Comerica Incorporated (CMA) Earns Hold Rating from SunTrust Banks, Inc.
Comerica Incorporated (NYSE:CMA)‘s stock had its “hold” rating reissued by equities researchers at SunTrust Banks, Inc. in a research note issued to investors on Wednesday. They presently have a $80.00 price objective on the financial services provider’s stock. SunTrust Banks, Inc.’s target price would indicate a potential upside of 6.24% from the company’s previous close.
CMA has been the topic of a number of other research reports. FBR & Co upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price objective on the stock in a report on Friday, June 9th. Robert W. Baird restated a “hold” rating and issued a $70.00 price objective on shares of Comerica in a report on Friday, August 25th. Royal Bank Of Canada restated a “buy” rating and issued a $82.00 price objective on shares of Comerica in a report on Friday, September 8th. Sanford C. Bernstein restated a “market perform” rating and issued a $80.00 price objective (up previously from $78.00) on shares of Comerica in a report on Saturday, September 16th. Finally, Nomura increased their price objective on Comerica from $71.00 to $74.00 and gave the stock a “neutral” rating in a report on Thursday, September 28th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $76.72.
Shares of Comerica (NYSE CMA) traded down 1.14% on Wednesday, reaching $75.30. 1,606,266 shares of the company’s stock were exchanged. Comerica has a 12 month low of $47.12 and a 12 month high of $76.76. The firm’s 50 day moving average price is $70.56 and its 200-day moving average price is $70.78. The company 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 released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.07. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The firm had revenue of $776.00 million for the quarter, compared to the consensus estimate of $777.08 million. During the same quarter in the prior year, the company posted $0.58 earnings per share. The firm’s revenue was up 8.8% on a year-over-year basis. On average, equities analysts anticipate that Comerica will post $4.60 EPS for the current year.
Comerica announced that its board has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $605.00 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
In related news, insider Judith S. Love sold 21,000 shares of the firm’s stock in a transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Peter William Guilfoile sold 2,928 shares of the firm’s stock in a transaction 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. Insiders sold 44,249 shares of company stock valued at $3,095,383 over the last three months. 1.10% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. DnB Asset Management AS lifted its position in Comerica by 1.4% in the second quarter. DnB Asset Management AS now owns 81,311 shares of the financial services provider’s stock worth $5,955,000 after purchasing an additional 1,100 shares during the period. Chicago Equity Partners LLC lifted its position in Comerica by 25.0% in the second quarter. Chicago Equity Partners LLC now owns 36,540 shares of the financial services provider’s stock worth $2,676,000 after purchasing an additional 7,310 shares during the period. Pacad Investment Ltd. bought a new position in Comerica in the second quarter worth $1,147,000. BlueCrest Capital Management Ltd bought a new position in Comerica in the first quarter worth $1,029,000. Finally, Aviva PLC lifted its position in Comerica by 2.1% in the second quarter. Aviva PLC now owns 109,379 shares of the financial services provider’s stock worth $8,011,000 after purchasing an additional 2,220 shares during the period. 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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