Comerica Incorporated (CMA) Stock Rating Reaffirmed by Sanford C. Bernstein
Comerica Incorporated (NYSE:CMA)‘s stock had its “market perform” rating restated by equities research analysts at Sanford C. Bernstein in a research note issued to investors on Saturday. They currently have a $80.00 target price on the financial services provider’s stock, up from their previous target price of $78.00. Sanford C. Bernstein’s target price suggests a potential upside of 15.79% from the company’s current price.
Several other brokerages have also weighed in on CMA. FBR & Co raised Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price objective for the company in a report on Friday, June 9th. Zacks Investment Research raised Comerica from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a report on Thursday, August 17th. Piper Jaffray Companies reissued a “hold” rating and issued a $76.00 price objective on shares of Comerica in a report on Friday, September 1st. Morgan Stanley reissued an “equal weight” rating and issued a $75.00 price objective (up from $71.00) on shares of Comerica in a report on Thursday, July 6th. Finally, Wells Fargo & Company started coverage on Comerica in a report on Wednesday, August 9th. They issued a “market perform” rating and a $73.00 price objective for the company. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $74.76.
Shares of Comerica (CMA) opened at 69.09 on Friday. Comerica has a 12 month low of $45.14 and a 12 month high of $75.72. The firm has a market capitalization of $12.15 billion, a PE ratio of 17.26 and a beta of 1.49. The company has a 50 day moving average price of $69.96 and a 200-day moving average price of $70.65.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.07. The business had revenue of $776.00 million for the quarter, compared to analyst estimates of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.58 earnings per share. Equities research analysts expect that Comerica will post $4.60 EPS for the current fiscal year.
Comerica declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that allows the company to buyback $605.00 million in shares. This buyback authorization allows the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In other news, insider Paul R. Obermeyer sold 20,321 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total transaction of $1,427,347.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Judith S. Love sold 21,000 shares of the business’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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,249 shares of company stock valued at $3,095,383. Insiders own 1.10% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its position in shares of Comerica by 0.3% during the second 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 buying an additional 8 shares during the period. National Planning Corp boosted its position in shares of Comerica by 0.4% during the second quarter. National Planning Corp now owns 5,763 shares of the financial services provider’s stock worth $429,000 after buying an additional 21 shares during the period. Contravisory Investment Management Inc. boosted its position in shares of Comerica by 0.7% during the second quarter. Contravisory Investment Management Inc. now owns 3,588 shares of the financial services provider’s stock worth $263,000 after buying an additional 25 shares during the period. Jaffetilchin Investment Partners LLC boosted its position in shares of Comerica by 0.4% during the first quarter. Jaffetilchin Investment Partners LLC now owns 7,550 shares of the financial services provider’s stock worth $518,000 after buying an additional 32 shares during the period. Finally, Veritable L.P. boosted its position in shares of Comerica by 0.3% during the second quarter. Veritable L.P. now owns 10,844 shares of the financial services provider’s stock worth $794,000 after buying an additional 32 shares during the period. 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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