Comerica (CMA) Earns “Buy” Rating from Vining Sparks
Vining Sparks restated their buy rating on shares of Comerica (NYSE:CMA) in a research note issued to investors on Tuesday morning. Vining Sparks currently has a $97.50 price objective on the financial services provider’s stock.
“We believe that over the next 12 to 18 months that CMA should be able to improve its profitability by approximately 3 full percentage points, as the Fed continues to normalize short-term interest rates, deployment of capital increases, and tax reform is realized. Therefore, we believe that CMA should generate total shareholder return of 8%, as mid- single digit TBV growth is coupled with a modest expansion of its P/TBV to 225% and is topped off with a 1.3% dividend yield. However, we would highlight that CMA has a meaningful amount of excess capital that could create additional upside potential if it begins to be deployed at an accelerated pace.”,” the firm’s analyst commented.
Other research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Comerica from a hold rating to a strong-buy rating and set a $104.00 price target on the stock in a research report on Wednesday, January 10th. SunTrust Banks reaffirmed a hold rating and set a $86.00 price target on shares of Comerica in a research report on Tuesday, January 9th. Nomura raised shares of Comerica from a neutral rating to a buy rating and lifted their price target for the company from $86.00 to $106.00 in a research report on Friday, January 5th. Instinet raised shares of Comerica from a neutral rating to a buy rating in a research report on Friday, January 5th. Finally, Barclays lifted their price target on shares of Comerica from $76.00 to $93.00 and gave the company an underweight rating in a research report on Tuesday, January 2nd. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Hold and an average target price of $92.37.
Shares of Comerica (NYSE:CMA) opened at $94.99 on Tuesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.00 and a quick ratio of 1.00. Comerica has a 12-month low of $64.04 and a 12-month high of $95.60. The stock has a market cap of $16,520.00, a P/E ratio of 22.94, a P/E/G ratio of 1.44 and a beta of 1.50.
Comerica (NYSE:CMA) last released its earnings results on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.25 by $0.03. Comerica had a net margin of 22.47% and a return on equity of 10.94%. The business had revenue of $830.00 million for the quarter, compared to analysts’ expectations of $819.30 million. During the same period last year, the company earned $0.92 earnings per share. analysts anticipate that Comerica will post 6.53 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, January 1st. Stockholders of record on Friday, December 15th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.26%. Comerica’s dividend payout ratio is currently 28.99%.
In other news, EVP Christine M. Moore sold 3,200 shares of Comerica stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $75.07, for a total transaction of $240,224.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Michael T. Ritchie sold 4,596 shares of Comerica stock in a transaction that occurred 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. Company insiders own 1.10% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. IBM Retirement Fund bought a new stake in shares of Comerica in the third quarter worth $200,000. Zeke Capital Advisors LLC bought a new stake in shares of Comerica in the third quarter worth $200,000. BB&T Corp bought a new stake in shares of Comerica in the third quarter worth $206,000. Visionary Asset Management Inc. bought a new stake in shares of Comerica in the third quarter worth $218,000. Finally, West Oak Capital LLC increased its stake in shares of Comerica by 1,040.7% in the fourth quarter. West Oak Capital LLC now owns 2,806 shares of the financial services provider’s stock worth $244,000 after buying an additional 2,560 shares during the last quarter. Institutional investors own 81.95% of the company’s stock.
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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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