Comerica (NYSE:CMA) Price Target Raised to $68.00

Comerica (NYSE:CMA) had its target price raised by Barclays from $66.00 to $68.00 in a report released on Monday morning,Benzinga reports. They currently have an underweight rating on the financial services provider’s stock.

CMA has been the subject of a number of other research reports. Wedbush raised Comerica from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $52.00 to $75.00 in a research note on Tuesday, September 24th. Robert W. Baird raised their price target on shares of Comerica from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, November 18th. JPMorgan Chase & Co. boosted their price objective on shares of Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. StockNews.com upgraded shares of Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Finally, Wells Fargo & Company upgraded Comerica from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $51.00 to $73.00 in a report on Friday, November 15th. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $67.14.

Comerica Price Performance

Shares of NYSE:CMA opened at $62.25 on Monday. 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 stock has a market cap of $8.19 billion, a PE ratio of 15.56 and a beta of 1.26. The company’s fifty day moving average is $66.49 and its 200 day moving average is $59.79. Comerica has a 52 week low of $45.32 and a 52 week high of $73.45.

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

Comerica declared that its Board of Directors has initiated a share buyback plan on Tuesday, November 5th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th were given a $0.71 dividend. The ex-dividend date was Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.56%. Comerica’s dividend payout ratio is currently 71.00%.

Insiders Place Their Bets

In other Comerica news, 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 sale, the executive vice president now directly owns 8,730 shares in the company, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Bruce Mitchell sold 7,564 shares of the company’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 16,428 shares in the company, valued at approximately $1,021,821.60. This represents a 31.53 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is currently owned by corporate insiders.

Institutional Trading of Comerica

Institutional investors and hedge funds have recently modified their holdings of the business. V Square Quantitative Management LLC bought a new position in shares of Comerica during the third quarter valued at $36,000. Wilmington Savings Fund Society FSB purchased a new position in Comerica in the 3rd quarter worth about $42,000. EverSource Wealth Advisors LLC lifted its stake in Comerica by 19.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 199 shares during the period. Cranbrook Wealth Management LLC purchased a new stake in shares of Comerica during the 2nd quarter valued at about $79,000. Finally, Morton Brown Family Wealth LLC bought a new stake in shares of Comerica in the third quarter worth approximately $138,000. Institutional investors 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.