Comerica Inc. (CMA) Upgraded by Goldman Sachs Group Inc. to Buy
Goldman Sachs Group Inc. upgraded shares of Comerica Inc. (NYSE:CMA) from a neutral rating to a buy rating in a report released on Friday morning. Goldman Sachs Group Inc. currently has $52.00 target price on the financial services provider’s stock.
Several other analysts also recently weighed in on the stock. Barclays PLC boosted their target price on shares of Comerica from $42.00 to $45.00 and gave the stock an underweight rating in a research report on Thursday. Credit Agricole SA boosted their target price on shares of Comerica from $50.00 to $53.00 and gave the stock an outperform rating in a research report on Tuesday, September 6th. Robert W. Baird reissued an outperform rating on shares of Comerica in a research report on Thursday, August 4th. Zacks Investment Research raised shares of Comerica from a hold rating to a buy rating and set a $51.00 target price on the stock in a research report on Monday, July 25th. Finally, RBC Capital Markets reissued an outperform rating and set a $49.00 target price (up previously from $46.00) on shares of Comerica in a research report on Wednesday, July 20th. Two equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and ten have assigned a buy rating to the company. Comerica presently has a consensus rating of Hold and an average target price of $44.54.
Shares of Comerica (NYSE:CMA) opened at 46.89 on Friday. The stock’s 50 day moving average is $46.00 and its 200 day moving average is $42.69. Comerica has a 12 month low of $30.48 and a 12 month high of $47.70. The company has a market capitalization of $8.15 billion, a P/E ratio of 20.36 and a beta of 1.36.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.58 EPS for the quarter, missing the consensus estimate of $0.69 by $0.11. Comerica had a return on equity of 6.03% and a net margin of 14.69%. On average, equities analysts predict that Comerica will post $2.43 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.99%. The ex-dividend date is Tuesday, September 13th. This is a positive change from Comerica’s previous quarterly dividend of $0.22. Comerica’s dividend payout ratio (DPR) is 38.82%.
In other Comerica news, insider Paul R. Obermeyer sold 2,302 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $45.92, for a total transaction of $105,707.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Comerica by 2.2% in the second quarter. Vanguard Group Inc. now owns 15,324,597 shares of the financial services provider’s stock valued at $630,300,000 after buying an additional 332,956 shares during the period. JPMorgan Chase & Co. raised its position in shares of Comerica by 3.4% in the first quarter. JPMorgan Chase & Co. now owns 5,908,274 shares of the financial services provider’s stock valued at $223,746,000 after buying an additional 192,394 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of Comerica by 0.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,530,902 shares of the financial services provider’s stock valued at $171,585,000 after buying an additional 35,025 shares during the period. American Century Companies Inc. raised its position in shares of Comerica by 4.8% in the second quarter. American Century Companies Inc. now owns 3,883,718 shares of the financial services provider’s stock valued at $159,737,000 after buying an additional 176,177 shares during the period. Finally, King Luther Capital Management Corp raised its position in shares of Comerica by 2.9% in the second quarter. King Luther Capital Management Corp now owns 2,958,629 shares of the financial services provider’s stock valued at $121,688,000 after buying an additional 83,150 shares during the period. 84.62% of the stock is owned by institutional investors.
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
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