Comerica (NYSE:CMA) to Buyback 10,000,000 Stock

Comerica (NYSE:CMA) announced that its board has approved a share buyback plan on Tuesday, November 5th, RTT News reports. The company plans to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CMA shares. The Goldman Sachs Group lifted their price objective on Comerica from $63.00 to $71.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price objective on Comerica from $65.00 to $70.00 and gave the company a “neutral” 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 price objective for the company from $55.00 to $52.00 in a research note on Monday, October 7th. Barclays lifted their price objective on Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a research note on Monday, October 21st. Finally, StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a research note on Monday, October 21st. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $62.81.

Comerica Trading Up 11.1 %

Shares of CMA opened at $70.31 on Thursday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $9.25 billion, a P/E ratio of 15.82 and a beta of 1.22. The stock’s fifty day simple moving average is $59.69 and its 200 day simple moving average is $54.70. Comerica has a twelve month low of $40.41 and a twelve month high of $70.38.

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

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.04%. The ex-dividend date is Friday, December 13th. Comerica’s dividend payout ratio (DPR) is presently 71.00%.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the transaction, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at $1,021,821.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other 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 sale, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Bruce Mitchell sold 7,564 shares of Comerica stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the sale, the executive vice president now directly owns 16,428 shares in the company, valued at approximately $1,021,821.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,609 shares of company stock valued at $1,027,839 over the last three months. 0.19% of the stock is owned by company insiders.

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.