Comerica Incorporated (NYSE:CMA)‘s stock had its “buy” rating reissued by analysts at Jefferies Group LLC in a research report issued to clients and investors on Tuesday.
A number of other research analysts have also weighed in on CMA. Keefe, Bruyette & Woods raised shares of Comerica from a “market perform” rating to an “outperform” rating and raised their target price for the company from $53.00 to $68.00 in a report on Tuesday, November 29th. Wedbush raised their target price on shares of Comerica from $58.00 to $61.00 and gave the company a “neutral” rating in a report on Wednesday, November 30th. Sandler O’Neill lowered shares of Comerica from a “buy” rating to a “hold” rating in a report on Wednesday, November 30th. Bank of America Corp raised shares of Comerica from an “underperform” rating to a “neutral” rating in a report on Thursday, December 15th. Finally, Stephens raised shares of Comerica from an “equal weight” rating to an “overweight” rating in a report on Monday, December 19th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and ten have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $51.65.
Shares of Comerica (NYSE:CMA) opened at 70.65 on Tuesday. The company’s 50-day moving average is $70.94 and its 200-day moving average is $60.97. Comerica has a 12-month low of $36.27 and a 12-month high of $75.00. The company has a market capitalization of $12.42 billion, a price-to-earnings ratio of 26.36 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.05. Comerica had a net margin of 16.00% and a return on equity of 6.92%. The firm earned $722 million during the quarter, compared to analyst estimates of $728.90 million. During the same period last year, the firm posted $0.71 earnings per share. Comerica’s revenue for the quarter was up 3.3% compared to the same quarter last year. Analysts predict that Comerica will post $4.01 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, April 1st. Stockholders of record on Wednesday, March 15th will be given a dividend of $0.23 per share. The ex-dividend date is Monday, March 13th. This represents a $0.92 annualized dividend and a dividend yield of 1.30%. Comerica’s dividend payout ratio (DPR) is 34.33%.
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In other news, insider Paul R. Obermeyer sold 15,235 shares of Comerica stock in a transaction on Tuesday, January 31st. The stock was sold at an average price of $67.79, for a total transaction of $1,032,780.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Muneera S. Carr sold 1,125 shares of Comerica stock in a transaction on Friday, January 20th. The stock was sold at an average price of $66.82, for a total value of $75,172.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 142,428 shares of company stock valued at $9,614,020. Corporate insiders own 1.60% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp increased its stake in Comerica by 7.2% in the fourth quarter. State Street Corp now owns 9,058,993 shares of the financial services provider’s stock valued at $617,001,000 after buying an additional 609,141 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Comerica by 2.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 4,529,890 shares of the financial services provider’s stock valued at $214,354,000 after buying an additional 92,039 shares during the last quarter. Norges Bank purchased a new stake in Comerica during the fourth quarter valued at $283,880,000. BlackRock Fund Advisors increased its stake in Comerica by 4.1% in the third quarter. BlackRock Fund Advisors now owns 3,024,167 shares of the financial services provider’s stock valued at $143,104,000 after buying an additional 119,729 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in 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 during the last quarter. Hedge funds and other 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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