Comerica Inc. (CMA) Upgraded at Keefe, Bruyette & Woods
Comerica Inc. (NYSE:CMA) was upgraded by research analysts at Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a note issued to investors on Tuesday.
A number of other research analysts have also issued reports on CMA. Robert W. Baird reiterated an “outperform” rating and issued a $52.00 price objective on shares of Comerica in a report on Friday, October 21st. Sandler O’Neill lowered shares of Comerica from a “buy” rating to a “hold” rating in a report on Monday, November 14th. BMO Capital Markets reiterated a “hold” rating on shares of Comerica in a report on Friday, October 21st. Jefferies Group upgraded shares of Comerica from a “hold” rating to a “buy” rating in a report on Monday. Finally, Zacks Investment Research upgraded shares of Comerica from a “sell” rating to a “hold” rating in a report on Thursday, October 13th. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and ten have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $46.39.
Comerica (NYSE:CMA) opened at 61.13 on Tuesday. The firm has a market cap of $10.53 billion, a PE ratio of 25.48 and a beta of 1.35. Comerica has a 12-month low of $30.48 and a 12-month high of $62.50. The stock has a 50 day moving average of $54.07 and a 200 day moving average of $47.29.
Comerica (NYSE:CMA) last posted its quarterly earnings results on Tuesday, October 18th. The financial services provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates 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 period in the prior year, the company posted $0.74 EPS. On average, equities research analysts anticipate that Comerica will post $2.62 EPS for the current fiscal year.
The firm also recently declared 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 annualized dividend and a yield of 1.49%. The ex-dividend date is Tuesday, December 13th. Comerica’s payout ratio is currently 37.25%.
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In related news, EVP Muneera S. Carr sold 1,986 shares of Comerica stock in a transaction on Friday, October 21st. The shares were sold at an average price of $51.07, for a total value of $101,425.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael T. Ritchie sold 2,362 shares of Comerica stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $50.90, for a total transaction of $120,225.80. 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 have recently bought and sold shares of the stock. RS Investment Management Co. LLC increased its stake in Comerica by 13.5% in the second quarter. RS Investment Management Co. LLC now owns 881,365 shares of the financial services provider’s stock valued at $36,251,000 after buying an additional 104,950 shares during the last quarter. Standard Life Investments LTD increased its stake in Comerica by 0.8% in the second quarter. Standard Life Investments LTD now owns 1,146,354 shares of the financial services provider’s stock valued at $47,138,000 after buying an additional 8,835 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its stake in Comerica by 1.4% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 150,767 shares of the financial services provider’s stock valued at $6,201,000 after buying an additional 2,045 shares during the last quarter. Channing Capital Management LLC acquired a new stake in Comerica during the second quarter valued at about $10,684,000. Finally, Shell Asset Management Co. increased its stake in Comerica by 17.8% in the third quarter. Shell Asset Management Co. now owns 15,123 shares of the financial services provider’s stock valued at $716,000 after buying an additional 2,285 shares during the last quarter. 81.32% of the stock is owned by institutional investors and hedge funds.
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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