Robert W. Baird Raises Comerica (NYSE:CMA) Price Target to $80.00

Comerica (NYSE:CMA) had its target price boosted by Robert W. Baird from $75.00 to $80.00 in a report issued on Monday,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

A number of other brokerages have also issued reports on CMA. Morgan Stanley upped their target price on shares of Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $50.00 to $69.00 in a report on Thursday, September 5th. Stephens boosted their price target on Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Royal Bank of Canada reduced their price objective on Comerica from $58.00 to $56.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Finally, Wells Fargo & Company upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $51.00 to $73.00 in a research note on Friday, November 15th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $64.43.

Comerica Trading Up 0.2 %

NYSE:CMA opened at $67.88 on Monday. Comerica has a one year low of $42.55 and a one year high of $71.63. The business’s 50-day simple moving average is $62.58 and its 200 day simple moving average is $56.01. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $8.93 billion, a price-to-earnings ratio of 16.97 and a beta of 1.22.

Comerica (NYSE:CMA) last released its quarterly earnings results 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 business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same quarter last year, the company earned $1.84 earnings per share. As a group, sell-side analysts predict that Comerica will post 5.39 earnings per share for the current fiscal year.

Comerica declared that its board has approved a stock buyback plan on Tuesday, November 5th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.18%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s payout ratio is currently 71.00%.

Insiders Place Their Bets

In other news, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the transaction, the executive vice president now directly owns 15,773 shares in the company, valued at approximately $997,326.79. This trade represents a 29.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the completion of the sale, 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. In the last three months, insiders have sold 18,001 shares of company stock worth $1,123,650. 0.19% of the stock is owned by corporate insiders.

Institutional Trading of Comerica

A number of hedge funds and other institutional investors have recently made changes to their positions in CMA. Pitcairn Co. increased its holdings in shares of 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 buying an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of 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 acquiring an additional 199 shares in the last quarter. Summit Securities Group LLC grew its holdings in shares of Comerica by 22.4% in the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 202 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Comerica by 39.3% during the second 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 last quarter. Finally, Centennial Wealth Advisory LLC boosted its position in shares of Comerica by 5.2% in the 3rd quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock valued at $304,000 after purchasing an additional 252 shares during the period. 80.74% of the stock is currently 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.