Wedbush began coverage on shares of Comerica Inc. (NYSE:CMA) in a report released on Thursday morning. The firm issued a neutral rating and a $49.00 target price on the financial services provider’s stock.
Other equities research analysts also recently issued research reports about the company. Nomura restated a hold rating on shares of Comerica in a report on Saturday, July 9th. Barclays PLC reiterated a sell rating on shares of Comerica in a report on Saturday, July 9th. Leerink Swann reiterated a buy rating on shares of Comerica in a report on Sunday, July 17th. JPMorgan Chase & Co. decreased their price target on Comerica from $47.00 to $43.00 and set a neutral rating for the company in a report on Thursday, July 7th. Finally, Zacks Investment Research upgraded Comerica from a sell rating to a hold rating in a report on Thursday, June 30th. Two research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $45.04.
Comerica (NYSE:CMA) opened at 48.64 on Thursday. The company has a market cap of $8.46 billion, a PE ratio of 21.12 and a beta of 1.36. The firm’s 50-day moving average price is $47.04 and its 200 day moving average price is $44.05. Comerica has a 52-week low of $30.48 and a 52-week high of $49.75.
Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.11. Comerica had a net margin of 14.69% and a return on equity of 6.03%. On average, equities analysts predict that Comerica will post $2.41 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Investors of record on Thursday, September 15th were issued a dividend of $0.23 per share. This is a boost from Comerica’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.92 dividend on an annualized basis and a yield of 1.89%. Comerica’s dividend payout ratio is 38.82%.
In related news, insider Paul R. Obermeyer sold 2,302 shares of the stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $45.92, for a total transaction of $105,707.84. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 1.60% of the company’s stock.
A number of hedge funds have recently modified their holdings of CMA. Global X Management Co. LLC boosted its stake 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 period. Pacer Advisors Inc. boosted its stake in shares of 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 during the period. Tredje AP fonden boosted its stake in shares of 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 during the period. American National Registered Investment Advisor Inc. bought a new stake in shares of Comerica during the second quarter worth about $206,000. Finally, Dillon & Associates Inc. bought a new stake in shares of Comerica during the second quarter worth about $211,000. 84.59% of the stock is currently owned by institutional investors and hedge funds.
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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