Comerica (NYSE:CMA) Given New $75.00 Price Target at Robert W. Baird

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

Several other analysts also recently weighed in on the company. Stephens lifted their price objective on Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a report on Monday, October 21st. UBS Group initiated coverage on shares of Comerica in a report on Tuesday, December 17th. They issued a “sell” rating and a $64.00 price target for the company. Bank of America downgraded shares of Comerica from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $55.00 to $52.00 in a research note on Monday, October 7th. Morgan Stanley boosted their price objective on shares of Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Finally, Compass Point increased their target price on Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $68.33.

Comerica Price Performance

Comerica stock opened at $62.48 on Thursday. The stock has a market cap of $8.22 billion, a price-to-earnings ratio of 15.62 and a beta of 1.26. The firm has a 50-day moving average of $65.68 and a two-hundred day moving average of $60.79. Comerica has a 1 year low of $45.32 and a 1 year high of $73.45. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.25 by ($0.05). Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same period in the prior year, the firm posted $1.46 earnings per share. On average, research analysts forecast that Comerica will post 5.38 earnings per share for the current year.

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were given a $0.71 dividend. The ex-dividend date was Friday, December 13th. This represents a $2.84 annualized dividend and a yield of 4.55%. Comerica’s dividend payout ratio is presently 71.00%.

Comerica declared that its board has authorized a stock repurchase plan on Tuesday, November 5th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Comerica

In related news, EVP Allysun C. Fleming sold 1,392 shares of the firm’s stock in a transaction 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 approximately $600,885.90. This trade represents a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Hedge funds have recently modified their holdings of the company. Trust Co. of Vermont increased its stake in shares of Comerica by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 321 shares in the last quarter. Luken Investment Analytics LLC acquired a new stake in Comerica in the fourth quarter valued at approximately $31,000. V Square Quantitative Management LLC purchased a new stake in shares of Comerica in the third quarter valued at approximately $36,000. MCF Advisors LLC raised its stake in shares of Comerica by 56.3% during the 4th quarter. MCF Advisors LLC now owns 633 shares of the financial services provider’s stock worth $39,000 after buying an additional 228 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Comerica during the 3rd quarter valued at approximately $42,000. 80.74% of the stock is 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.