Comerica Inc. (CMA) Lowered to “Market Perform” at FBR & Co
Comerica Inc. (NYSE:CMA) was downgraded by equities research analysts at FBR & Co from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Tuesday.
A number of other research firms also recently commented on CMA. Wedbush began coverage on Comerica in a report on Thursday, October 6th. They issued a “neutral” rating and a $49.00 price objective on the stock. Credit Agricole SA increased their price objective on Comerica from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, September 6th. Zacks Investment Research downgraded Comerica from a “buy” rating to a “hold” rating in a report on Tuesday, October 4th. Goldman Sachs Group Inc. upgraded Comerica from a “neutral” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Friday, September 16th. Finally, Barclays PLC raised their price target on Comerica from $42.00 to $45.00 and gave the stock an “underweight” rating in a research note on Thursday, September 15th. Two investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eight have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $44.67.
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 analysts’ consensus estimates of $0.69 by $0.11. Comerica had a net margin of 14.69% and a return on equity of 6.03%.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Thursday, September 15th were given a $0.23 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.86%. This is an increase from Comerica’s previous quarterly dividend of $0.22. Comerica’s payout ratio is currently 38.82%.
In other news, insider Paul R. Obermeyer sold 2,302 shares of Comerica stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $45.92, for a total value of $105,707.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. First Mercantile Trust Co. boosted its position in shares of Comerica by 85.2% in the third quarter. First Mercantile Trust Co. now owns 17,960 shares of the financial services provider’s stock worth $850,000 after buying an additional 8,260 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of Comerica during the second quarter worth $291,000. Kentucky Retirement Systems purchased a new position in shares of Comerica during the second quarter worth $613,000. Mason Street Advisors LLC purchased a new position in shares of Comerica during the second quarter worth $970,000. Finally, Public Employees Retirement System of Ohio boosted its position in shares of Comerica by 42.8% in the second quarter. Public Employees Retirement System of Ohio now owns 47,766 shares of the financial services provider’s stock worth $1,965,000 after buying an additional 14,314 shares during the last quarter. Hedge funds and other institutional investors own 84.59% of the company’s stock.
Comerica Company Profile
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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