Comerica (NYSE:CMA) to Buyback 10,000,000 Shares

Comerica (NYSE:CMA) declared that its board has approved a stock buyback plan on Tuesday, November 5th, RTT News reports. The company plans to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Comerica Stock Up 1.4 %

CMA stock opened at $63.26 on Wednesday. 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 firm has a market capitalization of $8.32 billion, a PE ratio of 15.81 and a beta of 1.22. Comerica has a twelve month low of $40.41 and a twelve month high of $66.06. The stock has a 50-day simple moving average of $59.55 and a two-hundred day simple moving average of $54.62.

Comerica (NYSE:CMA) last issued 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 company had revenue of $1.26 billion during the quarter, compared to analyst estimates 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 firm earned $1.84 earnings per share. On average, equities analysts predict that Comerica will post 5.37 EPS for the current fiscal year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.49%. Comerica’s payout ratio is currently 71.00%.

Wall Street Analysts Forecast Growth

CMA has been the subject of several research reports. JPMorgan Chase & Co. raised 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. Wells Fargo & Company raised their target price on shares of Comerica from $43.00 to $51.00 and gave the stock an “underweight” rating in a report on Monday, October 21st. StockNews.com raised shares of Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Barclays boosted their price objective on shares of Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a research report on Monday, October 21st. Finally, Evercore ISI lifted their target price on shares of Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Comerica presently has a consensus rating of “Hold” and an average target price of $62.81.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now owns 27,910 shares in the company, valued at approximately $1,605,104.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the sale, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP James Harry Weber sold 6,500 shares of the stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total value of $410,995.00. Following the sale, the executive vice president now directly owns 15,773 shares in the company, valued at $997,326.79. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,609 shares of company stock worth $1,027,839. 0.19% of the stock is currently owned by insiders.

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.