Barclays PLC reissued their underweight rating on shares of Comerica Incorporated (NYSE:CMA) in a report issued on Wednesday, July 12th. The brokerage currently has a $76.00 target price on the financial services provider’s stock, up from their prior target price of $72.00.
A number of other equities research analysts have also issued reports on CMA. Jefferies Group LLC restated a buy rating on shares of Comerica in a research note on Tuesday, March 21st. Zacks Investment Research upgraded shares of Comerica from a hold rating to a buy rating and set a $80.00 target price on the stock in a research note on Tuesday, March 21st. Keefe, Bruyette & Woods set a $71.00 target price on shares of Comerica and gave the company a buy rating in a research note on Saturday, March 25th. Royal Bank Of Canada restated a buy rating and issued a $78.00 target price on shares of Comerica in a research note on Tuesday, April 4th. Finally, FBR & Co restated a market perform rating and issued a $74.00 target price on shares of Comerica in a research note on Wednesday, April 19th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company. Comerica presently has a consensus rating of Hold and a consensus price target of $71.63.
Comerica (NYSE CMA) opened at 73.46 on Wednesday. The stock’s 50 day moving average price is $73.21 and its 200-day moving average price is $70.63. The company has a market capitalization of $12.92 billion, a P/E ratio of 18.35 and a beta of 1.47. Comerica has a one year low of $44.55 and a one year high of $75.72.
Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The firm had revenue of $776 million for the quarter, compared to analyst estimates of $777.08 million. During the same quarter in the previous year, the business posted $0.58 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. Equities analysts forecast that Comerica will post $4.58 EPS for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This is a boost from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 annualized dividend and a dividend yield of 1.63%. Comerica’s dividend payout ratio (DPR) is 26.00%.
Comerica declared that its board has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $605.00 million in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Scout Investments Inc. boosted its position in Comerica by 0.6% in the second quarter. Scout Investments Inc. now owns 472,301 shares of the financial services provider’s stock valued at $34,591,000 after buying an additional 2,770 shares during the period. Principal Financial Group Inc. boosted its position in Comerica by 55.8% in the second quarter. Principal Financial Group Inc. now owns 430,289 shares of the financial services provider’s stock valued at $31,515,000 after buying an additional 154,084 shares during the period. BKS Advisors LLC boosted its position in Comerica by 16.8% in the second quarter. BKS Advisors LLC now owns 6,937 shares of the financial services provider’s stock valued at $508,000 after buying an additional 1,000 shares during the period. Keybank National Association OH boosted its position in Comerica by 43.5% in the second quarter. Keybank National Association OH now owns 238,507 shares of the financial services provider’s stock valued at $17,469,000 after buying an additional 72,301 shares during the period. Finally, Pacer Advisors Inc. boosted its position in Comerica by 20.2% in the second quarter. Pacer Advisors Inc. now owns 3,944 shares of the financial services provider’s stock valued at $289,000 after buying an additional 662 shares during the period. Institutional investors and hedge funds own 84.29% of the company’s stock.
Comerica Company Profile
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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