Brokerages Set Comerica Incorporated (NYSE:CMA) Target Price at $62.81

Shares of Comerica Incorporated (NYSE:CMA) have earned a consensus recommendation of “Hold” from the twenty-two brokerages that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, twelve have assigned a hold recommendation and eight have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $64.43.

Several equities research analysts have commented on CMA shares. The Goldman Sachs Group upped their target price on shares of Comerica from $63.00 to $71.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Robert W. Baird upped their price objective on shares of Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday. Stephens raised their price objective on Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. JPMorgan Chase & Co. boosted their target price on Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Finally, DA Davidson raised their price target on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st.

Comerica Stock Down 0.9 %

NYSE:CMA opened at $68.28 on Tuesday. The stock’s fifty day simple moving average is $62.15 and its 200-day simple moving average is $55.82. The firm has a market capitalization of $8.98 billion, a P/E ratio of 17.07 and a beta of 1.22. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. Comerica has a 12-month low of $42.55 and a 12-month high of $71.63.

Comerica (NYSE:CMA) last issued its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.16. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same quarter last year, the business earned $1.84 earnings per share. Equities research analysts expect that Comerica will post 5.39 earnings per share for the current year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.16%. Comerica’s dividend payout ratio is 71.00%.

Comerica announced that its Board of Directors has initiated a share repurchase program on Tuesday, November 5th that authorizes the company 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. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, EVP Bruce Mitchell sold 7,564 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following 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 can be accessed through the SEC website. Also, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the transaction, the executive vice president now owns 27,910 shares of the company’s stock, valued at $1,605,104.10. The trade was a 8.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,001 shares of company stock valued at $1,123,650. 0.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CMA. Price T Rowe Associates Inc. MD boosted its position in Comerica by 105.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock worth $10,031,000 after purchasing an additional 3,595,036 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Comerica by 51.3% during the 2nd 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 worth about $35,375,000. Citigroup Inc. boosted its holdings in shares of 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 buying an additional 606,375 shares during the period. Finally, Vaughan Nelson Investment Management L.P. grew its stake 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 valued at $144,312,000 after buying an additional 574,516 shares during the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.

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.