Jefferies Group LLC reiterated their buy rating on shares of Comerica Incorporated (NYSE:CMA) in a research note published on Friday morning. The firm currently has a $81.00 target price on the financial services provider’s stock.
CMA has been the subject of a number of other reports. Zacks Investment Research upgraded shares of Comerica from a hold rating to a buy rating and set a $80.00 price objective for the company in a research note on Tuesday, March 21st. Keefe, Bruyette & Woods set a $71.00 price objective on shares of Comerica and gave the company a buy rating in a research note on Saturday, March 25th. BidaskClub lowered shares of Comerica from a strong-buy rating to a buy rating in a research note on Thursday, June 22nd. Morgan Stanley lifted their price objective on shares of Comerica from $70.00 to $71.00 and gave the company an equal weight rating in a research note on Tuesday, June 6th. Finally, Barclays PLC reiterated an underweight rating and issued a $76.00 price objective (up from $72.00) on shares of Comerica in a research note on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $64.78.
Comerica (CMA) traded down 1.97% during mid-day trading on Friday, reaching $73.05. The company’s stock had a trading volume of 2,364,686 shares. The company has a market cap of $12.93 billion, a price-to-earnings ratio of 21.17 and a beta of 1.48. The firm has a 50 day moving average price of $70.73 and a 200 day moving average price of $69.82. Comerica has a 52-week low of $43.35 and a 52-week high of $75.72. Comerica also saw unusually large options trading activity on Monday. Traders bought 6,733 put options on the company. This is an increase of approximately 1,055% compared to the average volume of 583 put options.
Comerica (NYSE:CMA) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.07. The company had revenue of $776 million for the quarter, compared to analysts’ expectations of $777.08 million. Comerica had a net margin of 20.42% and a return on equity of 8.45%. Comerica’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.58 EPS. Equities research analysts anticipate that Comerica will post $4.48 earnings per share for the current year.
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Comerica declared that its board has initiated a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $605.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which was paid on Saturday, July 1st. Investors of record on Thursday, June 15th were paid a $0.26 dividend. This is an increase from Comerica’s previous quarterly dividend of $0.23. This represents a $1.04 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend was Tuesday, June 13th. Comerica’s dividend payout ratio is presently 30.15%.
In related news, CEO Ralph W. Babb, Jr. sold 83,600 shares of the stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $70.94, for a total value of $5,930,584.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.10% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its position in Comerica by 0.3% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,307 shares of the financial services provider’s stock worth $159,000 after buying an additional 8 shares during the last quarter. Jaffetilchin Investment Partners LLC boosted its stake in shares of Comerica by 0.4% in the first quarter. Jaffetilchin Investment Partners LLC now owns 7,550 shares of the financial services provider’s stock worth $518,000 after buying an additional 32 shares during the period. United Capital Financial Advisers LLC boosted its stake in shares of Comerica by 0.8% in the first quarter. United Capital Financial Advisers LLC now owns 6,320 shares of the financial services provider’s stock worth $433,000 after buying an additional 53 shares during the period. Utah Retirement Systems boosted its stake in shares of Comerica by 0.3% in the first quarter. Utah Retirement Systems now owns 31,896 shares of the financial services provider’s stock worth $2,187,000 after buying an additional 100 shares during the period. Finally, Pacer Advisors Inc. boosted its stake in shares of Comerica by 3.3% in the first quarter. Pacer Advisors Inc. now owns 3,282 shares of the financial services provider’s stock worth $225,000 after buying an additional 104 shares during the period. 83.14% of the stock is owned by 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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