Robert W. Baird Issues Positive Forecast for Comerica (NYSE:CMA) Stock Price

Comerica (NYSE:CMA) had its price objective increased by Robert W. Baird from $75.00 to $80.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has an outperform rating on the financial services provider’s stock.

CMA has been the topic of a number of other research reports. The Goldman Sachs Group lifted their target price on shares of Comerica from $63.00 to $71.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Piper Sandler increased their price objective on Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Stephens lifted their target price on shares of Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. DA Davidson upped their price target on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Finally, Wells Fargo & Company upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $51.00 to $73.00 in a report on Friday, November 15th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Comerica has a consensus rating of “Hold” and a consensus target price of $64.43.

Comerica Stock Up 1.8 %

Shares of NYSE CMA opened at $69.10 on Monday. The business has a 50-day moving average of $62.83 and a 200-day moving average of $56.10. The firm has a market capitalization of $9.09 billion, a price-to-earnings ratio of 17.28 and a beta of 1.22. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. Comerica has a 12 month low of $42.55 and a 12 month high of $71.63.

Comerica (NYSE:CMA) last posted its quarterly earnings data 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. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations 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 posted $1.84 EPS. Sell-side analysts expect that Comerica will post 5.37 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The firm 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 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s payout ratio is 71.00%.

Comerica announced that its Board of Directors has initiated a share buyback program on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Comerica

In other news, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the sale, the executive vice president now directly owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. The trade was a 29.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 shares were 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 of the company’s stock, valued at $600,885.90. This represents a 13.75 % decrease in their ownership of the stock. 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 ninety days. 0.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Comerica

Several large investors have recently modified their holdings of the stock. US Bancorp DE boosted its position in Comerica by 3.8% in the 1st quarter. US Bancorp DE now owns 9,067 shares of the financial services provider’s stock valued at $499,000 after buying an additional 336 shares during the period. O Shaughnessy Asset Management LLC lifted its holdings in shares of Comerica by 99.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 15,644 shares of the financial services provider’s stock worth $860,000 after purchasing an additional 7,798 shares during the period. UniSuper Management Pty Ltd boosted its holdings in shares of Comerica by 1,159.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 16,736 shares of the financial services provider’s stock valued at $920,000 after acquiring an additional 15,407 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in Comerica by 0.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 63,348 shares of the financial services provider’s stock valued at $3,485,000 after purchasing an additional 594 shares during the last quarter. Finally, Pitcairn Co. grew its holdings in Comerica by 2.9% during the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after acquiring an additional 190 shares during the period. Institutional investors own 80.74% of the company’s stock.

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.