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

by · The Markets Daily

Comerica (NYSE:CMA – Free Report) had its price objective hoisted by Piper Sandler from $64.00 to $72.00 in a research report report published on Tuesday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Several other research firms also recently weighed in on CMA. Morgan Stanley lifted their price target 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. Evercore ISI lifted their price target on shares of Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. lifted their price target on shares of Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Truist Financial lifted their price target on shares of Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, October 21st. Finally, Barclays lifted their price target on shares of Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a research note on Monday, October 21st. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $66.05.

View Our Latest Stock Report on Comerica

Comerica Price Performance

CMA stock opened at $70.79 on Tuesday. The firm has a market cap of $9.31 billion, a price-to-earnings ratio of 17.70 and a beta of 1.23. 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 12-month low of $45.32 and a 12-month high of $73.45. The company’s fifty day simple moving average is $64.59 and its 200 day simple moving average is $57.02.

Comerica (NYSE:CMA – Get Free Report) last released its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.16. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same quarter in the previous year, the business earned $1.84 earnings per share. On average, analysts expect that Comerica will post 5.37 earnings per share for the current year.

Comerica Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s payout ratio is 71.00%.

Comerica declared that its board 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 repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Comerica

In other Comerica 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 value of $410,995.00. Following the transaction, the executive vice president now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $68.83, for a total transaction of $95,811.36. Following the sale, the executive vice president now owns 8,730 shares in the company, valued at $600,885.90. The trade was 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 worth $977,287 over the last three months. 0.19% of the stock is currently owned by insiders.

Institutional Trading of Comerica

A number of institutional investors have recently modified their holdings of the business. Franklin Resources Inc. lifted its stake in shares of Comerica by 9.3% during the 3rd quarter. Franklin Resources Inc. now owns 14,690 shares of the financial services provider’s stock valued at $901,000 after buying an additional 1,255 shares in the last quarter. Tidal Investments LLC lifted its stake in shares of Comerica by 96.2% during the 3rd quarter. Tidal Investments LLC now owns 32,138 shares of the financial services provider’s stock valued at $1,925,000 after buying an additional 15,758 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Comerica during the 3rd quarter valued at approximately $42,000. Sanctuary Advisors LLC lifted its stake in shares of Comerica by 17.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 10,095 shares of the financial services provider’s stock valued at $605,000 after buying an additional 1,467 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its stake in shares of Comerica by 42.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 46,184 shares of the financial services provider’s stock valued at $2,767,000 after buying an additional 13,784 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Company Profile

(Get Free Report)

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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