Comerica (NYSE:CMA) Board Announces Share Buyback Program

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Truist Financial boosted their price objective on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, October 21st. Barclays increased their price objective on shares of Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a research note on Monday, October 21st. Wedbush upgraded shares of Comerica from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $52.00 to $75.00 in a research report on Tuesday, September 24th. Royal Bank of Canada dropped their price target on shares of Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd. Finally, Bank of America downgraded Comerica from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $55.00 to $52.00 in a report on Monday, October 7th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $62.81.

Comerica Stock Down 3.0 %

Shares of NYSE:CMA opened at $68.21 on Friday. 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 firm has a market cap of $8.97 billion, a P/E ratio of 17.05 and a beta of 1.22. Comerica has a 12 month low of $40.41 and a 12 month high of $70.38. The company’s 50-day moving average price is $60.20 and its two-hundred day moving average price is $54.90.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.17 by $0.16. Comerica had a net margin of 11.17% and a return on equity of 12.54%. 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 prior year, the firm earned $1.84 earnings per share. As a group, research analysts forecast that Comerica will post 5.39 EPS for the current fiscal year.

Comerica Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.16%. Comerica’s dividend payout ratio (DPR) is currently 71.00%.

Insider Buying and Selling

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the sale, the executive vice president now owns 27,910 shares in the company, valued at approximately $1,605,104.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Comerica news, EVP James Harry Weber sold 6,500 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total value of $410,995.00. Following the completion of the sale, the executive vice president now owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the transaction, the executive vice president now directly owns 27,910 shares in the company, valued at approximately $1,605,104.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,609 shares of company stock worth $1,027,839 over the last three months. 0.19% of the stock is currently owned by company insiders.

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.