Zacks Investment Research upgraded shares of Comerica (NYSE:CMA) from a hold rating to a strong-buy rating in a research report released on Wednesday, January 10th. They currently have $104.00 price objective on the financial services provider’s stock.
According to Zacks, “Shares of Comerica have outperformed the industry over the past six months. This is backed by the company's impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in each of the trailing four quarters. The company’s future prospects look promising as it improvised the financial targets for revenues and efficiency initiatives (GEAR Up). Also, its steady capital deployment activities continue to enhance investors’ confidence. Moreover, following the recent Fed interest rate hike, the company raised its prime lending rate to 4.50% from 4.25%, which is likely to further support Comerica's easing margin pressure.”
A number of other analysts have also recently commented on the company. Nomura boosted their price target on Comerica from $74.00 to $86.00 and gave the stock a neutral rating in a research report on Monday, October 23rd. Morgan Stanley reissued an equal weight rating and issued a $79.00 price target (up from $76.00) on shares of Comerica in a research report on Wednesday, October 4th. Keefe, Bruyette & Woods reissued a buy rating and issued a $101.00 price target on shares of Comerica in a research report on Friday, December 22nd. Piper Jaffray Companies raised Comerica from a neutral rating to an overweight rating and boosted their price target for the stock from $76.00 to $80.00 in a research report on Tuesday, September 12th. Finally, Macquarie raised Comerica from a neutral rating to an outperform rating and set a $90.00 price target on the stock in a research report on Friday, November 17th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $91.20.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.25 by $0.03. The business had revenue of $830.00 million for the quarter, compared to analysts’ expectations of $819.30 million. Comerica had a return on equity of 10.35% and a net margin of 24.87%. During the same period in the previous year, the firm posted $0.92 EPS. equities analysts forecast that Comerica will post 4.85 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, January 1st. Shareholders of record on Friday, December 15th were paid a dividend of $0.30 per share. The ex-dividend date was Thursday, December 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.28%. Comerica’s dividend payout ratio is presently 27.21%.
In other Comerica news, EVP Christine M. Moore sold 3,200 shares of the business’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $75.07, for a total transaction of $240,224.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael T. Ritchie sold 4,596 shares of the business’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $75.08, for a total transaction of $345,067.68. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of CMA. IBM Retirement Fund bought a new stake in shares of Comerica during the 3rd quarter valued at $200,000. Zeke Capital Advisors LLC purchased a new stake in shares of Comerica during the 3rd quarter valued at about $200,000. BB&T Corp purchased a new stake in shares of Comerica during the 3rd quarter valued at about $206,000. Marshall Wace North America L.P. purchased a new stake in shares of Comerica during the 2nd quarter valued at about $208,000. Finally, HGK Asset Management Inc. purchased a new stake in shares of Comerica during the 2nd quarter valued at about $209,000. 81.95% of the stock is owned by hedge funds and other institutional investors.
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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