Zacks Investment Research upgraded shares of Comerica Incorporated (NYSE:CMA) from a hold rating to a buy rating in a research note published on Tuesday morning. Zacks Investment Research currently has $80.00 target price on the financial services provider’s stock.
According to Zacks, “Comerica’s shares outperformed the Zacks categorized Regional Banks-Major industry over the last six months. The company’s growth prospects look promising as it revised the financial targets for its revenue and efficiency initiatives (GEAR Up). Further, easing of pressure on margin driven by the Fed interest rate hikes (in Dec 2015 and Mar 2017) is encouraging. While consistently increasing provisions and several regulatory overhangs remain near term concerns, the company has seen its loan portfolio improving over the years. Also, the company’s active involvement in capital deployment activities acts as a tailwind.”
Other analysts also recently issued reports about the company. Jefferies Group LLC upgraded Comerica from a hold rating to a buy rating in a research report on Monday, November 28th. Sandler O’Neill downgraded Comerica from a buy rating to a hold rating in a research report on Tuesday, January 31st. Sanford C. Bernstein reiterated a market perform rating on shares of Comerica in a research report on Wednesday, December 28th. FBR & Co reiterated a market perform rating on shares of Comerica in a research report on Tuesday, January 17th. Finally, Robert W. Baird downgraded Comerica from an outperform rating to a neutral rating in a research report on Tuesday, January 31st. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the stock. Comerica presently has an average rating of Hold and an average target price of $53.12.
Shares of Comerica (NYSE:CMA) opened at 67.23 on Tuesday. Comerica has a 12 month low of $36.27 and a 12 month high of $75.00. The company’s 50 day moving average price is $70.89 and its 200-day moving average price is $61.61. The firm has a market capitalization of $11.82 billion, a P/E ratio of 25.09 and a beta of 1.43.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, January 17th. The financial services provider reported $0.92 EPS for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.05. The company had revenue of $722 million for the quarter, compared to the consensus estimate of $728.90 million. Comerica had a return on equity of 6.92% and a net margin of 16.00%. Comerica’s quarterly revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.71 earnings per share. On average, equities analysts predict that Comerica will post $4.01 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Saturday, April 1st. Investors of record on Wednesday, March 15th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Monday, March 13th. This represents a $0.92 annualized dividend and a yield of 1.37%. Comerica’s payout ratio is currently 34.33%.
In other news, Director De Ven Michael G. Van purchased 5,000 shares of the company’s stock in a transaction on Wednesday, January 25th. The stock was bought at an average cost of $69.14 per share, for a total transaction of $345,700.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Judith S. Love sold 36,900 shares of the company’s stock in a transaction dated Friday, January 20th. The stock was sold at an average price of $66.77, for a total value of $2,463,813.00. The disclosure for this sale can be found here. Insiders sold 142,428 shares of company stock valued at $9,614,020 over the last quarter. Insiders own 1.60% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. BlackRock Advisors LLC raised its stake in shares of Comerica by 1.3% in the third quarter. BlackRock Advisors LLC now owns 174,414 shares of the financial services provider’s stock valued at $8,253,000 after buying an additional 2,266 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Comerica by 16.5% in the third quarter. Bank of New York Mellon Corp now owns 2,655,745 shares of the financial services provider’s stock valued at $125,671,000 after buying an additional 377,060 shares in the last quarter. Tudor Investment Corp Et Al raised its stake in shares of Comerica by 36.1% in the fourth quarter. Tudor Investment Corp Et Al now owns 28,155 shares of the financial services provider’s stock valued at $1,918,000 after buying an additional 7,464 shares in the last quarter. EJF Capital LLC purchased a new stake in shares of Comerica during the third quarter valued at approximately $28,392,000. Finally, Two Sigma Advisers LP raised its stake in shares of Comerica by 1,260.9% in the third quarter. Two Sigma Advisers LP now owns 674,194 shares of the financial services provider’s stock valued at $31,903,000 after buying an additional 624,655 shares in the last quarter. Institutional investors own 81.74% of the company’s stock.
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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