DA Davidson Lowers Comerica (NYSE:CMA) Price Target to $67.00

Comerica (NYSE:CMA) had its price target cut by DA Davidson from $71.00 to $67.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

CMA has been the subject of a number of other reports. Piper Sandler lifted their price target on shares of Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Bank of America downgraded Comerica from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $55.00 to $52.00 in a research report on Monday, October 7th. Truist Financial upgraded Comerica to a “hold” rating in a research report on Monday, January 6th. Keefe, Bruyette & Woods decreased their price objective on shares of Comerica from $82.00 to $77.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, Compass Point raised their target price on shares of Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, Comerica currently has an average rating of “Hold” and a consensus price target of $68.33.

Comerica Stock Up 1.2 %

Comerica stock opened at $63.26 on Thursday. The stock’s 50 day moving average price is $65.56 and its 200 day moving average price is $60.95. The company has a market cap of $8.32 billion, a PE ratio of 12.60 and a beta of 1.26. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97. Comerica has a 1-year low of $45.32 and a 1-year high of $73.45.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a return on equity of 12.04% and a net margin of 13.98%. During the same quarter last year, the firm earned $1.46 EPS. On average, sell-side analysts predict that Comerica will post 5.36 EPS for the current fiscal year.

Comerica declared that its Board of Directors has authorized a share buyback plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 13th were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.49%. The ex-dividend date of this dividend was Friday, December 13th. Comerica’s dividend payout ratio (DPR) is 56.57%.

Insider Activity

In related news, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction 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 trade represents a 13.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

Large investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in Comerica by 134.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after purchasing an additional 490,468 shares in the last quarter. Oppenheimer & Co. Inc. increased its position in shares of Comerica by 158.2% in the third quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock worth $1,218,000 after acquiring an additional 12,454 shares in the last quarter. Charles Schwab Investment Management Inc. lifted 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 in the last quarter. Citigroup Inc. boosted its position in Comerica by 390.6% during the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after purchasing an additional 606,375 shares during the period. Finally, Wolverine Asset Management LLC acquired a new stake in Comerica in the 3rd quarter valued at $1,905,000. 80.74% of the stock is currently owned by hedge funds and other 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.