Citigroup Inc. Reiterates “Sell” Rating for Comerica Incorporated (CMA)

Citigroup Inc. restated their sell rating on shares of Comerica Incorporated (NYSE:CMA) in a research report report published on Monday morning. The brokerage currently has a $69.00 price target on the financial services provider’s stock, up from their prior price target of $65.00.

Several other analysts also recently issued reports on CMA. BidaskClub raised Comerica from a sell rating to a hold rating in a research note on Tuesday, August 8th. Zacks Investment Research downgraded Comerica from a buy rating to a hold rating in a research note on Friday, August 4th. Wells Fargo & Company began coverage on Comerica in a research note on Wednesday, August 9th. They issued a market perform rating and a $73.00 price target on the stock. Instinet reissued a neutral rating and issued a $74.00 price target (up previously from $71.00) on shares of Comerica in a research note on Saturday, September 30th. Finally, Nomura lifted their price target on Comerica from $71.00 to $74.00 and gave the company a neutral rating in a research note on Thursday, September 28th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $76.32.

Comerica (CMA) opened at 75.83 on Monday. The firm has a 50-day moving average price of $71.81 and a 200 day moving average price of $71.17. The firm has a market capitalization of $13.34 billion, a price-to-earnings ratio of 18.94 and a beta of 1.51. Comerica has a 12 month low of $47.88 and a 12 month high of $77.95.

Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.07. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The firm had revenue of $776.00 million for the quarter, compared to the consensus estimate of $777.08 million. During the same quarter last year, the business posted $0.58 EPS. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. On average, equities analysts forecast that Comerica will post $4.63 EPS for the current year.

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Comerica announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to buyback $605.00 million in shares. This buyback authorization permits the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Sunday, October 1st. Stockholders of record on Friday, September 15th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Thursday, September 14th. This is a boost from Comerica’s previous quarterly dividend of $0.26. Comerica’s payout ratio is currently 30.00%.

In related news, insider Peter William Guilfoile sold 2,928 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $69.50, for a total value of $203,496.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Paul R. Obermeyer sold 20,321 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total value of $1,427,347.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,249 shares of company stock valued at $3,095,383. Corporate insiders own 1.10% of the company’s stock.

Several hedge funds have recently modified their holdings of CMA. BlackRock Inc. boosted its stake in shares of Comerica by 3,094.6% in the first quarter. BlackRock Inc. now owns 11,268,474 shares of the financial services provider’s stock valued at $772,796,000 after buying an additional 10,915,741 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Comerica by 12,425.0% in the second quarter. Janus Henderson Group PLC now owns 2,064,363 shares of the financial services provider’s stock valued at $151,194,000 after buying an additional 2,047,881 shares during the period. AQR Capital Management LLC boosted its stake in shares of Comerica by 140.5% in the first quarter. AQR Capital Management LLC now owns 2,072,665 shares of the financial services provider’s stock valued at $142,143,000 after buying an additional 1,210,749 shares during the period. Janus Capital Management LLC boosted its stake in shares of Comerica by 153.1% in the first quarter. Janus Capital Management LLC now owns 1,911,788 shares of the financial services provider’s stock valued at $131,111,000 after buying an additional 1,156,304 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Comerica by 6.7% in the second quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock valued at $1,330,147,000 after buying an additional 1,142,275 shares during the period. Institutional investors and hedge funds own 82.46% of the company’s stock.

About Comerica

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.

Analyst Recommendations for Comerica (NYSE:CMA)

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