DA Davidson restated their hold rating on shares of Comerica Incorporated (NYSE:CMA) in a research note published on Wednesday morning. The firm currently has a $81.00 price objective on the financial services provider’s stock. DA Davidson also issued estimates for Comerica’s Q1 2018 earnings at $1.30 EPS, Q2 2018 earnings at $1.32 EPS, Q3 2018 earnings at $1.38 EPS and Q4 2018 earnings at $1.43 EPS.
Several other equities analysts have also recently weighed in on the company. Morgan Stanley reaffirmed an equal weight rating and set a $75.00 target price (up previously from $71.00) on shares of Comerica in a research note on Thursday, July 6th. BidaskClub cut Comerica from a strong-buy rating to a buy rating in a research note on Thursday, June 22nd. Piper Jaffray Companies raised Comerica from a neutral rating to an overweight rating and lifted their target price for the company from $76.00 to $80.00 in a research note on Tuesday, September 12th. Royal Bank Of Canada reaffirmed a buy rating and set a $82.00 target price on shares of Comerica in a research note on Friday, September 8th. Finally, FBR & Co set a $79.00 price target on Comerica and gave the company a buy rating in a research note on Tuesday, July 18th. Four analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $76.80.
Shares of Comerica (NYSE:CMA) traded up 1.19% on Wednesday, hitting $77.48. 1,832,679 shares of the stock traded hands. The company’s 50 day moving average is $72.49 and its 200 day moving average is $71.41. Comerica has a one year low of $47.88 and a one year high of $77.95. The stock has a market cap of $13.45 billion, a price-to-earnings ratio of 17.55 and a beta of 1.51.
Comerica (NYSE:CMA) last released its earnings results on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.23 by $0.03. Comerica had a return on equity of 10.35% and a net margin of 24.87%. The company had revenue of $821.00 million for the quarter, compared to analysts’ expectations of $812.83 million. During the same quarter in the previous year, the business posted $0.84 EPS. On average, equities analysts forecast that Comerica will post $4.67 EPS for the current year.
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Comerica declared that its Board of Directors has approved a share repurchase program on Wednesday, June 28th that allows the company to buyback $605.00 million in shares. This buyback authorization allows the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Sunday, October 1st. Stockholders of record on Friday, September 15th were issued a dividend of $0.30 per share. The ex-dividend date was Thursday, September 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.55%. Comerica’s payout ratio is 27.15%.
In other news, insider Judith S. Love sold 21,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total transaction of $1,464,540.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Peter William Guilfoile sold 2,928 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $69.50, for a total value of $203,496.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,249 shares of company stock valued at $3,095,383. Corporate insiders own 1.10% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Comerica by 6.7% during the second quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock worth $1,330,147,000 after buying an additional 1,142,275 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Comerica by 0.5% during 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 lifted its holdings in shares of Comerica by 11.3% during 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. lifted its holdings in shares of Comerica by 22.3% during 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, TIAA CREF Investment Management LLC lifted its holdings in shares of Comerica by 1.6% during the second quarter. TIAA CREF Investment Management LLC now owns 2,204,216 shares of the financial services provider’s stock worth $161,437,000 after buying an additional 34,144 shares during the last quarter. Institutional investors own 82.45% 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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