Comerica Inc. (CMA) Upgraded to Buy at Jefferies Group
A number of other equities research analysts also recently issued reports on CMA. Robert W. Baird restated an outperform rating and set a $52.00 price target on shares of Comerica in a research note on Friday, October 21st. Sandler O’Neill downgraded Comerica from a buy rating to a hold rating in a research note on Monday, November 14th. BMO Capital Markets reiterated a hold rating on shares of Comerica in a research note on Friday, October 21st. Zacks Investment Research upgraded Comerica from a sell rating to a hold rating in a research note on Thursday, October 13th. Finally, Keefe, Bruyette & Woods reiterated a market perform rating on shares of Comerica in a research note on Wednesday, October 12th. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of Hold and an average target price of $46.39.
Shares of Comerica (NYSE:CMA) opened at 61.13 on Monday. Comerica has a 52 week low of $30.48 and a 52 week high of $62.50. The stock has a market capitalization of $10.53 billion, a P/E ratio of 25.48 and a beta of 1.35. The company has a 50-day moving average of $54.07 and a 200-day moving average of $47.29.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, October 18th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.74 by $0.10. Comerica had a return on equity of 6.36% and a net margin of 14.97%. During the same quarter in the prior year, the company posted $0.74 earnings per share. On average, analysts anticipate that Comerica will post $2.62 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, January 1st. Shareholders of record on Thursday, December 15th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend is Tuesday, December 13th. Comerica’s payout ratio is currently 37.25%.
In other Comerica news, insider Michael T. Ritchie sold 2,362 shares of the firm’s stock in a transaction that occurred on Wednesday, November 2nd. The stock was sold at an average price of $50.90, for a total value of $120,225.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Muneera S. Carr sold 1,986 shares of the firm’s stock in a transaction that occurred on Friday, October 21st. The shares were sold at an average price of $51.07, for a total value of $101,425.02. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC raised its stake 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 valued at $109,000 after buying an additional 1,129 shares during the last quarter. Global X Management Co. LLC raised its stake 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 valued at $118,000 after buying an additional 1,611 shares during the last quarter. BKS Advisors LLC acquired a new stake in shares of Comerica during the third quarter valued at approximately $120,000. Pacer Advisors Inc. raised its stake 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 valued at $122,000 after buying an additional 244 shares during the last quarter. Finally, SRB Corp raised its stake in shares of Comerica by 9.2% in the third quarter. SRB Corp now owns 3,412 shares of the financial services provider’s stock valued at $161,000 after buying an additional 287 shares during the last quarter. 81.32% of the stock is currently owned by institutional investors.
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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