Comerica (NYSE:CMA) had its price target cut by DA Davidson from $87.00 to $85.00 in a research report issued on Wednesday, AnalystRatings.com reports. The firm currently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s price objective indicates a potential upside of 7.24% from the company’s previous close. DA Davidson also issued estimates for Comerica’s FY2019 earnings at $8.20 EPS, Q1 2020 earnings at $2.05 EPS, Q2 2020 earnings at $2.10 EPS, Q3 2020 earnings at $2.19 EPS, Q4 2020 earnings at $2.18 EPS and FY2020 earnings at $8.51 EPS.
Other equities analysts have also issued reports about the stock. B. Riley lowered their price target on shares of Comerica from $87.00 to $80.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 26th. JPMorgan Chase & Co. lowered shares of Comerica from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $89.00 to $79.00 in a research report on Thursday, April 4th. Jefferies Financial Group lowered shares of Comerica from a “buy” rating to a “hold” rating and set a $84.00 price target on the stock. in a research report on Wednesday. BMO Capital Markets lowered shares of Comerica from an “outperform” rating to a “market perform” rating and set a $83.00 price target on the stock. in a research report on Thursday, February 14th. Finally, ValuEngine lowered shares of Comerica from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 21st. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $91.91.
CMA opened at $79.26 on Wednesday. The stock has a market cap of $12.47 billion, a P/E ratio of 10.95, a price-to-earnings-growth ratio of 1.14 and a beta of 1.43. Comerica has a twelve month low of $63.69 and a twelve month high of $101.05. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.86.
Comerica declared that its board has authorized a stock repurchase plan on Tuesday, January 22nd that permits the company to repurchase 15,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other news, EVP Megan D. Burkhart sold 7,443 shares of the business’s stock in a transaction that occurred on Wednesday, February 27th. The shares were sold at an average price of $87.55, for a total value of $651,634.65. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul R. Obermeyer sold 8,200 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $86.75, for a total transaction of $711,350.00. The disclosure for this sale can be found here. Insiders sold a total of 18,565 shares of company stock worth $1,603,348 over the last quarter. 0.98% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in shares of Comerica by 47.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,727,000 shares of the financial services provider’s stock valued at $245,975,000 after purchasing an additional 881,990 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Comerica during the 3rd quarter valued at about $206,000. Pacer Advisors Inc. boosted its holdings in shares of Comerica by 14.3% during the 3rd quarter. Pacer Advisors Inc. now owns 8,969 shares of the financial services provider’s stock valued at $809,000 after purchasing an additional 1,122 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Comerica by 16.8% during the 3rd quarter. Mackenzie Financial Corp now owns 176,862 shares of the financial services provider’s stock valued at $15,953,000 after purchasing an additional 25,408 shares during the last quarter. Finally, Captrust Financial Advisors boosted its holdings in shares of Comerica by 16,357.1% during the 3rd quarter. Captrust Financial Advisors now owns 2,304 shares of the financial services provider’s stock valued at $209,000 after purchasing an additional 2,290 shares during the last quarter. 84.40% of the stock is currently owned by institutional investors and hedge funds.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers 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 middle market businesses, multinational corporations, and governmental entities.
Featured Article: What is net income?
Receive News & Ratings for Comerica Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comerica and related companies with MarketBeat.com's FREE daily email newsletter.