Comerica Incorporated (CMA) Rating Reiterated by Keefe, Bruyette & Woods
Comerica Incorporated (NYSE:CMA)‘s stock had its “buy” rating restated by Keefe, Bruyette & Woods in a report released on Friday. They currently have a $79.00 price objective on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 7.60% from the company’s previous close.
Other research analysts also recently issued reports about the company. FBR & Co set a $79.00 price objective on Comerica and gave the stock a “buy” rating in a research report on Tuesday, July 18th. Stephens restated a “buy” rating and set a $80.00 price objective on shares of Comerica in a research report on Tuesday, July 18th. Jefferies Group LLC restated a “buy” rating and set a $81.00 price objective on shares of Comerica in a research report on Friday, July 14th. BidaskClub downgraded Comerica from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Finally, Zacks Investment Research upgraded Comerica from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research report on Thursday, August 3rd. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $76.25.
Comerica (CMA) traded up 0.12% during midday trading on Friday, hitting $73.42. The company had a trading volume of 1,023,469 shares. The stock has a market cap of $12.92 billion, a PE ratio of 18.34 and a beta of 1.49. Comerica has a 52-week low of $45.14 and a 52-week high of $75.72. The stock’s 50-day moving average price is $69.91 and its 200-day moving average price is $70.59.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the Thomson Reuters’ 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 quarterly revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.58 EPS. On average, equities research analysts expect that Comerica will post $4.60 EPS for the current fiscal year.
Comerica announced that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $605.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
In related news, 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 transaction of $203,496.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Judith S. Love sold 21,000 shares of the company’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total transaction of $1,464,540.00. The disclosure for this sale can be found here. Insiders have sold a total of 44,249 shares of company stock valued at $3,095,383 over the last three months. Corporate insiders own 1.10% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. USA Financial Portformulas Corp purchased a new stake in Comerica during the 2nd quarter worth $536,000. Sentry Investment Management LLC boosted its position in Comerica by 1.2% during the 2nd quarter. Sentry Investment Management LLC now owns 11,711 shares of the financial services provider’s stock worth $858,000 after purchasing an additional 142 shares during the period. Toronto Dominion Bank boosted its position in Comerica by 25.6% during the 2nd quarter. Toronto Dominion Bank now owns 59,927 shares of the financial services provider’s stock worth $4,388,000 after purchasing an additional 12,207 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Comerica during the 2nd quarter worth $1,032,000. Finally, Nomura Holdings Inc. purchased a new stake in Comerica during the 2nd quarter worth $63,375,000. 82.45% of the stock is owned by hedge funds and other institutional investors.
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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