Comerica Inc. (NYSE:CMA) – Stock analysts at Jefferies Group decreased their FY2016 earnings estimates for Comerica in a report released on Tuesday. Jefferies Group analyst K. Usdin now forecasts that the firm will earn $2.75 per share for the year, down from their prior estimate of $2.76. Jefferies Group also issued estimates for Comerica’s Q4 2016 earnings at $0.86 EPS and FY2017 earnings at $3.60 EPS.
A number of other equities research analysts have also recently commented on CMA. Zacks Investment Research cut shares of Comerica from a “hold” rating to a “sell” rating in a report on Tuesday, June 21st. Bank of America Corp. cut shares of Comerica from a “neutral” rating to an “underperform” rating and increased their price target for the company from $30.48 to $36.00 in a report on Wednesday, June 29th. BMO Capital Markets reiterated a “market perform” rating and set a $41.00 price target (down previously from $45.00) on shares of Comerica in a report on Wednesday, July 6th. JPMorgan Chase & Co. cut their price target on shares of Comerica from $47.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday, July 7th. Finally, Wells Fargo & Co. upgraded shares of Comerica from an “underperform” rating to a “market perform” rating in a report on Friday, July 8th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Comerica currently has a consensus rating of “Hold” and an average price target of $45.04.
Shares of Comerica (NYSE:CMA) opened at 48.40 on Friday. The firm’s 50-day moving average is $47.25 and its 200-day moving average is $44.18. Comerica has a one year low of $30.48 and a one year high of $49.75. The company has a market cap of $8.42 billion, a PE ratio of 21.02 and a beta of 1.36.
Comerica (NYSE:CMA) last issued its earnings results on Tuesday, July 19th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by $0.11. Comerica had a net margin of 14.69% and a return on equity of 6.03%.
Institutional investors have recently modified their holdings of the company. Global X Management Co. LLC boosted its position in shares of Comerica by 128.8% in the second quarter. Global X Management Co. LLC now owns 2,862 shares of the financial services provider’s stock worth $118,000 after buying an additional 1,611 shares during the last quarter. Pacer Advisors Inc. boosted its position in Comerica by 9.0% in the second quarter. Pacer Advisors Inc. now owns 2,966 shares of the financial services provider’s stock worth $122,000 after buying an additional 244 shares in the last quarter. Tredje AP fonden boosted its position in Comerica by 733.9% in the second quarter. Tredje AP fonden now owns 4,920 shares of the financial services provider’s stock worth $202,000 after buying an additional 4,330 shares in the last quarter. American National Registered Investment Advisor Inc. purchased a new position in Comerica during the second quarter worth approximately $206,000. Finally, Dillon & Associates Inc. purchased a new position in Comerica during the second quarter worth approximately $211,000. 84.59% of the stock is owned by institutional investors and hedge funds.
In other Comerica news, insider Paul R. Obermeyer sold 2,302 shares of Comerica stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $45.92, for a total value of $105,707.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.60% of the stock is currently owned by company insiders.
The firm also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th were paid a $0.23 dividend. This is a boost from Comerica’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date was Tuesday, September 13th. Comerica’s dividend payout ratio (DPR) is presently 38.82%.
Comerica Company Profile
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
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