Comerica Incorporated (NYSE:CMA) Receives $66.67 Average PT from Analysts

Comerica Incorporated (NYSE:CMA) has received an average rating of “Hold” from the twenty-three analysts that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $67.27.

Several brokerages have commented on CMA. Wedbush upgraded shares of Comerica from a “neutral” rating to an “outperform” rating and upped their target price for the company from $52.00 to $75.00 in a research report on Tuesday, September 24th. Barclays upped their target price on shares of Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research note on Monday, October 21st. JPMorgan Chase & Co. lifted their price objective on shares of Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Monday, October 21st. The Goldman Sachs Group increased their price target on Comerica from $71.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Finally, Evercore ISI raised 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.

Insider Buying and Selling at Comerica

In related news, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the completion of the sale, the executive vice president now directly owns 8,730 shares of the company’s stock, valued at $600,885.90. This 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 available through the SEC website. Also, EVP James Harry Weber sold 6,500 shares of the 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 transaction, the executive vice president now owns 15,773 shares in the company, valued at approximately $997,326.79. This represents a 29.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,456 shares of company stock worth $977,287 over the last quarter. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

A number of hedge funds have recently made changes to their positions in the stock. Franklin Resources Inc. boosted its holdings in shares of Comerica by 9.3% in the 3rd quarter. Franklin Resources Inc. now owns 14,690 shares of the financial services provider’s stock valued at $901,000 after buying an additional 1,255 shares in the last quarter. Tidal Investments LLC increased its position in shares of Comerica by 96.2% during the third quarter. Tidal Investments LLC now owns 32,138 shares of the financial services provider’s stock worth $1,925,000 after purchasing an additional 15,758 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Comerica during the 3rd quarter valued at $42,000. Sanctuary Advisors LLC boosted its position in shares of Comerica by 17.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 10,095 shares of the financial services provider’s stock worth $605,000 after purchasing an additional 1,467 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its stake in Comerica by 42.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 46,184 shares of the financial services provider’s stock worth $2,767,000 after buying an additional 13,784 shares during the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Price Performance

Shares of Comerica stock opened at $66.71 on Friday. Comerica has a 1-year low of $45.32 and a 1-year high of $73.45. The firm’s 50-day moving average price is $65.96 and its two-hundred day moving average price is $57.79. 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 stock has a market capitalization of $8.77 billion, a price-to-earnings ratio of 16.68 and a beta of 1.23.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. The business had revenue of $1.26 billion during 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 quarter last year, the business posted $1.84 earnings per share. On average, equities analysts predict that Comerica will post 5.37 earnings per share for the current fiscal year.

Comerica declared that its board has approved 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 repurchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors 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 annualized dividend and a yield of 4.26%. Comerica’s payout ratio is presently 71.00%.

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.