Comerica Incorporated (CMA) Raised to Outperform at Macquarie
Macquarie upgraded shares of Comerica Incorporated (NYSE:CMA) from a neutral rating to an outperform rating in a report issued on Friday, MarketBeat Ratings reports. Macquarie currently has $90.00 target price on the financial services provider’s stock.
Several other equities analysts have also weighed in on CMA. Morgan Stanley restated an equal weight rating and set a $79.00 target price (up from $76.00) on shares of Comerica in a report on Wednesday, October 4th. Piper Jaffray Companies reiterated a hold rating and issued a $76.00 price objective on shares of Comerica in a research note on Friday, September 1st. Royal Bank Of Canada reiterated a buy rating and issued a $82.00 price objective on shares of Comerica in a research note on Friday, September 8th. Zacks Investment Research downgraded Comerica from a buy rating to a hold rating in a research report on Wednesday, November 1st. Finally, FBR & Co reissued a buy rating and set a $84.00 target price (up from $79.00) on shares of Comerica in a research report on Tuesday, October 17th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have issued a buy rating to the stock. Comerica presently has an average rating of Hold and an average target price of $78.57.
Shares of Comerica (NYSE CMA) opened at $79.80 on Friday. The firm has a market capitalization of $13,761.89, a price-to-earnings ratio of 17.86, a PEG ratio of 1.81 and a beta of 1.50. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.00 and a current ratio of 1.00. Comerica has a one year low of $60.63 and a one year high of $80.25.
Comerica (NYSE:CMA) last issued its earnings results on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.23 by $0.03. The business had revenue of $821.00 million during the quarter, compared to analysts’ expectations of $812.83 million. Comerica had a return on equity of 10.35% and a net margin of 24.87%. During the same quarter last year, the firm posted $0.84 earnings per share. research analysts anticipate that Comerica will post 4.86 earnings per share for the current year.
Comerica declared that its Board of Directors has authorized a share repurchase program on Tuesday, July 25th that permits the company to buyback 5,000,000 shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 1st. Investors of record on Friday, December 15th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.50%. The ex-dividend date is Thursday, December 14th. Comerica’s dividend payout ratio is presently 27.15%.
In related news, EVP Christine M. Moore sold 3,200 shares of the business’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $75.07, for a total transaction of $240,224.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Peter William Guilfoile sold 2,928 shares of the business’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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,045 shares of company stock valued at $2,216,135. Insiders own 1.10% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in CMA. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its position in Comerica by 0.3% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock worth $169,000 after acquiring an additional 8 shares during the period. Smithfield Trust Co. raised its position in shares of Comerica by 2,446.0% in the second quarter. Smithfield Trust Co. now owns 2,546 shares of the financial services provider’s stock valued at $186,000 after purchasing an additional 2,446 shares during the period. IBM Retirement Fund bought a new stake in shares of Comerica in the third quarter valued at approximately $200,000. Zeke Capital Advisors LLC bought a new stake in shares of Comerica in the third quarter valued at approximately $200,000. Finally, Regentatlantic Capital LLC bought a new stake in shares of Comerica in the second quarter valued at approximately $201,000. Institutional investors and hedge funds own 82.17% of the company’s stock.
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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