Comerica Incorporated (NYSE:CMA)‘s stock had its “sell” rating restated by stock analysts at Citigroup Inc. in a research report issued on Monday. They presently have a $69.00 target price on the financial services provider’s stock, up from their previous target price of $65.00. Citigroup Inc.’s price objective indicates a potential downside of 10.33% from the stock’s previous close.
Several other equities research analysts have also recently issued reports on the stock. Morgan Stanley restated an “equal weight” rating and issued a $79.00 target price (up previously from $76.00) on shares of Comerica in a report on Wednesday, October 4th. SunTrust Banks, Inc. reiterated a “hold” rating and issued a $80.00 price target on shares of Comerica in a research report on Wednesday, October 4th. Instinet reiterated a “neutral” rating and issued a $74.00 price target (up from $71.00) on shares of Comerica in a research report on Saturday, September 30th. Nomura increased their price target on shares of Comerica from $71.00 to $74.00 and gave the stock a “neutral” rating in a research report on Thursday, September 28th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $79.00 price target on shares of Comerica in a research report on Friday, September 22nd. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Comerica currently has an average rating of “Hold” and a consensus target price of $76.32.
Shares of Comerica (CMA) opened at 76.95 on Monday. The company has a 50 day moving average of $71.46 and a 200-day moving average of $71.10. The company has a market cap of $13.54 billion, a PE ratio of 19.22 and a beta of 1.51. Comerica has a 12-month low of $47.12 and a 12-month high of $77.95.
Comerica (NYSE:CMA) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping 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 company had revenue of $776.00 million for the quarter, compared to analysts’ expectations of $777.08 million. During the same quarter last year, the company posted $0.58 earnings per share. The firm’s quarterly revenue was up 8.8% on a year-over-year basis. Equities research analysts anticipate that Comerica will post $4.62 earnings per share for the current year.
Comerica announced that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that permits the company to buyback $605.00 million in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Peter William Guilfoile sold 2,928 shares of the firm’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $69.50, for a total transaction of $203,496.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Judith S. Love sold 21,000 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $69.74, for a total transaction of $1,464,540.00. The disclosure for this sale can be found here. Insiders have sold a total of 44,249 shares of company stock worth $3,095,383 over the last 90 days. Insiders own 1.10% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. DnB Asset Management AS raised its position in shares of Comerica by 1.4% during the 2nd quarter. DnB Asset Management AS now owns 81,311 shares of the financial services provider’s stock valued at $5,955,000 after purchasing an additional 1,100 shares during the period. Chicago Equity Partners LLC raised its position in shares of Comerica by 25.0% during the 2nd quarter. Chicago Equity Partners LLC now owns 36,540 shares of the financial services provider’s stock valued at $2,676,000 after purchasing an additional 7,310 shares during the period. Pacad Investment Ltd. bought a new stake in shares of Comerica during the 2nd quarter valued at $1,147,000. BlueCrest Capital Management Ltd bought a new stake in shares of Comerica during the 1st quarter valued at $1,029,000. Finally, Aviva PLC raised its position in shares of Comerica by 2.1% during the 2nd quarter. Aviva PLC now owns 109,379 shares of the financial services provider’s stock valued at $8,011,000 after purchasing an additional 2,220 shares during the period. Hedge funds and other institutional investors own 82.46% of the company’s stock.
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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