Comerica (NYSE:CMA) to Buyback 10,000,000 Shares

Comerica (NYSE:CMA) announced that its Board of Directors has approved a share repurchase program on Tuesday, November 5th, RTT News reports. The company plans to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Comerica Stock Up 1.4 %

NYSE:CMA traded up $0.87 during trading hours on Tuesday, reaching $63.26. The company had a trading volume of 1,356,467 shares, compared to its average volume of 2,142,875. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. The firm has a market cap of $8.32 billion, a price-to-earnings ratio of 15.81 and a beta of 1.22. The business’s 50-day simple moving average is $59.55 and its two-hundred day simple moving average is $54.62. Comerica has a twelve month low of $40.41 and a twelve month high of $66.06.

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

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.49%. Comerica’s payout ratio is currently 71.00%.

Analyst Upgrades and Downgrades

CMA has been the topic of several recent research reports. Truist Financial lifted their price objective on shares of Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, October 21st. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $52.00 to $75.00 in a report on Tuesday, September 24th. Royal Bank of Canada reduced their target price on shares of Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Morgan Stanley boosted their price objective on shares of Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Finally, The Goldman Sachs Group boosted their price objective on shares of Comerica from $63.00 to $71.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Comerica has a consensus rating of “Hold” and an average price target of $62.81.

Insiders Place Their Bets

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the sale, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Bruce Mitchell sold 7,564 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction of $470,480.80. Following the completion of the transaction, the executive vice president now owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the transaction, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,609 shares of company stock valued at $1,027,839. Company insiders own 0.19% 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.