Comerica Incorporated (CMA) Earns “Hold” Rating from Robert W. Baird
Robert W. Baird reissued their hold rating on shares of Comerica Incorporated (NYSE:CMA) in a research report released on Friday morning. The brokerage currently has a $70.00 price objective on the financial services provider’s stock.
Other analysts have also recently issued reports about the company. FBR & Co set a $79.00 target price on Comerica and gave the stock a buy rating in a research note on Tuesday, July 18th. Stephens reaffirmed a buy rating and set a $80.00 price target on shares of Comerica in a research report on Tuesday, July 18th. Jefferies Group LLC reaffirmed a buy rating and set a $81.00 price target on shares of Comerica in a research report on Friday, July 14th. BidaskClub downgraded Comerica from a strong-buy rating to a buy rating in a research report on Thursday, June 22nd. Finally, Keefe, Bruyette & Woods reaffirmed a buy rating and set a $78.00 price target on shares of Comerica in a research report on Friday, June 16th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the company’s stock. Comerica currently has a consensus rating of Hold and an average target price of $72.71.
Comerica (NYSE CMA) opened at 70.32 on Friday. The company’s 50 day moving average is $72.39 and its 200 day moving average is $70.97. Comerica has a 52 week low of $45.14 and a 52 week high of $75.72. The stock has a market cap of $12.37 billion, a P/E ratio of 17.56 and a beta of 1.47.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.07. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The business had revenue of $776 million during the quarter, compared to analysts’ expectations of $777.08 million. During the same period in the prior year, the business earned $0.58 EPS. Comerica’s revenue for the quarter was up 8.8% compared to the same quarter last year. Equities analysts predict that Comerica will post $4.59 earnings per share for the current year.
Comerica announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $605.00 million in shares. This buyback authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be issued a dividend of $0.30 per share. This is an increase from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 annualized dividend and a yield of 1.71%. Comerica’s dividend payout ratio (DPR) is currently 26.00%.
In other Comerica news, insider Paul R. Obermeyer sold 20,321 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total transaction of $1,427,347.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Judith S. Love sold 21,000 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $69.74, for a total value of $1,464,540.00. The disclosure for this sale can be found here. Company insiders own 1.10% of the company’s stock.
Large investors have recently made changes to their positions in the stock. State Treasurer State of Michigan boosted its position in Comerica by 2.5% in the first quarter. State Treasurer State of Michigan now owns 57,776 shares of the financial services provider’s stock valued at $3,962,000 after buying an additional 1,400 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in Comerica by 3.1% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 27,667 shares of the financial services provider’s stock valued at $1,897,000 after buying an additional 828 shares during the last quarter. Advisory Services Network LLC purchased a new position in Comerica during the first quarter valued at $238,000. Canada Pension Plan Investment Board boosted its position in Comerica by 9.0% in the first quarter. Canada Pension Plan Investment Board now owns 116,909 shares of the financial services provider’s stock valued at $8,018,000 after buying an additional 9,700 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its position in Comerica by 1.1% in the first quarter. Oregon Public Employees Retirement Fund now owns 18,039 shares of the financial services provider’s stock valued at $1,237,000 after buying an additional 200 shares during the last quarter. 82.52% of the stock is owned by institutional investors and hedge funds.
Comerica Incorporated is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. The Company’s segments include the Business Bank, the Retail Bank, Wealth Management, Finance and Other. The Business Bank serves middle market businesses, multinational corporations and governmental entities by offering various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services and loan syndication services.
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