Comerica (NYSE:CMA) Price Target Raised to $82.00

Comerica (NYSE:CMA) had its price objective raised by Keefe, Bruyette & Woods from $72.00 to $82.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Several other equities analysts have also weighed in on CMA. Wells Fargo & Company raised Comerica from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $51.00 to $73.00 in a report on Friday, November 15th. Stephens raised their price target on Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Piper Sandler raised their price target on Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday. StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Finally, Wedbush raised Comerica from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $52.00 to $75.00 in a report on Tuesday, September 24th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $66.67.

Comerica Price Performance

Shares of NYSE CMA opened at $70.83 on Wednesday. The stock has a fifty day simple moving average of $64.80 and a two-hundred day simple moving average of $57.14. Comerica has a 1-year low of $45.32 and a 1-year high of $73.45. The firm has a market cap of $9.31 billion, a price-to-earnings ratio of 17.71 and a beta of 1.23. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share 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 business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $806.49 million. During the same period in the prior year, the company earned $1.84 earnings per share. Analysts anticipate that Comerica will post 5.37 earnings per share for the current year.

Comerica declared that its Board of Directors has initiated a share buyback plan on Tuesday, November 5th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.01%. Comerica’s dividend payout ratio (DPR) is currently 71.00%.

Insider Activity

In related news, EVP James Harry Weber sold 6,500 shares of the firm’s stock in a transaction dated 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 directly owns 15,773 shares of the company’s stock, valued at $997,326.79. This trade represents a 29.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Bruce Mitchell sold 7,564 shares of the firm’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 completion of the sale, the executive vice president now directly owns 16,428 shares in the company, valued at $1,021,821.60. The trade was a 31.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is currently owned by insiders.

Institutional Trading of Comerica

Several large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position in Comerica by 19.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 199 shares in the last quarter. Summit Securities Group LLC lifted its holdings in shares of Comerica by 22.4% during the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 202 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 208 shares during the last quarter. Centennial Wealth Advisory LLC lifted its holdings in shares of Comerica by 5.2% during the third quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock valued at $304,000 after purchasing an additional 252 shares during the last quarter. Finally, Busey Bank lifted its holdings in shares of Comerica by 4.5% during the second 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 last quarter. 80.74% of the stock is owned by institutional investors.

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.