Zacks Reiterates Neutral Rating for Comerica (CMA)
Comerica (NYSE:CMA)‘s stock had its “neutral” rating reaffirmed by Zacks in a research report issued on Monday. They currently have a $53.00 price target on the stock. Zacks‘s price target would indicate a potential upside of 5.28% from the stock’s previous close.
Zacks’ analyst wrote, “Comerica continued the trend of impressive operating earnings as it outpaced the Zacks Consensus Estimate in second-quarter 2014. Earnings were also higher than the prior-year quarter figure. Results reflected declining expenses and lower provision for credit losses, partially offset by a fall in top line. The company’s healthy capital position, improving credit quality and steady capital deployment activities were the other positives in the quarter. 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 concerns.”
Comerica (NYSE:CMA) traded up 0.58% during mid-day trading on Monday, hitting $50.34. The stock had a trading volume of 663,894 shares. Comerica has a 52-week low of $38.56 and a 52-week high of $53.50. The stock has a 50-day moving average of $49.73 and a 200-day moving average of $49.18. The company has a market cap of $9.103 billion and a P/E ratio of 17.08.
Comerica (NYSE:CMA) last posted its quarterly earnings results on Tuesday, July 15th. The company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.04. During the same quarter in the prior year, the company posted $0.76 earnings per share. Analysts expect that Comerica will post $3.12 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.59%. The ex-dividend date is Thursday, September 11th.
In other Comerica news, EVP Jon W. Bilstrom sold 3,683 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $50.56, for a total value of $186,212.48. The sale was disclosed in a legal filing with the SEC, which is available at this link.
A number of other analysts have also recently weighed in on CMA. Analysts at Susquehanna upgraded shares of Comerica from a “negative” rating to a “neutral” rating in a research note on Tuesday, August 5th. They now have a $49.00 price target on the stock, up previously from $39.00. Separately, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Comerica in a research note on Wednesday, July 16th. They now have a $61.00 price target on the stock, up previously from $56.00. Finally, analysts at Bernstein raised their price target on shares of Comerica from $40.00 to $44.00 in a research note on Wednesday, July 16th. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $50.00.
Comerica Incorporated (NYSE:CMA) is a financial services company.
To view Zacks’ full report, visit Zacks’ official website.
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