Comerica Receives “Neutral” Rating from Zacks (CMA)
Comerica (NYSE:CMA)‘s stock had its “neutral” rating reiterated by Zacks in a research report issued on Tuesday. They currently have a $51.00 price objective on the stock. Zacks‘s price target indicates a potential upside of 6.03% from the company’s current price.
Zacks’ analyst wrote, “Comerica continued the trend of impressive operating earnings as it outpaced the Zacks Consensus Estimate in first-quarter 2014. Also, it came above the prior-year quarter earnings as well. Results reflected declining expenses and lower provision for credit losses, partially offset by decline in top line. Further, announcement of capital deployment activities following the Fed’s approval of 2014 capital plan enhanced investors’ confidence in the stock. Going forward, we believe that continuous geographic diversification beyond the company’s traditional and slower-growing Midwest markets could drive growth over the coming quarters. However, an unsettled economic environment, regulatory overhangs and pressure on net interest margin continue to be our concerns. “
Several other analysts have also recently commented on the stock. Analysts at Sterne Agee initiated coverage on shares of Comerica in a research note on Friday. They set a “buy” rating on the stock. Separately, analysts at Nomura initiated coverage on shares of Comerica in a research note on Wednesday, May 14th. They set a “reduce” rating and a $40.00 price target on the stock. Finally, analysts at Northland Securities initiated coverage on shares of Comerica in a research note on Wednesday, May 14th. They set a “reduce” rating and a $40.00 price target on the stock. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the stock. Comerica presently has an average rating of “Hold” and a consensus target price of $46.36.
Shares of Comerica (NYSE:CMA) traded up 0.58% on Tuesday, hitting $48.38. The stock had a trading volume of 478,428 shares. Comerica has a 52 week low of $37.00 and a 52 week high of $53.50. The stock has a 50-day moving average of $47.65 and a 200-day moving average of $47.64. The company has a market cap of $8.789 billion and a P/E ratio of 16.70.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, April 15th. The company reported $0.73 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.72 by $0.01. During the same quarter last year, the company posted $0.70 earnings per share. On average, analysts predict that Comerica will post $3.03 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Tuesday, July 1st. Shareholders of record on Friday, June 13th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend is Wednesday, June 11th. This is a positive change from Comerica’s previous quarterly dividend of $0.19.
In other Comerica news, EVP Paul R. Obermeyer unloaded 8,057 shares of the company’s stock on the open market in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $47.15, for a total value of $379,887.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Comerica Incorporated (NYSE:CMA) is a financial services company.
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