Comerica’s (CMA) “Market Perform” Rating Reaffirmed at Sanford C. Bernstein
Comerica Incorporated (NYSE:CMA)‘s stock had its “market perform” rating restated by research analysts at Sanford C. Bernstein in a report issued on Saturday. They currently have a $80.00 target price on the financial services provider’s stock, up from their previous target price of $78.00. Sanford C. Bernstein’s target price indicates a potential upside of 15.79% from the stock’s previous close.
Several other equities research analysts also recently issued reports on the company. Piper Jaffray Companies upgraded Comerica from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $76.00 to $80.00 in a research report on Tuesday. Royal Bank Of Canada restated a “buy” rating and set a $82.00 target price on shares of Comerica in a research report on Friday, September 8th. FBR & Co reiterated a “buy” rating and issued a $79.00 price objective on shares of Comerica in a research report on Friday, September 8th. Robert W. Baird reiterated a “hold” rating and issued a $70.00 price objective on shares of Comerica in a research report on Friday, August 25th. Finally, Zacks Investment Research downgraded Comerica from a “buy” rating to a “hold” rating in a research report on Wednesday, August 23rd. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $74.76.
Comerica (CMA) opened at 69.09 on Friday. Comerica has a 52 week low of $45.14 and a 52 week high of $75.72. The company has a market cap of $12.15 billion, a price-to-earnings ratio of 17.26 and a beta of 1.49. The stock has a 50 day moving average price of $69.96 and a 200 day moving average price of $70.65.
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 the consensus estimate of $1.06 by $0.07. The firm had revenue of $776.00 million for the quarter, compared to the consensus estimate of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.58 earnings per share. On average, equities analysts forecast that Comerica will post $4.60 earnings per share for the current year.
Comerica declared that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to buyback $605.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.
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In other news, insider Peter William Guilfoile sold 2,928 shares of the firm’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Paul R. Obermeyer sold 20,321 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were 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 have sold 44,249 shares of company stock worth $3,095,383 over the last ninety days. Insiders own 1.10% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Comerica by 6.7% during the second quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock valued at $1,330,147,000 after buying an additional 1,142,275 shares during the last quarter. BlackRock Inc. grew its stake in shares of Comerica by 0.5% during the second quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock valued at $829,069,000 after buying an additional 51,426 shares during the last quarter. State Street Corp grew its stake in shares of Comerica by 11.3% during the second quarter. State Street Corp now owns 9,990,021 shares of the financial services provider’s stock valued at $731,672,000 after buying an additional 1,010,965 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Comerica by 22.3% during the second quarter. JPMorgan Chase & Co. now owns 5,040,167 shares of the financial services provider’s stock valued at $369,142,000 after buying an additional 919,333 shares during the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Comerica by 1.5% during the first quarter. Wellington Management Group LLP now owns 4,928,411 shares of the financial services provider’s stock valued at $337,991,000 after buying an additional 71,159 shares during the last quarter. 82.52% of the stock is currently owned by hedge funds and other 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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