Comerica Incorporated (NYSE:CMA) was upgraded by investment analysts at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a report issued on Tuesday.
Other research analysts have also issued reports about the company. Jefferies Group LLC reiterated a “buy” rating and set a $81.00 target price on shares of Comerica in a report on Monday, May 15th. FBR & Co set a $79.00 target price on Comerica and gave the stock a “buy” rating in a report on Tuesday, July 18th. Stephens reiterated a “buy” rating and set a $80.00 target price on shares of Comerica in a report on Tuesday, July 18th. BidaskClub lowered Comerica from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $78.00 target price on shares of Comerica in a report on Friday, June 16th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $74.19.
Comerica (CMA) opened at 66.75 on Tuesday. The firm has a market capitalization of $11.74 billion, a price-to-earnings ratio of 16.67 and a beta of 1.49. Comerica has a 52-week low of $45.14 and a 52-week high of $75.72. The company’s 50-day moving average price is $70.54 and its 200 day moving average price is $70.74.
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. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The business had revenue of $776 million for the quarter, compared to analyst estimates of $777.08 million. During the same period last year, the company earned $0.58 EPS. The firm’s revenue was up 8.8% on a year-over-year basis. Equities analysts predict that Comerica will post $4.58 earnings per share for the current fiscal year.
Comerica announced that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $605.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
In related news, insider Paul R. Obermeyer sold 20,321 shares of Comerica stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total value of $1,427,347.04. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Peter William Guilfoile sold 2,928 shares of Comerica stock in a transaction dated Monday, August 28th. The shares were 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. In the last ninety days, insiders sold 44,249 shares of company stock worth $3,095,383. 1.10% of the stock is owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. TrimTabs Asset Management LLC acquired a new stake in shares of Comerica in the first quarter valued at about $111,000. Exane Derivatives acquired a new stake in shares of Comerica in the second quarter valued at about $125,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Comerica in the first quarter valued at about $127,000. Point72 Asia Hong Kong Ltd increased its position in shares of Comerica by 19.3% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock valued at $137,000 after acquiring an additional 323 shares during the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its position in shares of Comerica by 0.3% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock valued at $169,000 after acquiring an additional 8 shares during the last quarter. 82.52% of the stock is currently owned by institutional investors and hedge funds.
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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