Brokerages Set Comerica Incorporated (NYSE:CMA) Price Target at $62.81

Shares of Comerica Incorporated (NYSE:CMA) have received a consensus recommendation of “Hold” from the twenty-two ratings firms that are covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a sell recommendation, eleven have assigned a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $62.81.

A number of analysts recently weighed in on CMA shares. Piper Sandler upped their target price on shares of Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Truist Financial raised their price objective on shares of Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a report on Monday, October 21st. DA Davidson boosted their target price on shares of Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Morgan Stanley raised their price target on Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Finally, Wedbush raised Comerica from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $52.00 to $75.00 in a research report on Tuesday, September 24th.

Insider Buying and Selling

In other news, EVP James Harry Weber sold 6,500 shares of the firm’s 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 completion of the transaction, the executive vice president now owns 15,773 shares in the company, valued at $997,326.79. This trade represents a 29.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Bruce Mitchell sold 7,564 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was 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 represents a 31.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,001 shares of company stock valued at $1,123,650 over the last quarter. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CMA. V Square Quantitative Management LLC purchased a new stake in shares of Comerica during the third quarter worth about $36,000. Family Firm Inc. acquired a new stake in shares of Comerica during the second quarter worth $37,000. UMB Bank n.a. grew its position in shares of Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 208 shares during the period. Versant Capital Management Inc increased its stake in Comerica by 2,723.3% in the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 817 shares during the last quarter. Finally, Abich Financial Wealth Management LLC lifted its position in Comerica by 50.2% during the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after buying an additional 300 shares during the period. 80.74% of the stock is owned by hedge funds and other institutional investors.

Comerica Stock Down 0.2 %

Shares of CMA opened at $70.09 on Tuesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $9.22 billion, a PE ratio of 17.52 and a beta of 1.22. The company’s 50-day simple moving average is $61.61 and its 200-day simple moving average is $55.51. Comerica has a 1 year low of $42.55 and a 1 year high of $71.63.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping 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 analyst estimates of $806.49 million. During the same quarter in the prior year, the company earned $1.84 earnings per share. Analysts forecast that Comerica will post 5.39 earnings per share for the current fiscal year.

Comerica announced that its board has approved a stock repurchase plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally 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 will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.05%. The ex-dividend date is Friday, December 13th. Comerica’s payout ratio is 71.00%.

Comerica Company Profile

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.