Comerica Incorporated (NYSE:CMA) Receives $66.67 Average Price Target from Analysts

Comerica Incorporated (NYSE:CMA - Get Free Report) has been assigned an average rating of "Hold" from the twenty-two analysts that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, twelve have assigned a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price target among analysts that have covered the stock in the last year is $66.67.

Several analysts recently commented on the stock. Bank of America cut shares of Comerica from a "neutral" rating to an "underperform" rating and decreased their price target for the stock from $55.00 to $52.00 in a report on Monday, October 7th. DA Davidson increased their price objective on Comerica from $64.00 to $68.00 and gave the stock a "neutral" rating in a report on Monday, October 21st. Keefe, Bruyette & Woods upped their target price on Comerica from $72.00 to $82.00 and gave the stock an "outperform" rating in a research report on Wednesday. Evercore ISI boosted their price target on Comerica from $64.00 to $69.00 and gave the company an "in-line" rating in a research note on Wednesday, October 30th. Finally, Truist Financial increased their price target on shares of Comerica from $66.00 to $70.00 and gave the stock a "hold" rating in a research note on Monday, October 21st.

Insider Activity at Comerica

In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of the company's stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the transaction, the executive vice president now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP James Harry Weber sold 6,500 shares of Comerica 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 completion of the sale, the executive vice president now owns 15,773 shares of the company's stock, valued at approximately $997,326.79. The trade was 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 valued at $977,287 in the last ninety days. Insiders own 0.19% of the company's stock.

Hedge Funds Weigh In On Comerica

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

Comerica Trading Down 0.8 %

CMA stock traded down $0.54 during mid-day trading on Friday, reaching $69.38. 1,667,904 shares of the stock traded hands, compared to its average volume of 1,452,821. The stock's fifty day moving average is $65.45 and its 200-day moving average is $57.43. The company has a market cap of $9.12 billion, a P/E ratio of 17.35 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 has a 52-week low of $45.32 and a 52-week high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last issued its earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.17 by $0.16. The business had revenue of $1.26 billion during 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 firm posted $1.84 earnings per share. As a group, sell-side analysts expect that Comerica will post 5.37 earnings per share for the current year.

Comerica announced that its Board of Directors has initiated a share repurchase program on Tuesday, November 5th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's leadership believes its stock is undervalued.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.09%. Comerica's dividend payout ratio (DPR) is currently 71.00%.

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.