Comerica (NYSE:CMA) Given New $68.00 Price Target at Barclays

Comerica (NYSE:CMA) had its price target boosted by Barclays from $66.00 to $68.00 in a research note published on Monday,Benzinga reports. The firm currently has an underweight rating on the financial services provider’s stock.

Several other equities analysts also recently weighed in on CMA. DA Davidson lifted their target price on Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Piper Sandler raised their price objective on Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Compass Point boosted their price objective on Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Stephens raised their target price on shares of Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Finally, 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 report on Monday, October 21st. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $67.14.

Comerica Trading Down 0.5 %

Comerica stock opened at $62.25 on Monday. The business has a 50-day simple moving average of $66.49 and a two-hundred day simple moving average of $59.79. Comerica has a 52-week low of $45.32 and a 52-week high of $73.45. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. The company has a market cap of $8.19 billion, a P/E ratio of 15.56 and a beta of 1.26.

Comerica (NYSE:CMA) last announced its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.16. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same period in the previous year, the business posted $1.84 earnings per share. Analysts predict that Comerica will post 5.37 EPS for the current year.

Comerica declared that its board has authorized a share repurchase plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date of this dividend was Friday, December 13th. Comerica’s payout ratio is 71.00%.

Insider Activity at Comerica

In other Comerica 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 transaction of $470,480.80. Following the sale, the executive vice president now directly owns 16,428 shares in the company, valued at $1,021,821.60. This represents a 31.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total value of $95,811.36. Following the completion of the transaction, the executive vice president now owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. This trade represents a 13.75 % 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 valued at $977,287. 0.19% of the stock is owned by corporate insiders.

Institutional Trading of Comerica

Institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers raised its stake in shares of Comerica by 33.0% in the second quarter. Rhumbline Advisers now owns 369,415 shares of the financial services provider’s stock valued at $18,855,000 after acquiring an additional 91,626 shares during the period. Victory Capital Management Inc. raised its position in Comerica by 40.4% in the 2nd quarter. Victory Capital Management Inc. now owns 31,347 shares of the financial services provider’s stock worth $1,600,000 after purchasing an additional 9,016 shares during the period. Arizona State Retirement System lifted its stake in Comerica by 2.3% in the second quarter. Arizona State Retirement System now owns 37,090 shares of the financial services provider’s stock worth $1,893,000 after purchasing an additional 848 shares during the last quarter. Great Lakes Advisors LLC boosted its position in shares of Comerica by 1,404.8% during the second quarter. Great Lakes Advisors LLC now owns 81,816 shares of the financial services provider’s stock valued at $4,176,000 after buying an additional 76,379 shares during the period. Finally, Choreo LLC bought a new position in shares of Comerica during the second quarter valued at approximately $292,000. 80.74% of the stock is currently 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.