FBR & Co Raises Comerica Inc. (CMA) Price Target to $52.00
Comerica Inc. (NYSE:CMA) had its price objective lifted by equities researchers at FBR & Co from $50.00 to $52.00 in a report released on Wednesday, StockTargetPrices.com reports. The brokerage presently has a “mkt perform” rating on the financial services provider’s stock. FBR & Co’s price objective would suggest a potential upside of 3.90% from the stock’s previous close.
Several other equities analysts also recently weighed in on CMA. Nomura reissued a “hold” rating on shares of Comerica in a research report on Saturday, July 9th. Barclays PLC reissued a “sell” rating on shares of Comerica in a research report on Saturday, July 9th. Leerink Swann reissued a “buy” rating on shares of Comerica in a research report on Sunday, July 17th. Zacks Investment Research raised Comerica from a “sell” rating to a “hold” rating in a research report on Thursday, October 13th. Finally, RBC Capital Markets reissued an “outperform” rating and set a $49.00 price target (up previously from $46.00) on shares of Comerica in a research report on Wednesday, July 20th. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eight have given a buy rating to the company. Comerica presently has a consensus rating of “Hold” and a consensus target price of $45.13.
Comerica (NYSE:CMA) opened at 50.05 on Wednesday. The company’s 50-day moving average price is $47.36 and its 200 day moving average price is $44.43. Comerica has a 1-year low of $30.48 and a 1-year high of $50.54. The firm has a market cap of $8.70 billion, a price-to-earnings ratio of 21.73 and a beta of 1.36.
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Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, October 18th. The financial services provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.11. Comerica had a return on equity of 6.03% and a net margin of 14.69%. During the same quarter in the prior year, the business earned $0.74 earnings per share. On average, equities analysts expect that Comerica will post $2.41 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th were given a $0.23 dividend. This is a boost from Comerica’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 1.84%. The ex-dividend date was Tuesday, September 13th. Comerica’s dividend payout ratio is 38.82%.
In other Comerica news, insider Paul R. Obermeyer sold 2,302 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $45.92, for a total value of $105,707.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.60% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Comerica by 2.2% in the second quarter. Vanguard Group Inc. now owns 15,324,597 shares of the financial services provider’s stock valued at $630,300,000 after buying an additional 332,956 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in shares of Comerica by 0.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,530,902 shares of the financial services provider’s stock valued at $171,585,000 after buying an additional 35,025 shares during the period. American Century Companies Inc. boosted its position in shares of Comerica by 4.8% in the second quarter. American Century Companies Inc. now owns 3,883,718 shares of the financial services provider’s stock valued at $159,737,000 after buying an additional 176,177 shares during the period. King Luther Capital Management Corp boosted its position in shares of Comerica by 2.9% in the second quarter. King Luther Capital Management Corp now owns 2,958,629 shares of the financial services provider’s stock valued at $121,688,000 after buying an additional 83,150 shares during the period. Finally, BlackRock Fund Advisors boosted its position in shares of Comerica by 1.0% in the second quarter. BlackRock Fund Advisors now owns 2,904,438 shares of the financial services provider’s stock valued at $119,460,000 after buying an additional 28,125 shares during the period. Hedge funds and other institutional investors own 84.59% of the company’s stock.
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
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