Comerica Incorporated (CMA) Price Target Raised to $86.00 at Nomura
Comerica Incorporated (NYSE:CMA) had its target price upped by analysts at Nomura from $74.00 to $86.00 in a research note issued to investors on Monday. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Nomura’s target price points to a potential upside of 9.50% from the stock’s current price.
Other research analysts have also recently issued research reports about the stock. Instinet reiterated a “neutral” rating and issued a $71.00 price target (up previously from $68.00) on shares of Comerica in a report on Wednesday, July 12th. Barclays PLC restated an “underweight” rating and set a $76.00 target price (up previously from $72.00) on shares of Comerica in a report on Wednesday, July 12th. Morgan Stanley restated an “equal weight” rating and set a $75.00 target price (up previously from $71.00) on shares of Comerica in a report on Thursday, July 6th. BidaskClub cut shares of Comerica from a “hold” rating to a “sell” rating in a report on Monday, August 14th. Finally, FBR & Co set a $79.00 target price on shares of Comerica and gave the stock a “buy” rating in a report on Tuesday, July 18th. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the stock. Comerica currently has an average rating of “Hold” and an average target price of $77.60.
Shares of Comerica (CMA) traded down 0.67% during midday trading on Monday, hitting $78.54. 2,229,679 shares of the company’s stock were exchanged. The company has a 50-day moving average of $73.05 and a 200-day moving average of $71.53. The firm has a market cap of $13.64 billion, a price-to-earnings ratio of 17.79 and a beta of 1.51. Comerica has a 52 week low of $49.81 and a 52 week high of $79.22.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.23 by $0.03. The company had revenue of $821.00 million during the quarter, compared to analysts’ expectations of $812.83 million. Comerica had a net margin of 24.87% and a return on equity of 10.35%. During the same quarter in the prior year, the company earned $0.84 earnings per share. Equities research analysts expect that Comerica will post $4.68 EPS for the current fiscal year.
Comerica declared that its Board of Directors has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to repurchase $605.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Peter William Guilfoile sold 2,928 shares of the stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $69.50, for a total value of $203,496.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Paul R. Obermeyer sold 20,321 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total transaction of $1,427,347.04. The disclosure for this sale can be found here. Insiders sold 44,249 shares of company stock worth $3,095,383 over the last three months. Insiders own 1.10% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. DnB Asset Management AS raised its position in shares of Comerica by 1.4% in the second quarter. DnB Asset Management AS now owns 81,311 shares of the financial services provider’s stock valued at $5,955,000 after purchasing an additional 1,100 shares during the period. Chicago Equity Partners LLC raised its position in shares of Comerica by 25.0% in the second quarter. Chicago Equity Partners LLC now owns 36,540 shares of the financial services provider’s stock valued at $2,676,000 after purchasing an additional 7,310 shares during the period. Pacad Investment Ltd. bought a new position in shares of Comerica in the second quarter valued at about $1,147,000. Delta Lloyd Asset Management N.V. bought a new position in shares of Comerica in the second quarter valued at about $1,876,000. Finally, BlackRock Inc. raised its position in shares of Comerica by 0.5% in the second quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock valued at $829,069,000 after purchasing an additional 51,426 shares during the period. 82.45% of the stock is currently owned by institutional investors.
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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