Comerica Incorporated (CMA) Earns Equal Weight Rating from Morgan Stanley
Comerica Incorporated (NYSE:CMA)‘s stock had its “equal weight” rating restated by equities research analysts at Morgan Stanley in a research note issued to investors on Wednesday. They presently have a $79.00 target price on the financial services provider’s stock, up from their prior target price of $76.00. Morgan Stanley’s target price indicates a potential upside of 4.91% from the stock’s current price.
A number of other brokerages have also recently commented on CMA. FBR & Co raised Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 target price on the stock 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 target price on the stock in a report on Thursday, August 17th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $76.00 target price on shares of Comerica in a report on Friday, September 1st. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $80.00 target price (up from $78.00) on shares of Comerica in a report on Saturday, September 16th. Finally, Wells Fargo & Company initiated coverage on Comerica in a report on Wednesday, August 9th. They issued a “market perform” rating and a $73.00 target price on the stock. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $76.72.
Shares of Comerica (NYSE CMA) traded down 1.14% during trading on Wednesday, hitting $75.30. The stock had a trading volume of 1,606,266 shares. The stock’s 50-day moving average price is $70.56 and its 200 day moving average price is $70.78. Comerica has a 1-year low of $47.12 and a 1-year high of $76.76. The firm has a market capitalization of $13.25 billion, a P/E ratio of 18.81 and a beta of 1.51.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.07. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The company had revenue of $776.00 million for the quarter, compared to analysts’ expectations of $777.08 million. During the same period last year, the firm earned $0.58 EPS. Comerica’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, analysts anticipate that Comerica will post $4.60 earnings per share for the current year.
Comerica declared that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that permits the company to buyback $605.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, insider Judith S. Love sold 21,000 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total transaction of $1,464,540.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Paul R. Obermeyer sold 20,321 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total value of $1,427,347.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,249 shares of company stock valued at $3,095,383. Company insiders own 1.10% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Comerica by 6.7% during the second quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock valued at $1,330,147,000 after purchasing an additional 1,142,275 shares in the last quarter. BlackRock Inc. grew its position in Comerica by 0.5% in the second quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock worth $829,069,000 after acquiring an additional 51,426 shares in the last quarter. State Street Corp grew its position in Comerica by 11.3% in the second quarter. State Street Corp now owns 9,990,021 shares of the financial services provider’s stock worth $731,672,000 after acquiring an additional 1,010,965 shares in the last quarter. JPMorgan Chase & Co. grew its position in Comerica by 22.3% in the second quarter. JPMorgan Chase & Co. now owns 5,040,167 shares of the financial services provider’s stock worth $369,142,000 after acquiring an additional 919,333 shares in the last quarter. Finally, King Luther Capital Management Corp grew its position in Comerica by 1.8% in the first quarter. King Luther Capital Management Corp now owns 2,958,144 shares of the financial services provider’s stock worth $202,870,000 after acquiring an additional 51,008 shares in the last quarter. Hedge funds and other institutional investors own 82.45% 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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