Comerica (NYSE:CMA) Given New $71.00 Price Target at Morgan Stanley

Comerica (NYSE:CMA) had its price target cut by Morgan Stanley from $76.00 to $71.00 in a research note published on Thursday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

A number of other research firms have also recently weighed in on CMA. StockNews.com raised shares of Comerica from a “sell” rating to a “hold” rating in a research note on Monday, October 21st. Truist Financial upgraded Comerica to a “hold” rating in a research report on Monday, January 6th. DA Davidson lowered their price target on Comerica from $71.00 to $67.00 and set a “neutral” rating on the stock in a research report on Thursday. 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. Finally, UBS Group began coverage on shares of Comerica in a report on Tuesday, December 17th. They issued a “sell” rating and a $64.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $68.33.

Comerica Trading Up 1.2 %

Shares of CMA 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 quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $8.32 billion, a price-to-earnings ratio of 12.60 and a beta of 1.26. Comerica has a 12-month low of $45.32 and a 12-month high of $73.45.

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

Comerica declared that its Board of Directors has initiated a share repurchase plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Comerica Dividend Announcement

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

Insiders Place Their Bets

In other news, EVP Allysun C. Fleming sold 1,392 shares of the firm’s 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 directly owns 8,730 shares in the company, valued at $600,885.90. This trade represents a 13.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

Hedge funds have recently added to or reduced their stakes in the stock. Trust Co. of Vermont grew its position in shares of Comerica by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider’s stock worth $26,000 after buying an additional 321 shares during the period. Luken Investment Analytics LLC bought a new position in Comerica during the 4th quarter worth approximately $31,000. V Square Quantitative Management LLC acquired a new position in Comerica during the third quarter valued at approximately $36,000. MCF Advisors LLC increased its stake in Comerica by 56.3% in the fourth quarter. MCF Advisors LLC now owns 633 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 228 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Comerica in the third quarter worth $42,000. Institutional investors and hedge funds 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.