Comerica Incorporated (NYSE:CMA) Receives $62.81 Average Price Target from Brokerages

Comerica Incorporated (NYSE:CMA - Get Free Report) has been given an average rating of "Hold" by the twenty-two brokerages that are presently covering the firm, Marketbeat reports. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $62.81.

A number of brokerages have recently weighed in on CMA. Stephens boosted their price objective on shares of Comerica from $64.00 to $70.00 and gave the stock an "overweight" rating in a report on Monday, October 21st. The Goldman Sachs Group lifted their price target on Comerica from $63.00 to $71.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. DA Davidson boosted their price objective on shares of Comerica from $64.00 to $68.00 and gave the stock a "neutral" rating in a research report on Monday, October 21st. Morgan Stanley boosted their target price on Comerica from $63.00 to $67.00 and gave the company an "equal weight" rating in a research note on Monday, October 21st. Finally, Bank of America cut Comerica from a "neutral" rating to an "underperform" rating and reduced their price objective for the stock from $55.00 to $52.00 in a research note on Monday, October 7th.

Comerica Trading Down 1.1 %

Shares of CMA traded down $0.78 during mid-day trading on Tuesday, hitting $70.00. 891,843 shares of the company's stock traded hands, compared to its average volume of 2,140,682. 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 1 year low of $40.41 and a 1 year high of $71.27. The firm has a market capitalization of $9.21 billion, a P/E ratio of 17.70 and a beta of 1.22. The business's 50-day moving average price is $60.72 and its 200-day moving average price is $55.18.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share 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 analyst estimates of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same quarter in the prior year, the company posted $1.84 earnings per share. As a group, sell-side analysts forecast that Comerica will post 5.39 EPS for the current fiscal year.

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

Comerica Dividend Announcement

The firm also recently disclosed 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. This represents a $2.84 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend is Friday, December 13th. Comerica's dividend payout ratio (DPR) is 71.00%.

Insider Activity

In related news, EVP James Harry Weber sold 6,500 shares of the business'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 transaction, the executive vice president now owns 15,773 shares in the company, valued at $997,326.79. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP Bruce Mitchell sold 7,564 shares of the company's stock in a transaction that occurred 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 in the company, valued at approximately $1,021,821.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 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 owns 15,773 shares of the company's stock, valued at $997,326.79. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,609 shares of company stock valued at $1,027,839. Company insiders own 0.19% of the company's stock.

Institutional Trading of Comerica

Several institutional investors and hedge funds have recently added to or reduced their stakes in CMA. V Square Quantitative Management LLC acquired a new stake in Comerica in the third quarter valued at $36,000. Family Firm Inc. purchased a new stake in Comerica during the second quarter worth about $37,000. UMB Bank n.a. grew 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 worth $38,000 after acquiring an additional 208 shares during the period. Versant Capital Management Inc raised its stake 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 worth $43,000 after buying an additional 817 shares during the last quarter. Finally, Abich Financial Wealth Management LLC increased 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 in the last quarter. 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.