SunTrust Banks, Inc. Reiterates Hold Rating for Comerica Incorporated (CMA)
SunTrust Banks, Inc. reissued their hold rating on shares of Comerica Incorporated (NYSE:CMA) in a report released on Wednesday morning. They currently have a $80.00 price objective on the financial services provider’s stock.
A number of other analysts have also issued reports on the company. Instinet restated a neutral rating and issued a $74.00 target price (up previously from $71.00) on shares of Comerica in a report on Saturday, September 30th. Nomura increased their target price on Comerica from $71.00 to $74.00 and gave the company a neutral rating in a report on Thursday, September 28th. Keefe, Bruyette & Woods reaffirmed a buy rating and issued a $79.00 price target on shares of Comerica in a research note on Friday, September 22nd. Zacks Investment Research downgraded shares of Comerica from a hold rating to a sell rating in a research note on Tuesday, September 19th. Finally, Jefferies Group LLC reaffirmed a buy rating and issued a $81.00 price target on shares of Comerica in a research note on Friday, September 15th. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $76.72.
Shares of Comerica (CMA) opened at 76.92 on Wednesday. Comerica has a 12 month low of $47.12 and a 12 month high of $77.95. The stock has a market cap of $13.53 billion, a P/E ratio of 19.21 and a beta of 1.51. The stock has a 50 day moving average price of $71.02 and a 200-day moving average price of $70.90.
Comerica (NYSE:CMA) last released its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.07. The company had revenue of $776.00 million during the quarter, compared to analyst estimates of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.58 earnings per share. On average, analysts forecast that Comerica will post $4.62 EPS for the current fiscal year.
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Comerica announced that its board has initiated a share buyback plan on Wednesday, June 28th that permits the company to buyback $605.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Sunday, October 1st. Shareholders of record on Friday, September 15th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.56%. This is a boost from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Thursday, September 14th. Comerica’s dividend payout ratio is 30.00%.
In other Comerica news, insider Paul R. Obermeyer sold 20,321 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total transaction of $1,427,347.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Peter William Guilfoile sold 2,928 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $69.50, for a total transaction of $203,496.00. The disclosure for this sale can be found here. Insiders have sold 44,249 shares of company stock valued at $3,095,383 over the last 90 days. Corporate insiders own 1.10% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the business. Eqis Capital Management Inc. bought a new stake in Comerica during the third quarter valued at about $250,000. USA Financial Portformulas Corp bought a new stake in Comerica during the second quarter valued at about $536,000. Sentry Investment Management LLC boosted its holdings 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 acquiring an additional 142 shares during the period. Toronto Dominion Bank boosted its holdings 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 acquiring an additional 12,207 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Comerica during the second quarter valued at about $1,032,000. Institutional investors own 82.45% of the company’s stock.
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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