Comerica Inc. (CMA) Now Covered by Wedbush
Stock analysts at Wedbush assumed coverage on shares of Comerica Inc. (NYSE:CMA) in a report issued on Thursday. The brokerage set a “neutral” rating on the financial services provider’s stock.
CMA has been the subject of several other research reports. Credit Agricole SA increased their price objective on shares of Comerica from $50.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, September 6th. Zacks Investment Research lowered shares of Comerica from a “buy” rating to a “hold” rating in a report on Tuesday. Bank of America Corp. lowered shares of Comerica from a “neutral” rating to an “underperform” rating and raised their target price for the stock from $30.48 to $36.00 in a report on Wednesday, June 29th. Barclays PLC raised their target price on shares of Comerica from $42.00 to $45.00 and gave the stock an “underweight” rating in a report on Thursday, September 15th. Finally, Wells Fargo & Co. upgraded shares of Comerica from an “underperform” rating to a “market perform” rating in a report on Friday, July 8th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, eighteen have given a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $44.54.
Shares of Comerica (NYSE:CMA) traded down 0.02% during trading on Thursday, hitting $49.20. 1,663,085 shares of the company traded hands. The company has a market capitalization of $8.56 billion, a price-to-earnings ratio of 21.36 and a beta of 1.36. Comerica has a 52 week low of $30.48 and a 52 week high of $49.62. The company has a 50 day moving average price of $46.67 and a 200 day moving average price of $43.76.
Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.11. Comerica had a net margin of 14.69% and a return on equity of 6.03%. On average, analysts expect that Comerica will post $2.43 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Thursday, September 15th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 1.87%. This is a positive change from Comerica’s previous quarterly dividend of $0.22. The ex-dividend date was Tuesday, September 13th. Comerica’s payout ratio is 38.82%.
In other news, insider Paul R. Obermeyer sold 2,302 shares of Comerica stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $45.92, for a total transaction of $105,707.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.60% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Glenmede Trust Co. NA raised its position in Comerica by 2,289.0% in the first quarter. Glenmede Trust Co. NA now owns 17,392 shares of the financial services provider’s stock valued at $658,000 after buying an additional 16,664 shares during the period. Nisa Investment Advisors L.L.C. raised its stake in shares of Comerica by 2.2% in the first quarter. Nisa Investment Advisors L.L.C. now owns 42,555 shares of the financial services provider’s stock valued at $1,612,000 after buying an additional 900 shares during the last quarter. Pacad Investment Ltd. raised its stake in shares of Comerica by 65.8% in the first quarter. Pacad Investment Ltd. now owns 17,700 shares of the financial services provider’s stock valued at $670,000 after buying an additional 7,025 shares during the last quarter. Ngam Advisors L.P. raised its stake in shares of Comerica by 2.5% in the first quarter. Ngam Advisors L.P. now owns 33,567 shares of the financial services provider’s stock valued at $1,271,000 after buying an additional 819 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised its stake in shares of Comerica by 357.1% in the first quarter. TIAA CREF Investment Management LLC now owns 1,935,312 shares of the financial services provider’s stock valued at $73,290,000 after buying an additional 1,511,925 shares during the last quarter. 84.62% of the stock is owned by hedge funds and other institutional investors.
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
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