Barclays Issues Positive Forecast for Comerica (NYSE:CMA) Stock Price

Comerica (NYSE:CMA) had its target price raised by Barclays from $66.00 to $68.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has an underweight rating on the financial services provider’s stock.

A number of other analysts have also recently weighed in on CMA. The Goldman Sachs Group upped their price target on Comerica from $71.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Truist Financial increased their target price on shares of Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, October 21st. Keefe, Bruyette & Woods boosted their price target on shares of Comerica from $72.00 to $82.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. 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. Finally, JPMorgan Chase & Co. boosted their target price on Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $67.77.

Comerica Stock Up 1.0 %

CMA stock opened at $63.08 on Monday. The business’s 50-day simple moving average is $66.54 and its 200 day simple moving average is $59.67. 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 has a market cap of $8.30 billion, a PE ratio of 15.77 and a beta of 1.26. Comerica has a twelve month low of $45.32 and a twelve month high of $73.45.

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

Comerica declared that its board has authorized a stock repurchase plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th were given a $0.71 dividend. The ex-dividend date was Friday, December 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.50%. Comerica’s dividend payout ratio is currently 71.00%.

Insiders Place Their Bets

In related news, EVP Bruce Mitchell sold 7,564 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the sale, the executive vice president now owns 16,428 shares in the company, valued at $1,021,821.60. This represents a 31.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Allysun C. Fleming sold 1,392 shares of the firm’s stock in a transaction 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 sale, the executive vice president now directly owns 8,730 shares in the company, valued at $600,885.90. The trade was a 13.75 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,456 shares of company stock worth $977,287. Insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

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

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.