Comerica Incorporated (NYSE:CMA) Receives $67.68 Average PT from Brokerages

Comerica Incorporated (NYSE:CMA) has earned an average recommendation of “Hold” from the twenty-three brokerages that are presently covering the firm, MarketBeat Ratings reports. Three 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 1-year price target among brokerages that have issued ratings on the stock in the last year is $67.68.

CMA has been the subject of several analyst reports. The Goldman Sachs Group raised their price target on Comerica from $71.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $52.00 to $75.00 in a report on Tuesday, September 24th. Piper Sandler upped their target price on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. DA Davidson raised their price target on shares of Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Finally, Barclays upped their price objective on Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a research report on Monday, October 21st.

Comerica Trading Up 1.7 %

NYSE:CMA opened at $62.48 on Wednesday. Comerica has a one year low of $45.32 and a one year high of $73.45. The company’s 50-day simple moving average is $66.53 and its 200 day simple moving average is $59.55. The firm has a market capitalization of $8.22 billion, a P/E ratio of 15.62 and a beta of 1.26. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.16. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same period in the previous year, the firm posted $1.84 EPS. As a group, analysts forecast that Comerica will post 5.37 EPS for the current fiscal year.

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

Comerica Dividend Announcement

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

Insiders Place Their Bets

In related news, EVP James Harry Weber sold 6,500 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $997,326.79. The trade was a 29.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 8,730 shares of the company’s stock, valued at $600,885.90. The trade was a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,456 shares of company stock worth $977,287. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

Several hedge funds have recently modified their holdings of CMA. V Square Quantitative Management LLC bought a new stake in Comerica in the 3rd quarter valued at $36,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Comerica in the third quarter worth about $42,000. Rothschild Investment LLC purchased a new stake in shares of Comerica in the second quarter worth about $56,000. EverSource Wealth Advisors LLC boosted its stake in Comerica by 19.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after buying an additional 199 shares during the last quarter. Finally, Cranbrook Wealth Management LLC bought a new position in Comerica during the second quarter valued at approximately $79,000. 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.