Comerica (NYSE:CMA) Hits New 52-Week High at $76.61


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Comerica Incorporated (NYSE:CMA)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $76.61 and last traded at $76.58, with a volume of 1570910 shares trading hands. The stock had previously closed at $74.95.

Several research analysts have issued reports on CMA shares. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded Comerica from a “neutral” rating to a “buy” rating and increased their price target for the stock from $65.00 to $90.00 in a report on Thursday, April 29th. TheStreet raised shares of Comerica from a “c+” rating to a “b” rating in a research report on Tuesday, April 20th. DA Davidson upgraded shares of Comerica from a “neutral” rating to a “buy” rating in a report on Tuesday, March 30th. Zacks Investment Research cut shares of Comerica from a “buy” rating to a “hold” rating and set a $76.00 price objective for the company. in a report on Tuesday, March 9th. Finally, Raymond James boosted their target price on shares of Comerica from $72.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 13th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $64.14.

The stock’s 50-day moving average price is $70.78 and its two-hundred day moving average price is $60.37. The stock has a market capitalization of $10.69 billion, a P/E ratio of 21.10 and a beta of 1.67. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.77.

Comerica (NYSE:CMA) last released its earnings results on Monday, April 19th. The financial services provider reported $2.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.37 by $1.06. Comerica had a net margin of 16.17% and a return on equity of 7.12%. During the same quarter in the prior year, the company posted ($0.46) earnings per share. On average, equities research analysts predict that Comerica Incorporated will post 2.98 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 1st. Stockholders of record on Tuesday, June 15th will be given a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date is Monday, June 14th. Comerica’s dividend payout ratio is currently 34.83%.

Comerica announced that its Board of Directors has approved a share buyback plan on Tuesday, April 27th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

In related news, EVP Cassandra M. Mckinney sold 4,643 shares of the company’s stock in a transaction that occurred on Thursday, February 4th. The shares were sold at an average price of $62.23, for a total transaction of $288,933.89. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP James Harry Weber sold 3,800 shares of the company’s stock in a transaction that occurred on Thursday, April 29th. The shares were sold at an average price of $75.00, for a total transaction of $285,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 11,443 shares of company stock worth $779,944 over the last 90 days. 0.55% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Truist Financial Corp lifted its stake in Comerica by 29.0% in the 4th quarter. Truist Financial Corp now owns 72,231 shares of the financial services provider’s stock worth $4,035,000 after purchasing an additional 16,232 shares in the last quarter. Brighton Jones LLC purchased a new stake in Comerica in the 4th quarter worth approximately $212,000. Xponance Inc. lifted its stake in Comerica by 4.4% in the 4th quarter. Xponance Inc. now owns 5,966 shares of the financial services provider’s stock worth $333,000 after purchasing an additional 254 shares in the last quarter. Regent Peak Wealth Advisors LLC purchased a new stake in Comerica in the 4th quarter worth approximately $132,000. Finally, Cibc World Markets Corp lifted its stake in Comerica by 14.4% in the 4th quarter. Cibc World Markets Corp now owns 55,897 shares of the financial services provider’s stock worth $3,122,000 after purchasing an additional 7,051 shares in the last quarter. Institutional investors and hedge funds own 78.17% of the company’s stock.

Comerica Company Profile (NYSE:CMA)

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It 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, 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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