FBR & Co Reiterates Buy Rating for Comerica Incorporated (CMA)
Comerica Incorporated (NYSE:CMA)‘s stock had its “buy” rating reiterated by equities researchers at FBR & Co in a research note issued to investors on Friday. They currently have a $79.00 price target on the financial services provider’s stock. FBR & Co’s price objective would suggest a potential upside of 22.06% from the stock’s previous close.
Several other research firms have also recently weighed in on CMA. Instinet restated a “neutral” rating and issued a $71.00 price objective (up from $68.00) on shares of Comerica in a research report on Wednesday, July 12th. Barclays PLC restated an “underweight” rating and issued a $76.00 price objective (up from $72.00) on shares of Comerica in a research report on Wednesday, July 12th. Morgan Stanley restated an “equal weight” rating and issued a $75.00 price objective (up from $71.00) on shares of Comerica in a research report on Thursday, July 6th. BidaskClub cut shares of Comerica from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $81.00 price target on shares of Comerica in a research report on Monday, May 15th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $74.19.
Comerica (NYSE CMA) opened at 64.72 on Friday. The company has a market capitalization of $11.38 billion, a price-to-earnings ratio of 16.16 and a beta of 1.49. The firm has a 50-day moving average of $70.60 and a 200 day moving average of $70.77. Comerica has a 12-month low of $45.14 and a 12-month high of $75.72.
Comerica (NYSE:CMA) last announced its quarterly 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 net margin of 23.22% and a return on equity of 9.60%. The firm had revenue of $776 million for the quarter, compared to the consensus estimate of $777.08 million. During the same period in the prior year, the firm posted $0.58 earnings per share. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. Analysts expect that Comerica will post $4.58 EPS for the current fiscal year.
Comerica announced that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $605.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
In related news, insider Judith S. Love sold 21,000 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total value of $1,464,540.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $1,427,347.04. The disclosure for this sale can be found here. Insiders sold 44,249 shares of company stock valued at $3,095,383 in the last ninety days. 1.10% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. USA Financial Portformulas Corp purchased a new stake in Comerica in the second quarter worth $536,000. Sentry Investment Management LLC lifted its position in Comerica by 1.2% during the second quarter. Sentry Investment Management LLC now owns 11,711 shares of the financial services provider’s stock valued at $858,000 after buying an additional 142 shares during the period. Toronto Dominion Bank lifted its position in Comerica by 25.6% during the second quarter. Toronto Dominion Bank now owns 59,927 shares of the financial services provider’s stock valued at $4,388,000 after buying an additional 12,207 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Comerica during the second quarter valued at $1,032,000. Finally, Nomura Holdings Inc. purchased a new position in Comerica during the second quarter valued at $63,375,000. 82.52% of the stock is owned by institutional investors.
Comerica Company Profile
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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