Sanford C. Bernstein reiterated their market perform rating on shares of Comerica Incorporated (NYSE:CMA) in a research report sent to investors on Saturday. The brokerage currently has a $80.00 target price on the financial services provider’s stock, up from their previous target price of $78.00.
Other research analysts have also issued research reports about the stock. Instinet restated a neutral rating and issued a $71.00 price target (up previously from $68.00) on shares of Comerica in a research report on Wednesday, July 12th. Barclays PLC restated an underweight rating and issued a $76.00 price target (up previously from $72.00) on shares of Comerica in a research report on Wednesday, July 12th. Morgan Stanley restated an equal weight rating and issued a $75.00 price target (up previously from $71.00) on shares of Comerica in a research report on Thursday, July 6th. BidaskClub lowered shares of Comerica from a strong-buy rating to a buy rating in a research report on Thursday, June 22nd. Finally, FBR & Co set a $79.00 price target on shares of Comerica and gave the stock a buy rating in a research report on Tuesday, July 18th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of Hold and an average target price of $76.19.
Comerica (NYSE CMA) traded up 1.33% during midday trading on Friday, reaching $69.09. The company had a trading volume of 2,822,577 shares. The company’s 50 day moving average is $69.96 and its 200-day moving average is $70.65. The company has a market capitalization of $12.15 billion, a P/E ratio of 17.26 and a beta of 1.49. Comerica has a 52-week low of $45.14 and a 52-week high of $75.72.
Comerica (NYSE:CMA) last posted its quarterly 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. The firm had revenue of $776.00 million for the quarter, compared to analyst estimates of $777.08 million. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.58 earnings per share. Equities analysts expect that Comerica will post $4.60 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.74%. This is a positive change from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio (DPR) is 30.00%.
Comerica announced that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $605.00 million in shares. This buyback authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other Comerica news, insider Judith S. Love sold 21,000 shares of Comerica 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Peter William Guilfoile sold 2,928 shares of Comerica 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 disclosure for this sale can be found here. Insiders have sold a total of 44,249 shares of company stock valued at $3,095,383 in the last three months. Company insiders own 1.10% of the company’s stock.
Several large investors have recently modified their holdings of CMA. World Asset Management Inc boosted its stake in shares of Comerica by 1.3% during the 1st quarter. World Asset Management Inc now owns 8,406 shares of the financial services provider’s stock valued at $576,000 after buying an additional 107 shares during the period. UBS Asset Management Americas Inc. boosted its stake in shares of Comerica by 8.7% during the 1st quarter. UBS Asset Management Americas Inc. now owns 507,925 shares of the financial services provider’s stock valued at $34,833,000 after buying an additional 40,771 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Comerica by 32.1% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 13,045 shares of the financial services provider’s stock valued at $895,000 after buying an additional 3,170 shares during the period. Jaffetilchin Investment Partners LLC boosted its stake in shares of Comerica by 0.4% during the 1st quarter. Jaffetilchin Investment Partners LLC now owns 7,550 shares of the financial services provider’s stock valued at $518,000 after buying an additional 32 shares during the period. Finally, State of Tennessee Treasury Department boosted its stake in shares of Comerica by 43.0% during the 1st quarter. State of Tennessee Treasury Department now owns 76,776 shares of the financial services provider’s stock valued at $5,266,000 after buying an additional 23,084 shares during the period. 82.52% of the stock is owned by institutional investors.
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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