Brokerages Set Comerica Incorporated (NYSE:CMA) Price Target at $66.67

Comerica Incorporated (NYSE:CMA) has received a consensus rating of “Hold” from the twenty-three analysts that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, twelve have issued a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $67.27.

A number of brokerages have recently weighed in on CMA. Truist Financial boosted their price target on Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, October 21st. JPMorgan Chase & Co. upped their price target on shares of Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Morgan Stanley lifted their price objective on shares of Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Finally, Robert W. Baird lifted their price target on Comerica from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, November 18th.

Insider Transactions at Comerica

In other news, EVP Bruce Mitchell sold 7,564 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $1,021,821.60. The trade was a 31.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total transaction of $95,811.36. Following the completion of the transaction, the executive vice president now directly owns 8,730 shares in the company, valued at $600,885.90. This represents a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,456 shares of company stock valued at $977,287 in the last three months. 0.19% of the stock is currently owned by company insiders.

Institutional Trading of Comerica

Large investors have recently made changes to their positions in the company. V Square Quantitative Management LLC acquired a new stake in Comerica during the 3rd quarter worth $36,000. Family Firm Inc. acquired a new position in Comerica during the second quarter worth about $37,000. UMB Bank n.a. boosted its position in Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 208 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Comerica during the 3rd quarter valued at about $42,000. Finally, Summit Securities Group LLC raised its holdings in Comerica by 22.4% in the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 202 shares during the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Stock Up 1.2 %

Shares of NYSE CMA opened at $66.58 on Friday. Comerica has a 12-month low of $45.32 and a 12-month high of $73.45. The stock’s fifty day simple moving average is $66.27 and its two-hundred day simple moving average is $57.96. The stock has a market capitalization of $8.76 billion, a PE ratio of 16.65 and a beta of 1.23. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.16. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same period in the previous year, the company earned $1.84 earnings per share. As a group, analysts expect that Comerica will post 5.37 EPS for the current fiscal year.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be issued a $0.71 dividend. The ex-dividend date is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.27%. Comerica’s payout ratio is 71.00%.

Comerica announced that its Board of Directors has approved a stock repurchase plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

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.