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

Shares of Comerica Incorporated (NYSE:CMA) have been given an average recommendation of “Hold” by the twenty-three ratings firms that are currently covering the stock, 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 12-month price target among brokers that have updated their coverage on the stock in the last year is $67.68.

A number of equities research analysts have issued reports on the company. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $52.00 to $75.00 in a research note on Tuesday, September 24th. Bank of America cut Comerica from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $55.00 to $52.00 in a research report on Monday, October 7th. DA Davidson boosted their price target on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. StockNews.com raised shares of Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Finally, Piper Sandler boosted their target price on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd.

Comerica Stock Up 1.7 %

CMA stock opened at $62.48 on Wednesday. The business’s 50-day moving average price is $66.53 and its 200-day moving average price is $59.38. The stock has a market cap of $8.22 billion, a P/E ratio of 15.62 and a beta of 1.26. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. Comerica has a twelve month low of $45.32 and a twelve month high of $73.45.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.16. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate 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 previous year, the firm earned $1.84 earnings per share. On average, equities research analysts forecast that Comerica will post 5.37 EPS for the current year.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were given 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 dividend yield of 4.55%. Comerica’s dividend payout ratio (DPR) is presently 71.00%.

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

Insider Activity 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 Comerica stock in a transaction dated Thursday, November 7th. The shares were 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 in the company, valued at $600,885.90. This trade represents a 13.75 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,456 shares of company stock worth $977,287. Company insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

A number of hedge funds and other institutional investors have recently bought and sold shares of CMA. Point72 Europe London LLP acquired a new position in Comerica during the 2nd quarter valued at about $4,767,000. Oppenheimer & Co. Inc. grew its stake in Comerica by 158.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock valued at $1,218,000 after purchasing an additional 12,454 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Comerica by 5.5% in 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 purchasing an additional 226,285 shares during the period. Oregon Public Employees Retirement Fund raised its stake in shares of Comerica by 186.8% in the second quarter. Oregon Public Employees Retirement Fund now owns 32,200 shares of the financial services provider’s stock worth $1,643,000 after purchasing an additional 20,974 shares during the last quarter. Finally, Citigroup Inc. lifted its holdings in shares of Comerica by 390.6% during the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after purchasing an additional 606,375 shares during the period. 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.