a market capitalization of $9.71 billion, a price-to-earnings ratio of 10.25, a PEG ratio of 1.57 and a beta of 1.33.

Comerica (NYSE:CMAGet Rating) last announced its quarterly earnings results on Wednesday, April 20th. The financial services provider reported $1.37 earnings per share for the quarter, missing the consensus estimate of $1.38 by ($0.01). The company had revenue of $700.00 million during the quarter, compared to analysts’ expectations of $725.36 million. Comerica had a net margin of 33.48% and a return on equity of 13.85%. During the same quarter last year, the firm posted $2.43 earnings per share. As a group, equities research analysts predict that Comerica will post 7.62 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 1st. Shareholders of record on Wednesday, June 15th were issued a dividend of $0.68 per share. The ex-dividend date was Tuesday, June 14th. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.66%. Comerica’s dividend payout ratio (DPR) is 37.52%.

Hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its position in shares of Comerica by 59.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,758,239 shares of the financial services provider’s stock worth $430,288,000 after purchasing an additional 1,780,121 shares in the last quarter. Scout Investments Inc. bought a new stake in shares of Comerica in the 1st quarter worth approximately $42,201,000. American Century Companies Inc. boosted its position in shares of Comerica by 241.2% in the 1st quarter. American Century Companies Inc. now owns 574,658 shares of the financial services provider’s stock worth $51,966,000 after purchasing an additional 406,258 shares in the last quarter. BlackRock Inc. lifted its position in Comerica by 3.3% in the 4th quarter. BlackRock Inc. now owns 12,617,507 shares of the financial services provider’s stock valued at $1,097,721,000 after acquiring an additional 397,735 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Comerica by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 15,871,102 shares of the financial services provider’s stock valued at $1,435,224,000 after acquiring an additional 366,188 shares in the last quarter. Hedge funds and other institutional investors own 80.14% of the company’s stock.

Comerica Company Profile (Get Rating)

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It 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 for small and middle market businesses, multinational corporations, and governmental entities.

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Analyst Recommendations for Comerica (NYSE:CMA)

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