Comerica (CMA) Upgraded at Piper Jaffray Companies
Piper Jaffray Companies upgraded shares of Comerica (NYSE:CMA) to a buy rating in a report issued on Friday morning. The brokerage currently has $98.00 target price on the financial services provider’s stock.
CMA has been the topic of a number of other research reports. Zacks Investment Research lowered shares of Comerica from a buy rating to a hold rating in a report on Wednesday, November 1st. Nomura increased their price target on shares of Comerica from $74.00 to $86.00 and gave the stock a neutral rating in a report on Monday, October 23rd. Citigroup reaffirmed a sell rating and set a $69.00 target price (up previously from $65.00) on shares of Comerica in a report on Monday, October 9th. Robert W. Baird reaffirmed a hold rating and set a $70.00 target price on shares of Comerica in a report on Friday, August 25th. Finally, Sanford C. Bernstein reaffirmed a market perform rating and set a $80.00 target price (up previously from $78.00) on shares of Comerica in a report on Saturday, September 16th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $80.67.
Comerica (NYSE CMA) opened at $85.40 on Friday. The company has a market cap of $14,852.34, a price-to-earnings ratio of 19.28, a PEG ratio of 1.96 and a beta of 1.51. Comerica has a twelve month low of $64.04 and a twelve month high of $86.78. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.58.
The company also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 15th will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, December 14th. This represents a $1.20 annualized dividend and a yield of 1.41%. Comerica’s payout ratio is currently 27.15%.
In other Comerica news, EVP Christine M. Moore sold 3,200 shares of the stock in a transaction on Friday, November 10th. The shares were sold at an average price of $75.07, for a total transaction of $240,224.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael T. Ritchie sold 4,596 shares of the stock in a transaction on Friday, November 10th. The shares were sold at an average price of $75.08, for a total transaction of $345,067.68. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Zeke Capital Advisors LLC purchased a new stake in shares of Comerica in the 3rd quarter worth about $200,000. IBM Retirement Fund purchased a new stake in shares of Comerica in the 3rd quarter worth about $200,000. BB&T Corp purchased a new stake in shares of Comerica in the 3rd quarter worth about $206,000. Marshall Wace North America L.P. purchased a new stake in shares of Comerica in the 2nd quarter worth about $208,000. Finally, HGK Asset Management Inc. purchased a new stake in shares of Comerica in the 2nd quarter worth about $209,000. 82.04% 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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