Wedbush upgraded shares of Comerica (NYSE:CMA) from a neutral rating to an outperform rating in a report published on Monday, April 9th, Marketbeat Ratings reports. They currently have $111.00 price objective on the financial services provider’s stock, up from their prior price objective of $103.00. Wedbush also issued estimates for Comerica’s Q1 2018 earnings at $1.57 EPS, Q2 2018 earnings at $1.70 EPS, Q3 2018 earnings at $1.80 EPS, Q4 2018 earnings at $1.83 EPS, FY2018 earnings at $6.90 EPS and FY2019 earnings at $7.66 EPS.
CMA has been the subject of several other reports. Morgan Stanley reiterated an equal weight rating and set a $90.00 price target on shares of Comerica in a report on Wednesday, December 13th. DA Davidson restated a hold rating and issued a $100.00 target price on shares of Comerica in a report on Wednesday, January 17th. Zacks Investment Research upgraded Comerica from a hold rating to a buy rating and set a $105.00 target price for the company in a report on Tuesday, April 3rd. SunTrust Banks restated a hold rating and issued a $86.00 target price on shares of Comerica in a report on Tuesday, January 9th. Finally, Robert W. Baird restated a hold rating and issued a $95.00 target price on shares of Comerica in a report on Wednesday, January 17th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have given a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $96.44.
Shares of Comerica stock opened at $95.04 on Monday. The stock has a market cap of $16,120.02, a PE ratio of 20.09, a PEG ratio of 1.01 and a beta of 1.38. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.02 and a quick ratio of 1.00. Comerica has a 52-week low of $64.04 and a 52-week high of $102.66.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, April 17th. The financial services provider reported $1.54 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.56 by ($0.02). The firm had revenue of $793.00 million for the quarter, compared to analyst estimates of $811.59 million. Comerica had a net margin of 24.37% and a return on equity of 12.05%. During the same quarter in the prior year, the firm earned $1.11 earnings per share. equities analysts expect that Comerica will post 6.75 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Sunday, April 1st. Stockholders of record on Thursday, March 15th were issued a dividend of $0.30 per share. The ex-dividend date was Wednesday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.26%. Comerica’s dividend payout ratio (DPR) is presently 25.37%.
In other news, CEO Ralph W. Babb, Jr. sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $95.25, for a total transaction of $4,762,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Megan D. Burkhart sold 4,670 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $99.20, for a total value of $463,264.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 210,506 shares of company stock valued at $20,468,762. Corporate insiders own 0.83% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CMA. Rockefeller Financial Services Inc. increased its position in shares of Comerica by 14,008.7% during the fourth quarter. Rockefeller Financial Services Inc. now owns 1,446,003 shares of the financial services provider’s stock valued at $125,527,000 after purchasing an additional 1,435,754 shares during the period. TIAA CREF Investment Management LLC increased its position in shares of Comerica by 17.0% during the fourth quarter. TIAA CREF Investment Management LLC now owns 2,855,255 shares of the financial services provider’s stock valued at $247,865,000 after purchasing an additional 415,034 shares during the period. UBS Asset Management Americas Inc. increased its position in shares of Comerica by 41.2% during the fourth quarter. UBS Asset Management Americas Inc. now owns 1,370,278 shares of the financial services provider’s stock valued at $118,954,000 after purchasing an additional 399,618 shares during the period. Strycker View Capital LLC bought a new stake in shares of Comerica during the fourth quarter valued at approximately $24,003,000. Finally, BlackRock Inc. increased its position in shares of Comerica by 2.2% during the fourth quarter. BlackRock Inc. now owns 11,882,946 shares of the financial services provider’s stock valued at $1,031,560,000 after purchasing an additional 255,109 shares during the period. Institutional investors and hedge funds own 83.09% of the company’s stock.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.
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