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

Shares of Comerica Incorporated (NYSE:CMA) have been given a consensus recommendation of “Hold” by the twenty-two analysts that are covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $64.43.

Several brokerages have recently commented on CMA. Royal Bank of Canada lowered their target price on shares of Comerica from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Morgan Stanley raised their price objective on Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. JPMorgan Chase & Co. upped their target price on Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Stephens raised their price target on Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Finally, Barclays upped their price objective on shares of Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research report on Monday, October 21st.

Comerica Stock Down 0.9 %

CMA stock opened at $68.28 on Tuesday. Comerica has a fifty-two week low of $42.55 and a fifty-two week high of $71.63. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $8.98 billion, a price-to-earnings ratio of 17.07 and a beta of 1.22. The business’s fifty day moving average price is $62.15 and its two-hundred day moving average price is $55.82.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, topping analysts’ consensus estimates 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 last year, the firm earned $1.84 earnings per share. On average, equities analysts anticipate that Comerica will post 5.39 earnings per share for the current year.

Comerica declared that its Board of Directors has initiated a share 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 buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.16%. The ex-dividend date is Friday, December 13th. Comerica’s dividend payout ratio is currently 71.00%.

Insider Buying and Selling

In other news, EVP Allysun C. Fleming sold 1,392 shares of the firm’s 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 transaction, the executive vice president now owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction 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 completion of the sale, 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. Insiders have sold a total of 18,001 shares of company stock worth $1,123,650 in the last ninety days. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp increased its position in Comerica by 2.0% during the 3rd quarter. State Street Corp now owns 4,977,670 shares of the financial services provider’s stock valued at $301,745,000 after purchasing an additional 96,084 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Comerica by 5.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock valued at $257,975,000 after purchasing an additional 226,285 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Comerica by 51.3% during the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock worth $206,468,000 after buying an additional 1,370,886 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in Comerica by 31.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock worth $144,312,000 after buying an additional 574,516 shares during the last quarter. Finally, Azora Capital LP lifted its holdings in Comerica by 7.8% in the third quarter. Azora Capital LP now owns 2,230,369 shares of the financial services provider’s stock valued at $133,621,000 after buying an additional 161,181 shares during the period. 80.74% of the stock is currently owned by institutional investors.

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.