Analysts Set Comerica Incorporated (NYSE:CMA) Price Target at $66.67

Shares of Comerica Incorporated (NYSE:CMA) have earned an average recommendation of “Hold” from the twenty-three analysts that are covering the stock, MarketBeat 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 1 year price target among brokerages that have issued a report on the stock in the last year is $67.27.

CMA has been the subject of a number of recent analyst reports. Piper Sandler boosted their price objective on Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. StockNews.com upgraded shares of Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Evercore ISI lifted their price objective on Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. The Goldman Sachs Group upped their target price on Comerica from $71.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Truist Financial upped their price target on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, October 21st.

Comerica Price Performance

NYSE:CMA opened at $66.71 on Friday. 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 company has a 50 day moving average price of $65.96 and a 200-day moving average price of $57.79. Comerica has a 1-year low of $45.32 and a 1-year high of $73.45. The firm has a market cap 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 data 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. Comerica had a net margin of 11.17% and a return on equity of 12.54%. The business 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 earnings per share. Equities research analysts forecast that Comerica will post 5.37 EPS for the current year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given a $0.71 dividend. The ex-dividend date is Friday, December 13th. This represents a $2.84 annualized dividend and a yield of 4.26%. Comerica’s dividend payout ratio (DPR) is 71.00%.

Comerica declared that its board has initiated a stock buyback program on Tuesday, November 5th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows 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 management believes its stock is undervalued.

Insider Activity

In related news, EVP Bruce Mitchell sold 7,564 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction of $470,480.80. Following the completion of the sale, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. This represents a 31.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the sale, the executive vice president now owns 15,773 shares in the company, valued at $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 sold 15,456 shares of company stock worth $977,287 in the last 90 days. 0.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Comerica

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its stake in Comerica by 19.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after buying an additional 199 shares in the last quarter. Summit Securities Group LLC lifted its position in shares of Comerica by 22.4% in the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 202 shares in the last quarter. UMB Bank n.a. boosted its stake in Comerica by 39.3% in the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 208 shares during the period. Centennial Wealth Advisory LLC grew its position in Comerica by 5.2% during the 3rd quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock worth $304,000 after purchasing an additional 252 shares in the last quarter. Finally, Busey Bank raised its stake in Comerica by 4.5% during the 2nd quarter. Busey Bank now owns 7,305 shares of the financial services provider’s stock valued at $373,000 after purchasing an additional 313 shares during the period. Institutional investors own 80.74% of the company’s stock.

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.