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

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

Other research analysts have also issued reports about the stock. Compass Point boosted their price objective on shares of Comerica from $64.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Keefe, Bruyette & Woods upped their price objective on Comerica from $72.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a research note on Monday, October 21st. Morgan Stanley increased their price target on Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Finally, Piper Sandler lifted their price objective on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $67.77.

Comerica Stock Performance

Shares of NYSE CMA opened at $63.08 on Monday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50 day moving average price of $66.54 and a 200 day moving average price of $59.67. The stock has a market capitalization of $8.30 billion, a PE ratio of 15.77 and a beta of 1.26. 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, beating the consensus estimate of $1.17 by $0.16. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. During the same quarter in the prior year, the firm posted $1.84 EPS. Analysts predict that Comerica will post 5.37 earnings per share for the current fiscal year.

Comerica declared that its board has approved a share buyback plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 13th were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.50%. The ex-dividend date was Friday, December 13th. Comerica’s payout ratio is currently 71.00%.

Insider Buying and Selling

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $68.83, for a total value of $95,811.36. Following the transaction, the executive vice president now owns 8,730 shares in the company, valued at $600,885.90. The trade was a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Bruce Mitchell sold 7,564 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the transaction, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. The trade was a 31.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,456 shares of company stock valued at $977,287 over the last quarter. 0.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On Comerica

Several hedge funds and other institutional investors have recently made changes to their positions in CMA. Dimensional Fund Advisors LP grew its stake 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 last quarter. Samlyn Capital LLC acquired a new stake in shares of Comerica during the 2nd quarter valued at $35,375,000. Citigroup Inc. grew its position in Comerica by 390.6% during the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after acquiring an additional 606,375 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in Comerica by 31.3% in the 3rd 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 purchasing an additional 574,516 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Comerica by 134.0% in the third quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock valued at $51,309,000 after purchasing an additional 490,468 shares during the last quarter. 80.74% of the stock is 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.