Comerica Incorporated (NYSE:CMA) Receives $66.67 Average PT from Brokerages

Comerica Incorporated (NYSE:CMA) has earned a consensus recommendation of “Hold” from the twenty-two ratings firms that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, twelve have given a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $66.67.

CMA has been the topic of several research analyst reports. Stephens raised their target price on shares of Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Bank of America cut Comerica from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $55.00 to $52.00 in a report on Monday, October 7th. Morgan Stanley increased their price target on Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. DA Davidson boosted their price objective on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Finally, Truist Financial upped their price objective on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a report on Monday, October 21st.

Comerica Price Performance

CMA opened at $67.70 on Friday. 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 company’s 50-day moving average price is $65.60 and its 200 day moving average price is $57.61. Comerica has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. The firm has a market cap of $8.90 billion, a price-to-earnings ratio of 16.93 and a beta of 1.23.

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. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same quarter in the prior year, the firm earned $1.84 earnings per share. As a group, sell-side analysts expect that Comerica will post 5.37 earnings per share for the current year.

Comerica announced that its Board of Directors has approved a share buyback program on Tuesday, November 5th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s payout ratio is 71.00%.

Insider Buying and Selling at Comerica

In other Comerica news, EVP James Harry Weber sold 6,500 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total value of $410,995.00. Following the completion of the sale, the executive vice president now directly owns 15,773 shares of the company’s stock, valued at $997,326.79. The trade was a 29.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Allysun C. Fleming sold 1,392 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $68.83, for a total transaction of $95,811.36. Following the transaction, the executive vice president now owns 8,730 shares in the company, valued at $600,885.90. This represents a 13.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,456 shares of company stock valued at $977,287 in the last 90 days. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Comerica

Institutional investors have recently bought and sold shares of the stock. State Street Corp lifted its stake in shares of Comerica by 2.0% in the third quarter. State Street Corp now owns 4,977,670 shares of the financial services provider’s stock worth $301,745,000 after buying an additional 96,084 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Comerica by 5.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock worth $257,975,000 after acquiring an additional 226,285 shares during the period. Dimensional Fund Advisors LP lifted its position in Comerica by 51.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock worth $206,468,000 after acquiring an additional 1,370,886 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in Comerica by 31.3% during 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 during the period. Finally, Azora Capital LP grew its position in shares of Comerica by 7.8% in the third quarter. Azora Capital LP now owns 2,230,369 shares of the financial services provider’s stock valued at $133,621,000 after purchasing an additional 161,181 shares during the last quarter. 80.74% of the stock is currently owned by 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.