BidaskClub upgraded shares of Comerica Incorporated (NYSE:CMA) from a sell rating to a hold rating in a research report report published on Tuesday, August 8th.
A number of other research firms also recently issued reports on CMA. FBR & Co raised Comerica from a market perform rating to an outperform rating and set a $79.00 price objective on the stock in a research note on Friday, June 9th. Deutsche Bank AG boosted their target price on Comerica to $74.00 and gave the company a hold rating in a research report on Wednesday, April 19th. Zacks Investment Research raised Comerica from a hold rating to a buy rating and set a $81.00 target price on the stock in a research report on Thursday, August 3rd. Morgan Stanley reissued an equal weight rating and set a $75.00 target price (up previously from $71.00) on shares of Comerica in a research report on Thursday, July 6th. Finally, Keefe, Bruyette & Woods reissued a buy rating and set a $78.00 target price on shares of Comerica in a research report on Friday, June 16th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $71.65.
Shares of Comerica (CMA) traded down 0.16% during mid-day trading on Tuesday, reaching $69.37. 1,523,539 shares of the company’s stock were exchanged. The company has a market cap of $12.20 billion, a PE ratio of 17.33 and a beta of 1.47. Comerica has a 52-week low of $45.14 and a 52-week high of $75.72. The company’s 50-day moving average price is $72.93 and its 200 day moving average price is $70.90.
Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.07. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The business had revenue of $776 million for the quarter, compared to the consensus estimate of $777.08 million. During the same quarter in the previous year, the company posted $0.58 EPS. The company’s revenue was up 8.8% compared to the same quarter last year. On average, equities research analysts predict that Comerica will post $4.59 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Thursday, September 14th. This is an increase from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio (DPR) is 26.00%.
Comerica declared that its board has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $605.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
Several institutional investors have recently added to or reduced their stakes in CMA. Vanguard Group Inc. increased its position in Comerica by 6.7% in 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 period. BlackRock Inc. increased its position in shares of Comerica by 0.5% in the second quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock worth $829,069,000 after buying an additional 51,426 shares during the last quarter. State Street Corp increased its position in shares of Comerica by 11.3% in the second quarter. State Street Corp now owns 9,990,021 shares of the financial services provider’s stock worth $731,672,000 after buying an additional 1,010,965 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Comerica by 22.3% in the second quarter. JPMorgan Chase & Co. now owns 5,040,167 shares of the financial services provider’s stock worth $369,142,000 after buying an additional 919,333 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Comerica by 1.5% in the first quarter. Wellington Management Group LLP now owns 4,928,411 shares of the financial services provider’s stock worth $337,991,000 after buying an additional 71,159 shares during the last quarter. Institutional investors and hedge funds own 83.47% 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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