Comerica (NYSE:CMA) Price Target Lowered to $75.00 at Robert W. Baird

Comerica (NYSE:CMA) had its price objective cut by Robert W. Baird from $80.00 to $75.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

Other analysts also recently issued research reports about the stock. Compass Point boosted their price objective on shares of Comerica from $64.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Piper Sandler boosted their price objective on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. UBS Group assumed coverage on Comerica in a report on Tuesday, December 17th. They issued a “sell” rating and a $64.00 price target for the company. Finally, Stephens raised their price objective on shares of Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Comerica presently has a consensus rating of “Hold” and an average price target of $68.33.

Comerica Trading Up 1.2 %

Shares of Comerica stock opened at $63.26 on Thursday. The stock has a 50 day moving average of $65.56 and a 200 day moving average of $60.95. Comerica has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $8.32 billion, a price-to-earnings ratio of 12.60 and a beta of 1.26.

Comerica (NYSE:CMA) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.05). Comerica had a net margin of 13.98% and a return on equity of 12.04%. During the same period last year, the company earned $1.46 earnings per share. As a group, research analysts predict that Comerica will post 5.36 earnings per share for the current year.

Comerica announced that its board has approved a share repurchase plan on Tuesday, November 5th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Comerica Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 13th were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $2.84 annualized dividend and a yield of 4.49%. Comerica’s dividend payout ratio is currently 56.57%.

Insiders Place Their Bets

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of Comerica 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 completion of 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 position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMA. Mutual of America Capital Management LLC boosted its holdings in Comerica by 26.0% in the 2nd quarter. Mutual of America Capital Management LLC now owns 21,792 shares of the financial services provider’s stock valued at $1,112,000 after purchasing an additional 4,499 shares during the period. Mercer Global Advisors Inc. ADV increased its stake in shares of Comerica by 11.8% in the second quarter. Mercer Global Advisors Inc. ADV now owns 7,079 shares of the financial services provider’s stock valued at $361,000 after buying an additional 749 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Comerica by 188.9% in the second quarter. Canada Pension Plan Investment Board now owns 91,000 shares of the financial services provider’s stock valued at $4,645,000 after purchasing an additional 59,500 shares in the last quarter. Sei Investments Co. raised its holdings in Comerica by 198.4% during the 2nd quarter. Sei Investments Co. now owns 117,572 shares of the financial services provider’s stock worth $6,001,000 after purchasing an additional 78,176 shares during the last quarter. Finally, Ensign Peak Advisors Inc raised its position in shares of Comerica by 21.4% during the 2nd quarter. Ensign Peak Advisors Inc now owns 118,633 shares of the financial services provider’s stock valued at $6,055,000 after acquiring an additional 20,920 shares during the last quarter. Institutional investors own 80.74% of the company’s stock.

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.