Barclays Issues Positive Forecast for Comerica (NYSE:CMA) Stock Price

Comerica (NYSE:CMA) had its price objective boosted by Barclays from $66.00 to $68.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “underweight” rating on the financial services provider’s stock. Barclays‘s price target would indicate a potential upside of 7.02% from the company’s current price.

CMA has been the topic of several other research reports. Piper Sandler raised their price objective on Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Morgan Stanley lifted their target price on shares of Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Wells Fargo & Company upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $51.00 to $73.00 in a research report on Friday, November 15th. Compass Point increased their price objective on Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, Robert W. Baird upped their price target on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, November 18th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Comerica has an average rating of “Hold” and a consensus target price of $67.77.

Comerica Stock Up 1.7 %

CMA traded up $1.06 during trading on Monday, hitting $63.54. The company had a trading volume of 428,338 shares, compared to its average volume of 898,536. The company has a market capitalization of $8.36 billion, a PE ratio of 15.89 and a beta of 1.26. 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 one year low of $45.32 and a one year high of $73.45. The firm’s 50-day moving average price is $66.53 and its 200 day moving average price is $59.55.

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, beating the consensus estimate of $1.17 by $0.16. Comerica had a net margin of 11.17% and a return on equity of 12.54%. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $806.49 million. During the same period in the prior year, the firm earned $1.84 EPS. As a group, equities analysts expect that Comerica will post 5.37 earnings per share for the current year.

Comerica announced that its board has initiated a stock buyback plan on Tuesday, November 5th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insider Activity at Comerica

In related news, EVP James Harry Weber sold 6,500 shares of the business’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $63.23, for a total transaction 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 29.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the transaction, the executive vice president now directly owns 8,730 shares of the company’s stock, valued at $600,885.90. This represents a 13.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,456 shares of company stock valued at $977,287 over the last 90 days. 0.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Comerica

Several institutional investors and hedge funds have recently added to or reduced their stakes in CMA. State Street Corp grew its position in Comerica by 2.0% during the 3rd quarter. State Street Corp now owns 4,977,670 shares of the financial services provider’s stock valued at $301,745,000 after purchasing an additional 96,084 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Comerica by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock valued at $257,975,000 after acquiring an additional 226,285 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Comerica by 51.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock worth $206,468,000 after acquiring an additional 1,370,886 shares during the period. Vaughan Nelson Investment Management L.P. lifted its position in Comerica by 31.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock valued at $144,312,000 after purchasing an additional 574,516 shares during the period. Finally, Azora Capital LP grew its position in Comerica by 7.8% in the 3rd quarter. Azora Capital LP now owns 2,230,369 shares of the financial services provider’s stock worth $133,621,000 after purchasing an additional 161,181 shares during the period. Hedge funds and other institutional investors own 80.74% of the company’s stock.

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.