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

Comerica Incorporated (NYSE:CMA) has been given an average rating of “Hold” by the twenty-three analysts that are covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a sell recommendation, eleven have assigned a hold recommendation and nine have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $67.68.

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

Insider Activity at Comerica

In other news, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction 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 trade represents a 31.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total transaction of $410,995.00. Following the sale, the executive vice president now directly owns 15,773 shares in the company, valued at approximately $997,326.79. The trade was a 29.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Comerica

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMA. EverSource Wealth Advisors LLC grew its holdings in shares of Comerica by 19.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 199 shares during the period. Centennial Wealth Advisory LLC lifted its position in Comerica by 5.2% in the third quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock valued at $304,000 after buying an additional 252 shares during the last quarter. Bleakley Financial Group LLC boosted its stake in Comerica by 8.5% during the third quarter. Bleakley Financial Group LLC now owns 4,478 shares of the financial services provider’s stock worth $268,000 after buying an additional 351 shares during the period. GAMMA Investing LLC increased its position in shares of Comerica by 8.9% during the fourth quarter. GAMMA Investing LLC now owns 6,084 shares of the financial services provider’s stock valued at $376,000 after acquiring an additional 499 shares during the last quarter. Finally, Creative Planning raised its stake in shares of Comerica by 1.1% in the 2nd quarter. Creative Planning now owns 48,838 shares of the financial services provider’s stock valued at $2,493,000 after acquiring an additional 514 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Stock Up 1.7 %

Comerica 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 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 $8.22 billion, a price-to-earnings ratio of 15.62 and a beta of 1.26. Comerica has a 52 week low of $45.32 and a 52 week high of $73.45.

Comerica (NYSE:CMA) last issued its quarterly earnings data 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. 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 quarter last year, the company earned $1.84 EPS. As a group, sell-side analysts anticipate that Comerica will post 5.37 earnings per share for the current year.

Comerica announced that its board has initiated a share repurchase plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date was Friday, December 13th. Comerica’s dividend payout ratio (DPR) is 71.00%.

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.