Comerica (NYSE:CMA) Stock Price Expected to Rise, Barclays Analyst Says

Comerica (NYSE:CMA - Free Report) had its price target lifted by Barclays from $66.00 to $68.00 in a report issued on Monday,Benzinga reports. They currently have an underweight rating on the financial services provider's stock.

Several other equities research analysts have also commented on the stock. The Goldman Sachs Group boosted their price objective on shares of Comerica from $71.00 to $85.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Wedbush upgraded Comerica from a "neutral" rating to an "outperform" rating and upped their price target for the stock from $52.00 to $75.00 in a research note on Tuesday, September 24th. Morgan Stanley lifted their price objective on Comerica from $63.00 to $67.00 and gave the company an "equal weight" rating in a research note on Monday, October 21st. Stephens boosted their target price on Comerica from $64.00 to $70.00 and gave the stock an "overweight" rating in a report on Monday, October 21st. Finally, DA Davidson raised their price target on Comerica from $64.00 to $68.00 and gave the company a "neutral" rating in a report on Monday, October 21st. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $67.77.

Comerica Stock Up 1.0 %

Shares of CMA stock traded up $0.60 during midday trading on Monday, reaching $63.08. 1,369,847 shares of the stock were exchanged, compared to its average volume of 1,224,282. Comerica has a 1 year low of $45.32 and a 1 year high of $73.45. The firm has a market cap of $8.30 billion, a PE ratio of 15.77 and a beta of 1.26. The company's 50 day moving average is $66.54 and its two-hundred day moving average is $59.67. 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 - Get Free Report) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping 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 analysts' expectations of $806.49 million. During the same period in the prior year, the firm earned $1.84 earnings per share. On average, equities research analysts predict that Comerica will post 5.37 EPS for the current year.

Comerica Dividend Announcement

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

Comerica declared that its board has initiated a share repurchase program on Tuesday, November 5th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company's management believes its stock is undervalued.

Insider Activity at Comerica

In related news, EVP Bruce Mitchell sold 7,564 shares of the firm's stock in a transaction on 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. This trade 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 this link. Also, EVP James Harry Weber sold 6,500 shares of the business's stock in a transaction dated Thursday, October 24th. The shares were 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 represents a 29.18 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,456 shares of company stock worth $977,287. 0.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On Comerica

Large investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its position in shares of 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 purchasing an additional 199 shares during the period. Centennial Wealth Advisory LLC raised its holdings in 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 acquiring an additional 252 shares during the period. Bleakley Financial Group LLC lifted its position in shares of Comerica by 8.5% in the third quarter. Bleakley Financial Group LLC now owns 4,478 shares of the financial services provider's stock valued at $268,000 after acquiring an additional 351 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Comerica by 8.9% in the fourth quarter. GAMMA Investing LLC now owns 6,084 shares of the financial services provider's stock worth $376,000 after acquiring an additional 499 shares during the period. Finally, Creative Planning grew its position in shares of Comerica by 1.1% during the second quarter. Creative Planning now owns 48,838 shares of the financial services provider's stock worth $2,493,000 after purchasing an additional 514 shares in the last quarter. Hedge funds and other 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.