Comerica Incorporated (NYSE:CMA) Given Average Rating of “Hold” by Analysts

Shares of Comerica Incorporated (NYSE:CMA) have been assigned a consensus rating of “Hold” from the twenty-two ratings firms that are presently covering the firm, Marketbeat Ratings reports. Two investment 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 1-year price target among brokerages that have updated their coverage on the stock in the last year is $63.86.

CMA has been the topic of a number of recent research reports. Piper Sandler lifted their price objective on shares of Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Truist Financial lifted their price target on shares of Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, October 21st. Royal Bank of Canada reduced their price objective on shares of Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Morgan Stanley lifted their target price on Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Finally, Wells Fargo & Company upgraded Comerica from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $51.00 to $73.00 in a research note on Friday.

Comerica Price Performance

Shares of NYSE CMA opened at $68.92 on Tuesday. The company has a fifty day moving average price of $61.89 and a 200 day moving average price of $55.67. The firm has a market cap of $9.06 billion, a PE ratio of 17.23 and a beta of 1.22. 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 1-year low of $42.55 and a 1-year high of $71.63.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. The company 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 period in the previous year, the company posted $1.84 earnings per share. Research analysts predict that Comerica will post 5.39 earnings per share for the current fiscal year.

Comerica declared that its Board of Directors has approved a stock 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 purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are 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 4.12%. The ex-dividend date is Friday, December 13th. Comerica’s dividend payout ratio (DPR) is 71.00%.

Insider Activity

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 owns 16,428 shares in the company, valued at approximately $1,021,821.60. This trade represents a 31.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP James Harry Weber sold 6,500 shares of the company’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction 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 18,001 shares of company stock worth $1,123,650. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

Hedge funds have recently bought and sold shares of the company. Pitcairn Co. increased its stake in Comerica by 2.9% in the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock valued at $374,000 after acquiring an additional 190 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Comerica by 19.7% in 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 last quarter. Texas Permanent School Fund Corp raised its holdings in shares of Comerica by 0.7% during the 1st quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock worth $1,498,000 after buying an additional 201 shares in the last quarter. Summit Securities Group LLC lifted its position in shares of Comerica by 22.4% during the 2nd 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. Finally, UMB Bank n.a. boosted its stake in Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after buying an additional 208 shares in 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.