Comerica Incorporated (NYSE:CMA) Receives $67.68 Average Price Target from Brokerages

Shares of Comerica Incorporated (NYSE:CMA) have earned a consensus rating of “Hold” from the twenty-three research firms that are covering the stock, Marketbeat reports. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $67.14.

Several research analysts recently issued reports on CMA shares. Truist Financial increased their target price on shares of Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, October 21st. Evercore ISI increased their price objective on shares of Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Wells Fargo & Company upgraded Comerica from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $51.00 to $73.00 in a report on Friday, November 15th. Finally, The Goldman Sachs Group downgraded Comerica from a “buy” rating to a “neutral” rating and set a $71.00 price objective for the company. in a report on Tuesday.

Insider Transactions at Comerica

In related news, EVP Allysun C. Fleming sold 1,392 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction of $95,811.36. Following the sale, the executive vice president now directly owns 8,730 shares in the company, valued at approximately $600,885.90. The trade was a 13.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP James Harry Weber sold 6,500 shares of the firm’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value 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 position. The disclosure for this sale can be found here. Insiders sold 15,456 shares of company stock worth $977,287 over the last quarter. Corporate insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in shares of Comerica by 134.0% in the third quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after buying an additional 490,468 shares in the last quarter. Point72 Europe London LLP bought a new stake in shares of Comerica during the 2nd quarter valued at about $4,767,000. Oppenheimer & Co. Inc. grew its holdings in shares of Comerica by 158.2% during the third quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock worth $1,218,000 after purchasing an additional 12,454 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Comerica by 5.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock worth $257,975,000 after purchasing an additional 226,285 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its stake in Comerica by 186.8% in the second quarter. Oregon Public Employees Retirement Fund now owns 32,200 shares of the financial services provider’s stock valued at $1,643,000 after purchasing an additional 20,974 shares in the last quarter. 80.74% of the stock is owned by institutional investors.

Comerica Stock Performance

Shares of Comerica stock opened at $62.59 on Wednesday. The business has a 50-day moving average price of $66.54 and a two-hundred day moving average price of $59.77. Comerica has a 1-year low of $45.32 and a 1-year high of $73.45. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. The company has a market cap of $8.23 billion, a P/E ratio of 15.65 and a beta of 1.26.

Comerica (NYSE:CMA) last issued its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.16. The business had revenue of $1.26 billion during 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 period in the previous year, the company posted $1.84 earnings per share. As a group, analysts anticipate that Comerica will post 5.37 EPS for the current year.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.54%. The ex-dividend date of this dividend was Friday, December 13th. Comerica’s dividend payout ratio (DPR) is 71.00%.

Comerica declared that its board has authorized a stock repurchase program on Tuesday, November 5th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board 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.