Comerica Incorporated (CMA) Rating Reiterated by FBR & Co
Comerica Incorporated (NYSE:CMA)‘s stock had its “buy” rating reissued by stock analysts at FBR & Co in a research note issued to investors on Friday. They presently have a $79.00 price objective on the financial services provider’s stock. FBR & Co’s price target would indicate a potential upside of 22.06% from the stock’s previous close.
A number of other equities analysts also recently commented on the stock. BidaskClub upgraded shares of Comerica from a “sell” rating to a “hold” rating in a report on Tuesday, August 8th. Zacks Investment Research downgraded shares of Comerica from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Wells Fargo & Company began coverage on shares of Comerica in a report on Wednesday, August 9th. They issued a “market perform” rating and a $73.00 target price for the company. Piper Jaffray Companies reiterated a “hold” rating and issued a $76.00 target price on shares of Comerica in a report on Friday, September 1st. Finally, Robert W. Baird reiterated a “hold” rating and issued a $70.00 target price on shares of Comerica in a report on Friday, August 25th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $73.94.
Comerica (NYSE CMA) traded up 0.40% during mid-day trading on Friday, reaching $64.72. 1,703,665 shares of the company’s stock were exchanged. The company’s 50-day moving average is $70.82 and its 200 day moving average is $70.82. The firm has a market capitalization of $11.38 billion, a P/E ratio of 16.16 and a beta of 1.49. Comerica has a one year low of $45.14 and a one year high of $75.72.
Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The company had revenue of $776 million during the quarter, compared to analyst estimates of $777.08 million. During the same period in the prior year, the firm earned $0.58 earnings per share. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. Equities analysts predict that Comerica will post $4.59 earnings per share for the current fiscal year.
Comerica declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that allows the company to repurchase $605.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
In other Comerica news, insider Judith S. Love sold 21,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total value of $1,464,540.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Peter William Guilfoile sold 2,928 shares of the company’s stock in a transaction that occurred on Monday, August 28th. The stock was 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 quarter, insiders sold 44,249 shares of company stock worth $3,095,383. 1.10% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in CMA. TrimTabs Asset Management LLC purchased a new stake in Comerica in the 1st quarter worth approximately $111,000. Exane Derivatives purchased a new stake in Comerica in the 2nd quarter worth approximately $125,000. Oppenheimer Asset Management Inc. purchased a new stake in Comerica in the 1st quarter worth approximately $127,000. Point72 Asia Hong Kong Ltd boosted its position in Comerica by 19.3% in the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock worth $137,000 after purchasing an additional 323 shares in the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its position in Comerica by 0.3% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock worth $169,000 after purchasing an additional 8 shares in the last quarter. Institutional investors and hedge funds own 82.52% of the company’s stock.
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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