Macquarie upgraded shares of Comerica Incorporated (NYSE:CMA) from a neutral rating to an outperform rating in a report published on Friday, Marketbeat reports. They currently have $90.00 price target on the financial services provider’s stock.
CMA has been the topic of a number of other research reports. Piper Jaffray Companies reiterated a hold rating and set a $76.00 price target on shares of Comerica in a report on Friday, July 28th. BidaskClub lowered shares of Comerica from a buy rating to a hold rating in a report on Tuesday, July 25th. Deutsche Bank AG lifted their price target on shares of Comerica from $80.00 to $82.00 and gave the stock a hold rating in a report on Wednesday, November 8th. Zacks Investment Research lowered shares of Comerica from a buy rating to a hold rating in a report on Wednesday, August 23rd. Finally, Royal Bank Of Canada reiterated a buy rating and set a $82.00 price target on shares of Comerica in a report on Friday, September 8th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have issued a buy rating to the company. Comerica currently has a consensus rating of Hold and an average target price of $78.57.
Comerica (NYSE:CMA) opened at $79.13 on Friday. The company has a market cap of $13,761.89, a price-to-earnings ratio of 17.86, a PEG ratio of 1.81 and a beta of 1.50. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.00 and a current ratio of 1.00. Comerica has a fifty-two week low of $60.39 and a fifty-two week high of $80.25.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.23 by $0.03. The company had revenue of $821.00 million for the quarter, compared to analyst estimates of $812.83 million. Comerica had a net margin of 24.87% and a return on equity of 10.35%. During the same quarter in the previous year, the business earned $0.84 earnings per share. research analysts forecast that Comerica will post 4.86 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Monday, January 1st. Stockholders of record on Friday, December 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Thursday, December 14th. Comerica’s payout ratio is presently 27.15%.
Comerica announced that its board has approved a stock repurchase program on Tuesday, July 25th that allows the company to buyback 5,000,000 shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
In related news, insider Paul R. Obermeyer sold 20,321 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total transaction of $1,427,347.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Christine M. Moore sold 3,200 shares of the business’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $75.07, for a total transaction of $240,224.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 52,045 shares of company stock worth $3,680,675. 1.10% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in CMA. NN Investment Partners Holdings N.V. boosted its holdings in Comerica by 90.7% during the second quarter. NN Investment Partners Holdings N.V. now owns 10,272 shares of the financial services provider’s stock worth $752,000 after purchasing an additional 4,885 shares during the last quarter. LS Investment Advisors LLC boosted its holdings in Comerica by 5.5% during the second quarter. LS Investment Advisors LLC now owns 6,453 shares of the financial services provider’s stock worth $473,000 after purchasing an additional 339 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in Comerica by 1.9% during the second quarter. Louisiana State Employees Retirement System now owns 11,000 shares of the financial services provider’s stock worth $806,000 after purchasing an additional 200 shares during the last quarter. Aperio Group LLC boosted its holdings in Comerica by 7.7% during the second quarter. Aperio Group LLC now owns 185,875 shares of the financial services provider’s stock worth $13,613,000 after purchasing an additional 13,261 shares during the last quarter. Finally, State Treasurer State of Michigan boosted its holdings in Comerica by 0.7% during the second quarter. State Treasurer State of Michigan now owns 58,176 shares of the financial services provider’s stock worth $4,261,000 after purchasing an additional 400 shares during the last quarter. Institutional investors and hedge funds own 82.17% 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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