Comerica Inc. (CMA) Stock Rating Lowered by Robert W. Baird
Comerica Inc. (NYSE:CMA) was downgraded by stock analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Thursday.
Several other research analysts have also issued reports on the stock. Jefferies Group reissued a “hold” rating and issued a $56.00 price target (up previously from $53.00) on shares of Comerica in a research report on Friday, October 21st. Goldman Sachs Group Inc. raised shares of Comerica from a “neutral” rating to a “buy” rating and set a $52.00 price target for the company in a research report on Friday, September 16th. FBR & Co lowered shares of Comerica from an “outperform” rating to a “market perform” rating and set a $50.00 price target for the company. in a research report on Tuesday, October 11th. Credit Agricole SA increased their price target on shares of Comerica from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 6th. Finally, RBC Capital Markets reissued an “outperform” rating and issued a $56.00 price target (up previously from $49.00) on shares of Comerica in a research report on Friday, October 21st. Two research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $46.54.
Shares of Comerica (NYSE:CMA) opened at 54.76 on Thursday. The company’s 50-day moving average price is $49.63 and its 200 day moving average price is $45.81. Comerica has a one year low of $30.48 and a one year high of $54.99. The company has a market cap of $9.43 billion, a PE ratio of 22.83 and a beta of 1.35.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, October 18th. The financial services provider reported $0.84 EPS for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.10. Comerica had a net margin of 14.97% and a return on equity of 6.36%. During the same quarter last year, the company earned $0.74 earnings per share. Equities analysts forecast that Comerica will post $2.59 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, January 1st. Investors of record on Thursday, December 15th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date of this dividend is Tuesday, December 13th. Comerica’s dividend payout ratio (DPR) is currently 37.25%.
In related news, insider Michael T. Ritchie sold 2,362 shares of the firm’s stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $50.90, for a total value of $120,225.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Muneera S. Carr sold 1,986 shares of the firm’s stock in a transaction on Friday, October 21st. The shares were sold at an average price of $51.07, for a total transaction of $101,425.02. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CMA. Tower Research Capital LLC TRC increased its position in shares of Comerica by 96.4% in the third quarter. Tower Research Capital LLC TRC now owns 2,300 shares of the financial services provider’s stock worth $109,000 after buying an additional 1,129 shares during the period. BKS Advisors LLC purchased a new position in shares of Comerica during the third quarter worth approximately $120,000. Global X Management Co. LLC increased its position in shares of Comerica by 128.8% in the second quarter. Global X Management Co. LLC now owns 2,862 shares of the financial services provider’s stock worth $118,000 after buying an additional 1,611 shares during the period. Pacer Advisors Inc. increased its position in shares of Comerica by 9.0% in the second quarter. Pacer Advisors Inc. now owns 2,966 shares of the financial services provider’s stock worth $122,000 after buying an additional 244 shares during the period. Finally, Conning Inc. purchased a new position in shares of Comerica during the third quarter worth approximately $208,000. 85.57% of the stock is owned by institutional investors and hedge funds.
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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