Comerica (NYSE:CMA) Sets New 1-Year High - Time to Buy?

Key Points

• Comerica's share price reached a new 52-week high of $83.22 during trading, closing at $80.80 with a significant trading volume of over 1.77 million shares.
• Analysts have mixed ratings on Comerica, with five ratings as "Buy," fourteen as "Hold," and five as "Sell," while the average price target stands at $67.05.
• The company announced a quarterly dividend of $0.71, representing an annual yield of 3.6%, indicating a solid return for investors amidst its recent stock performance.

Comerica Incorporated (NYSE:CMA - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $83.22 and last traded at $80.80, with a volume of 1771118 shares. The stock had previously closed at $70.55.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Morgan Stanley raised their price target on shares of Comerica from $61.00 to $76.00 and gave the stock an "underweight" rating in a research note on Monday, September 29th. Keefe, Bruyette & Woods increased their price objective on shares of Comerica from $69.00 to $73.00 and gave the company an "outperform" rating in a report on Monday, July 21st. Raymond James Financial restated a "market perform" rating on shares of Comerica in a report on Tuesday, July 8th. Stephens reaffirmed an "equal weight" rating on shares of Comerica in a report on Monday, July 21st. Finally, Citigroup boosted their price objective on Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Five equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $67.05.

Comerica Trading Up 13.1%

The company has a 50 day moving average price of $68.83 and a 200 day moving average price of $61.54. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market cap of $10.25 billion, a price-to-earnings ratio of 15.35, a price-to-earnings-growth ratio of 12.64 and a beta of 0.96.

Comerica (NYSE:CMA - Get Free Report) last posted its earnings results on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.19. Comerica had a net margin of 14.92% and a return on equity of 10.92%. The company had revenue of $849.00 million for the quarter, compared to analysts' expectations of $844.39 million. During the same quarter in the prior year, the company posted $1.49 earnings per share. On average, research analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were given a $0.71 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a yield of 3.6%. Comerica's payout ratio is presently 54.41%.

Insider Buying and Selling at Comerica

In other news, insider James Mcgregor Carr sold 4,000 shares of Comerica stock in a transaction on Friday, August 8th. The stock was sold at an average price of $67.28, for a total value of $269,120.00. Following the completion of the sale, the insider directly owned 33,471 shares of the company's stock, valued at approximately $2,251,928.88. The trade was a 10.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Allysun C. Fleming sold 2,100 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $67.03, for a total value of $140,763.00. Following the completion of the sale, the executive vice president owned 9,424 shares in the company, valued at $631,690.72. This represents a 18.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.19% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its holdings in Comerica by 9.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,508,229 shares of the financial services provider's stock worth $325,308,000 after buying an additional 472,409 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Comerica by 1.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 4,741,310 shares of the financial services provider's stock worth $282,819,000 after acquiring an additional 77,869 shares during the period. Primecap Management Co. CA raised its stake in shares of Comerica by 55.3% in the second quarter. Primecap Management Co. CA now owns 2,593,800 shares of the financial services provider's stock valued at $154,720,000 after acquiring an additional 923,690 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Comerica by 3.0% in the second quarter. Geode Capital Management LLC now owns 2,579,763 shares of the financial services provider's stock valued at $153,905,000 after purchasing an additional 73,971 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in shares of Comerica by 9.6% during the first quarter. Goldman Sachs Group Inc. now owns 2,321,494 shares of the financial services provider's stock worth $137,107,000 after buying an additional 203,333 shares in the last quarter. 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.

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