Comerica Incorporated (NYSE:CMA) had its price target lifted by Deutsche Bank AG from $80.00 to $82.00 in a research note published on Wednesday, November 8th. The firm currently has a hold rating on the financial services provider’s stock.
Other research analysts have also issued reports about the company. Instinet restated a neutral rating and set a $71.00 price target (up from $68.00) on shares of Comerica in a research report on Wednesday, July 12th. Barclays PLC reiterated an underweight rating and issued a $76.00 price objective (up from $72.00) on shares of Comerica in a research note on Wednesday, July 12th. BidaskClub cut Comerica from a hold rating to a sell rating in a research note on Monday, August 14th. FBR & Co set a $79.00 price objective on Comerica and gave the company a buy rating in a research note on Tuesday, July 18th. Finally, Stephens reiterated a buy rating and issued a $80.00 price objective on shares of Comerica in a research note on Tuesday, July 18th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of Hold and an average price target of $78.57.
Shares of Comerica (CMA) traded down $0.37 during trading on Wednesday, reaching $79.43. The company had a trading volume of 202,524 shares, compared to its average volume of 1,580,000. The stock has a market capitalization of $13,810.00, a price-to-earnings ratio of 17.86, a price-to-earnings-growth ratio of 1.81 and a beta of 1.50. Comerica has a 52 week low of $60.63 and a 52 week high of $80.25. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.58.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, topping the consensus estimate of $1.23 by $0.03. Comerica had a return on equity of 10.35% and a net margin of 24.87%. The business had revenue of $821.00 million during the quarter, compared to analyst estimates of $812.83 million. During the same period last year, the business posted $0.84 earnings per share. equities research analysts predict that Comerica will post 4.86 earnings per share for the current fiscal year.
Comerica announced that its Board of Directors has authorized a share buyback plan on Tuesday, July 25th that allows the company to repurchase 5,000,000 outstanding shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 15th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Thursday, December 14th. Comerica’s dividend payout ratio is presently 27.21%.
In other news, insider Peter William Guilfoile sold 2,928 shares of Comerica stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $69.50, for a total transaction of $203,496.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Paul R. Obermeyer sold 20,321 shares of Comerica stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total transaction of $1,427,347.04. The disclosure for this sale can be found here. Insiders sold a total of 31,045 shares of company stock worth $2,216,135 in the last ninety days. 1.10% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. Exane Derivatives acquired a new stake in shares of Comerica during the 2nd quarter valued at approximately $125,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Comerica during the 1st quarter worth approximately $127,000. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its position in shares of Comerica by 0.3% during the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock worth $169,000 after purchasing an additional 8 shares during the last quarter. Smithfield Trust Co. raised its position in shares of Comerica by 2,446.0% during the 2nd quarter. Smithfield Trust Co. now owns 2,546 shares of the financial services provider’s stock worth $186,000 after purchasing an additional 2,446 shares during the last quarter. Finally, IBM Retirement Fund acquired a new position in shares of Comerica during the 3rd quarter worth approximately $200,000. Institutional investors own 82.17% 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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