Comerica Incorporated (CMA) Rating Reiterated by Royal Bank Of Canada
Comerica Incorporated (NYSE:CMA)‘s stock had its “buy” rating restated by analysts at Royal Bank Of Canada in a note issued to investors on Friday. They currently have a $82.00 price objective on the financial services provider’s stock. Royal Bank Of Canada’s price target indicates a potential upside of 26.70% from the company’s current price.
CMA has been the subject of several other research reports. FBR & Co raised Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price target for the company in a research note on Friday, June 9th. Robert W. Baird reaffirmed a “hold” rating and set a $70.00 target price on shares of Comerica in a research report on Friday, August 25th. Morgan Stanley upped their target price on Comerica from $70.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 6th. BidaskClub cut Comerica from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Finally, Zacks Investment Research cut Comerica from a “buy” rating to a “hold” rating in a research report on Wednesday, August 23rd. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $74.19.
Shares of Comerica (NYSE:CMA) opened at 64.72 on Friday. The stock has a market cap of $11.38 billion, a price-to-earnings ratio of 16.16 and a beta of 1.49. Comerica has a 1-year low of $45.14 and a 1-year high of $75.72. The stock’s 50 day moving average is $70.60 and its 200-day moving average is $70.77.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.07. The business had revenue of $776 million during the quarter, compared to analysts’ expectations of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.58 EPS. On average, analysts anticipate that Comerica will post $4.59 EPS for the current year.
Comerica declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $605.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
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In related news, insider Paul R. Obermeyer sold 20,321 shares of the company’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total value of $1,427,347.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Peter William Guilfoile sold 2,928 shares of the company’s stock in a transaction on 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. Insiders sold 44,249 shares of company stock valued at $3,095,383 over the last 90 days. 1.10% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its stake 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 purchasing an additional 8 shares in the last quarter. National Planning Corp raised its stake in shares of Comerica by 0.4% in the second quarter. National Planning Corp now owns 5,763 shares of the financial services provider’s stock valued at $429,000 after purchasing an additional 21 shares in the last quarter. Contravisory Investment Management Inc. raised its stake in shares of Comerica by 0.7% in the second quarter. Contravisory Investment Management Inc. now owns 3,588 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 25 shares in the last quarter. Jaffetilchin Investment Partners LLC raised its stake in shares of Comerica by 0.4% in the first quarter. Jaffetilchin Investment Partners LLC now owns 7,550 shares of the financial services provider’s stock valued at $518,000 after purchasing an additional 32 shares in the last quarter. Finally, Veritable L.P. raised its stake in shares of Comerica by 0.3% in the second quarter. Veritable L.P. now owns 10,844 shares of the financial services provider’s stock valued at $794,000 after purchasing an additional 32 shares in the last quarter. Institutional investors and hedge funds own 82.52% of the company’s stock.
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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