DA Davidson Cuts Comerica (NYSE:CMA) Price Target to $67.00

Comerica (NYSE:CMA) had its target price cut by DA Davidson from $71.00 to $67.00 in a research report released on Thursday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Other equities analysts also recently issued reports about the company. Keefe, Bruyette & Woods dropped their target price on Comerica from $82.00 to $77.00 and set an “outperform” rating for the company in a research report on Thursday. Piper Sandler upped their target price on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group cut shares of Comerica from a “buy” rating to a “neutral” rating and decreased their price target for the company from $85.00 to $71.00 in a research report on Tuesday, January 7th. JPMorgan Chase & Co. dropped their price target on shares of Comerica from $73.00 to $70.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Finally, Wells Fargo & Company upgraded Comerica from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $51.00 to $73.00 in a research note on Friday, November 15th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Comerica presently has a consensus rating of “Hold” and an average target price of $68.33.

Comerica Price Performance

Comerica stock opened at $63.26 on Thursday. The company’s 50 day simple moving average is $65.56 and its 200-day simple moving average is $60.95. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97. Comerica has a 1 year low of $45.32 and a 1 year high of $73.45. The company has a market capitalization of $8.32 billion, a price-to-earnings ratio of 12.60 and a beta of 1.26.

Comerica (NYSE:CMA) last announced its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a net margin of 13.98% and a return on equity of 12.04%. During the same period in the previous year, the business posted $1.46 earnings per share. As a group, equities research analysts expect that Comerica will post 5.36 earnings per share for the current year.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.49%. The ex-dividend date of this dividend was Friday, December 13th. Comerica’s dividend payout ratio (DPR) is 56.57%.

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

Insider Transactions at Comerica

In related news, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction on 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 sale, the executive vice president now owns 8,730 shares in the company, valued at $600,885.90. This represents a 13.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Hedge funds have recently made changes to their positions in the business. Trust Co. of Vermont increased its position in Comerica by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 321 shares during the period. Luken Investment Analytics LLC purchased a new position in shares of Comerica in the 4th quarter valued at approximately $31,000. V Square Quantitative Management LLC acquired a new position in shares of Comerica in the third quarter valued at approximately $36,000. MCF Advisors LLC raised its stake in shares of Comerica by 56.3% during the fourth quarter. MCF Advisors LLC now owns 633 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 228 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Comerica during the third quarter worth $42,000. Institutional investors and hedge funds own 80.74% of the company’s stock.

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.