Comerica (NYSE:CMA) Price Target Raised to $80.00

Comerica (NYSE:CMA) had its price target raised by Robert W. Baird from $75.00 to $80.00 in a research report sent to investors on Monday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the financial services provider’s stock.

Other equities research analysts have also issued reports about the stock. Piper Sandler boosted their target price on shares of Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. JPMorgan Chase & Co. increased their price objective on Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Monday, October 21st. StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and increased their price target for the company from $50.00 to $69.00 in a research note on Thursday, September 5th. Finally, Bank of America lowered Comerica from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $55.00 to $52.00 in a research note on Monday, October 7th. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $64.43.

Comerica Stock Up 1.8 %

Shares of NYSE CMA opened at $69.10 on Monday. Comerica has a 52 week low of $42.55 and a 52 week high of $71.63. The stock’s fifty day moving average is $62.83 and its 200 day moving average is $56.10. 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 market capitalization of $9.09 billion, a P/E ratio of 17.28 and a beta of 1.22.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (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 for the quarter, compared to analyst estimates of $806.49 million. During the same quarter last year, the company posted $1.84 EPS. Sell-side analysts forecast that Comerica will post 5.37 earnings per share for the current fiscal year.

Comerica announced that its Board of Directors has approved a share buyback plan on Tuesday, November 5th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Comerica Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s dividend payout ratio is currently 71.00%.

Insiders Place Their Bets

In other news, EVP James Harry Weber sold 6,500 shares of the 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 completion of the sale, the executive vice president now directly owns 15,773 shares of the company’s stock, valued at $997,326.79. This represents a 29.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the transaction, 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,456 shares of company stock worth $977,287. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new stake in Comerica in the 3rd quarter valued at about $36,000. Family Firm Inc. bought a new stake in Comerica during the second quarter worth $37,000. UMB Bank n.a. boosted its position in Comerica by 39.3% in the second 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 last quarter. Versant Capital Management Inc increased its position in shares of Comerica by 2,723.3% during the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 817 shares during the last quarter. Finally, Abich Financial Wealth Management LLC raised its stake in shares of Comerica by 50.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 300 shares during the period. 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.