Comerica Incorporated (NYSE:CMA)‘s stock had its “buy” rating reaffirmed by equities researchers at Stephens in a research report issued on Tuesday, July 18th. They presently have a $80.00 price target on the financial services provider’s stock. Stephens’ price target would suggest a potential upside of 8.31% from the stock’s current price.
A number of other brokerages have also issued reports on CMA. Keefe, Bruyette & Woods set a $71.00 target price on shares of Comerica and gave the stock a “buy” rating in a research report on Saturday, March 25th. Jefferies Group LLC reiterated a “buy” rating and issued a $81.00 price objective on shares of Comerica in a research report on Friday, July 14th. Instinet reiterated a “neutral” rating and issued a $71.00 price objective (up from $68.00) on shares of Comerica in a research report on Wednesday, July 12th. Barclays PLC reiterated an “underweight” rating and issued a $76.00 price objective (up from $72.00) on shares of Comerica in a research report on Wednesday, July 12th. Finally, FBR & Co upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price objective on the stock in a research report on Friday, June 9th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $71.63.
Comerica (NYSE CMA) opened at 73.86 on Tuesday. Comerica has a 52-week low of $44.05 and a 52-week high of $75.72. The stock has a market capitalization of $12.99 billion, a price-to-earnings ratio of 18.45 and a beta of 1.47. The stock’s 50 day moving average is $73.30 and its 200-day moving average is $70.57.
Comerica (NYSE:CMA) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The firm had revenue of $776 million for the quarter, compared to analysts’ expectations of $777.08 million. During the same quarter last year, the company earned $0.58 earnings per share. The firm’s revenue was up 8.8% compared to the same quarter last year. Equities research analysts anticipate that Comerica will post $4.58 EPS for the current fiscal year.
Comerica declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to buyback $605.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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Hedge funds and other institutional investors have recently modified their holdings of the company. Federated Investors Inc. PA increased its position in shares of Comerica by 2,935.9% in the second quarter. Federated Investors Inc. PA now owns 103,434 shares of the financial services provider’s stock worth $7,575,000 after buying an additional 100,027 shares during the last quarter. Cadence Capital Management LLC boosted its position in Comerica by 0.8% in the second quarter. Cadence Capital Management LLC now owns 7,039 shares of the financial services provider’s stock valued at $516,000 after buying an additional 58 shares during the last quarter. Columbus Circle Investors boosted its position in Comerica by 81.4% in the second quarter. Columbus Circle Investors now owns 592,583 shares of the financial services provider’s stock valued at $43,401,000 after buying an additional 265,966 shares during the last quarter. Marshall Wace North America L.P. acquired a new position in Comerica during the second quarter valued at about $208,000. Finally, KBC Group NV boosted its position in Comerica by 7.8% in the second quarter. KBC Group NV now owns 113,529 shares of the financial services provider’s stock valued at $8,315,000 after buying an additional 8,186 shares during the last quarter. Hedge funds and other institutional investors own 84.29% 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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