Comerica Incorporated (NYSE:CMA)‘s stock had its “buy” rating restated by stock analysts at Stephens in a note issued to investors on Tuesday, July 18th. They currently have a $80.00 price objective on the financial services provider’s stock. Stephens’ price target indicates a potential upside of 11.14% from the stock’s previous close.
Other equities research analysts have also issued reports about the company. Keefe, Bruyette & Woods set a $71.00 price objective on Comerica and gave the stock a “buy” rating in a research report on Saturday, March 25th. Jefferies Group LLC restated a “buy” rating and set a $81.00 price target on shares of Comerica in a research report on Monday, May 15th. BidaskClub cut Comerica from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Morgan Stanley reiterated an “equal weight” rating and set a $75.00 price objective (up previously from $71.00) on shares of Comerica in a research note on Thursday, July 6th. Finally, Barclays PLC reiterated an “underweight” rating and set a $76.00 price objective (up previously 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, twelve have issued a hold rating and eight have issued a buy rating to the company’s stock. Comerica currently has a consensus rating of “Hold” and an average price target of $71.44.
Comerica (CMA) traded down 0.04% during trading on Tuesday, reaching $71.98. 985,884 shares of the company traded hands. The company’s 50-day moving average is $73.32 and its 200 day moving average is $70.52. The company has a market cap of $12.66 billion, a PE ratio of 17.99 and a beta of 1.48. Comerica has a 12 month low of $43.74 and a 12 month high of $75.72.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.07. The business had revenue of $776 million for the quarter, compared to analysts’ expectations of $777.08 million. Comerica had a return on equity of 9.25% and a net margin of 23.22%. The business’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.58 EPS. On average, analysts anticipate that Comerica will post $4.58 earnings per share for the current year.
Comerica announced that its board has authorized a share buyback program on Wednesday, June 28th that allows the company to repurchase $605.00 million in shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
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In other news, CEO Ralph W. Babb, Jr. sold 83,600 shares of the firm’s stock in a transaction on Monday, May 1st. The stock was sold at an average price of $70.94, for a total value of $5,930,584.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.10% of the stock is owned by company insiders.
A number of institutional investors have recently modified their holdings of CMA. TrimTabs Asset Management LLC purchased a new position in shares of Comerica during the first quarter worth about $111,000. Exane Derivatives purchased a new position in shares of Comerica during the second quarter worth about $125,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Comerica during the first quarter worth about $127,000. Point72 Asia Hong Kong Ltd raised its position in shares of Comerica by 19.3% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock worth $137,000 after buying an additional 323 shares during the period. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its position in shares of 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 period. Institutional investors own 83.17% 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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