Comerica (NYSE:CMA – Free Report) had its price target trimmed by DA Davidson from $71.00 to $67.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.
Several other equities analysts have also recently issued reports on CMA. UBS Group initiated coverage on shares of Comerica in a research note on Tuesday, December 17th. They issued a “sell” rating and a $64.00 price objective on the stock. Robert W. Baird decreased their price target on shares of Comerica from $80.00 to $75.00 and set an “outperform” rating on the stock in a research report on Thursday. Piper Sandler increased their price objective on Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Barclays lifted their target price on Comerica from $66.00 to $68.00 and gave the stock an “underweight” rating in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. cut their target price on Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Comerica has an average rating of “Hold” and a consensus target price of $68.33.
Check Out Our Latest Report on CMA
Comerica Stock Performance
Comerica (NYSE:CMA – Get Free Report) last announced its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.05). Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same period last year, the business posted $1.46 earnings per share. Research analysts predict that Comerica will post 5.38 EPS for the current fiscal year.
Comerica declared that its Board of Directors has approved a share repurchase plan on Tuesday, November 5th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Comerica Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 13th were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.55%. Comerica’s dividend payout ratio is 71.00%.
Insiders Place Their Bets
In related news, EVP Allysun C. Fleming sold 1,392 shares of the 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 transaction, the executive vice president now owns 8,730 shares in the company, valued at approximately $600,885.90. This represents a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.19% of the company’s stock.
Institutional Trading of Comerica
Large investors have recently added to or reduced their stakes in the business. Wedmont Private Capital lifted its stake in shares of Comerica by 2.4% in the 4th quarter. Wedmont Private Capital now owns 7,870 shares of the financial services provider’s stock valued at $474,000 after purchasing an additional 186 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Comerica by 19.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after buying an additional 199 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Comerica by 5.2% in the fourth quarter. Blue Trust Inc. now owns 4,040 shares of the financial services provider’s stock worth $242,000 after buying an additional 200 shares during the last quarter. MCF Advisors LLC boosted its stake in shares of Comerica by 56.3% during the 4th quarter. MCF Advisors LLC now owns 633 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 228 shares in the last quarter. Finally, Centennial Wealth Advisory LLC increased its holdings in shares of Comerica by 5.2% during the 3rd 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 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.
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