Analysts Set Comerica Incorporated (NYSE:CMA) PT at $67.68

Comerica Incorporated (NYSE:CMA) has been assigned an average recommendation of “Hold” from the twenty-three research firms that are presently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, eleven have issued a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $67.68.

CMA has been the subject of a number of recent research reports. DA Davidson lifted their target price on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. The Goldman Sachs Group lifted their price objective on shares of Comerica from $71.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Robert W. Baird increased their target price on shares of Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, November 18th. JPMorgan Chase & Co. lifted their price target on shares of Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Finally, Piper Sandler upped their price target on shares of Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd.

Comerica Price Performance

CMA stock opened at $62.48 on Wednesday. The company has a fifty day simple moving average of $66.53 and a two-hundred day simple moving average of $59.55. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $8.22 billion, a P/E ratio of 15.62 and a beta of 1.26. Comerica has a 52 week low of $45.32 and a 52 week high of $73.45.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.17 by $0.16. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $806.49 million. During the same quarter last year, the business posted $1.84 earnings per share. Analysts anticipate that Comerica will post 5.37 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 13th were issued a $0.71 dividend. The ex-dividend date was Friday, December 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.55%. Comerica’s payout ratio is currently 71.00%.

Comerica declared that its Board of Directors has initiated a stock buyback program on Tuesday, November 5th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Comerica

In other news, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the transaction, the executive vice president now directly owns 15,773 shares in the company, valued at approximately $997,326.79. This trade represents a 29.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total value of $95,811.36. Following the sale, the executive vice president now owns 8,730 shares of the company’s stock, valued at $600,885.90. This trade represents a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,456 shares of company stock valued at $977,287. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

Several institutional investors and hedge funds have recently added to or reduced their stakes in CMA. State Street Corp lifted its position in shares of Comerica by 2.0% during the third quarter. State Street Corp now owns 4,977,670 shares of the financial services provider’s stock valued at $301,745,000 after buying an additional 96,084 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Comerica by 5.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock valued at $257,975,000 after acquiring an additional 226,285 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Comerica by 51.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after acquiring an additional 1,370,886 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its stake in Comerica by 31.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock valued at $144,312,000 after acquiring an additional 574,516 shares in the last quarter. Finally, Azora Capital LP grew its holdings in Comerica by 7.8% in the third quarter. Azora Capital LP now owns 2,230,369 shares of the financial services provider’s stock worth $133,621,000 after purchasing an additional 161,181 shares during the last quarter. Hedge funds and other institutional investors 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.