Comerica (NYSE:CMA) Price Target Raised to $80.00

Comerica (NYSE:CMA) had its target price lifted by Robert W. Baird from $75.00 to $80.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Several other equities research analysts have also recently commented on the company. Piper Sandler upped their price target on Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Evercore ISI raised their price objective on shares of Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Barclays increased their target price on Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research note on Monday, October 21st. Truist Financial lifted their price target on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, October 21st. Finally, Wells Fargo & Company upgraded Comerica from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $51.00 to $73.00 in a research report on Friday, November 15th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $64.43.

Comerica Price Performance

CMA stock opened at $67.88 on Monday. The business has a 50 day simple moving average of $62.58 and a 200-day simple moving average of $56.01. Comerica has a twelve month low of $42.55 and a twelve month high of $71.63. The company has a market capitalization of $8.93 billion, a P/E ratio of 16.97 and a beta of 1.22. 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 announced its earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $806.49 million. During the same period in the prior year, the company earned $1.84 earnings per share. As a group, equities analysts anticipate that Comerica will post 5.39 EPS for the current year.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.18%. Comerica’s dividend payout ratio (DPR) is presently 71.00%.

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

Insider Buying and Selling at Comerica

In related 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 transaction of $410,995.00. Following the completion of the transaction, the executive vice president now owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. This represents a 29.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction that occurred 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 8.36 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,001 shares of company stock worth $1,123,650. Insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

A number of institutional investors and hedge funds have recently made changes to their positions in the company. US Bancorp DE increased its stake in Comerica by 3.8% during the first quarter. US Bancorp DE now owns 9,067 shares of the financial services provider’s stock worth $499,000 after acquiring an additional 336 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in Comerica by 99.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 15,644 shares of the financial services provider’s stock valued at $860,000 after buying an additional 7,798 shares during the period. UniSuper Management Pty Ltd raised its holdings in Comerica by 1,159.3% in the first quarter. UniSuper Management Pty Ltd now owns 16,736 shares of the financial services provider’s stock valued at $920,000 after buying an additional 15,407 shares during the period. CANADA LIFE ASSURANCE Co grew its stake in Comerica by 0.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 63,348 shares of the financial services provider’s stock worth $3,485,000 after buying an additional 594 shares during the period. Finally, Pitcairn Co. grew its stake in Comerica by 2.9% during the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after buying an additional 190 shares during the period. 80.74% of the stock is currently owned by institutional investors and hedge funds.

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.