Piper Jaffray Companies upgraded shares of Comerica Incorporated (NYSE:CMA) from a neutral rating to an overweight rating in a report released on Tuesday, Marketbeat reports. The brokerage currently has $80.00 price target on the financial services provider’s stock, up from their previous price target of $76.00.
Several other equities research analysts also recently issued reports on the company. Royal Bank Of Canada reiterated a buy rating and set a $82.00 price target on shares of Comerica in a report on Friday, September 8th. FBR & Co reissued a buy rating and issued a $79.00 price objective on shares of Comerica in a research report on Friday, September 8th. Robert W. Baird reissued a hold rating and issued a $70.00 price objective on shares of Comerica in a research report on Friday, August 25th. Zacks Investment Research cut Comerica from a buy rating to a hold rating in a research report on Wednesday, August 23rd. Finally, BidaskClub cut Comerica from a hold rating to a sell rating in a research report on Monday, August 14th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $74.76.
Shares of Comerica (NYSE:CMA) opened at 69.09 on Tuesday. The firm has a market cap of $12.15 billion, a P/E ratio of 17.26 and a beta of 1.49. The stock has a 50 day moving average price of $69.96 and a 200 day moving average price of $70.65. Comerica has a 12-month low of $45.14 and a 12-month high of $75.72.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping 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 business had revenue of $776.00 million during the quarter, compared to the consensus estimate of $777.08 million. During the same quarter in the prior year, the company posted $0.58 earnings per share. Comerica’s revenue was up 8.8% compared to the same quarter last year. On average, equities analysts expect that Comerica will post $4.60 earnings per share for the current year.
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Comerica announced that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $605.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.74%. This is a positive change from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 14th. Comerica’s payout ratio is presently 30.00%.
In related news, insider Judith S. Love sold 21,000 shares of the business’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total transaction of $1,464,540.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Peter William Guilfoile sold 2,928 shares of the business’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $69.50, for a total value of $203,496.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,249 shares of company stock worth $3,095,383. 1.10% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. TrimTabs Asset Management LLC bought a new stake in shares of Comerica during the 1st quarter valued at $111,000. Exane Derivatives bought a new stake in shares of Comerica during the 2nd quarter valued at $125,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Comerica during the 1st quarter valued at $127,000. Point72 Asia Hong Kong Ltd raised its stake in shares of Comerica by 19.3% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock valued at $137,000 after purchasing an additional 323 shares during the period. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC raised its stake 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 valued at $169,000 after purchasing an additional 8 shares during the period. Institutional investors own 82.52% 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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