Comerica (CMA) Given “Equal Weight” Rating at Morgan Stanley
Morgan Stanley reissued their equal weight rating on shares of Comerica (NYSE:CMA) in a research note published on Wednesday morning. They currently have a $90.00 price objective on the financial services provider’s stock.
Several other analysts have also recently commented on the company. Zacks Investment Research upgraded Comerica from a hold rating to a buy rating and set a $95.00 price target for the company in a research report on Monday. Piper Jaffray Companies upgraded Comerica to a buy rating and set a $98.00 price target for the company in a research report on Friday, December 8th. B. Riley reiterated a buy rating and set a $84.00 price target on shares of Comerica in a research report on Monday, December 4th. ValuEngine cut Comerica from a buy rating to a hold rating in a research report on Friday, December 1st. Finally, SunTrust Banks reiterated a hold rating and set a $83.00 price target on shares of Comerica in a research report on Wednesday, November 29th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and ten have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $81.90.
Shares of Comerica (CMA) traded down $1.06 on Wednesday, hitting $84.81. The company had a trading volume of 1,626,500 shares, compared to its average volume of 1,699,484. 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 52-week low of $64.04 and a 52-week high of $86.78. The stock has a market capitalization of $14,934.08, a PE ratio of 19.38, a price-to-earnings-growth ratio of 1.97 and a beta of 1.51.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $821.00 million during the quarter, compared to analysts’ expectations of $812.83 million. During the same period in the previous year, the business earned $0.84 earnings per share. sell-side analysts predict that Comerica will post 4.85 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 1st. Shareholders of record on Friday, December 15th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date is Thursday, December 14th. Comerica’s dividend payout ratio (DPR) is currently 27.15%.
In other news, insider Michael T. Ritchie sold 4,596 shares of the company’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $75.08, for a total value of $345,067.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Christine M. Moore sold 3,200 shares of the company’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $75.07, for a total value of $240,224.00. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Toronto Dominion Bank lifted its stake in shares of Comerica by 11.4% in the 3rd quarter. Toronto Dominion Bank now owns 66,770 shares of the financial services provider’s stock valued at $5,092,000 after purchasing an additional 6,843 shares during the last quarter. APG Asset Management N.V. lifted its stake in shares of Comerica by 23.4% in the 3rd quarter. APG Asset Management N.V. now owns 93,210 shares of the financial services provider’s stock valued at $7,108,000 after purchasing an additional 17,700 shares during the last quarter. Chicago Equity Partners LLC lifted its stake in shares of Comerica by 25.0% in the 2nd quarter. Chicago Equity Partners LLC now owns 36,540 shares of the financial services provider’s stock valued at $2,676,000 after purchasing an additional 7,310 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Comerica by 0.5% in the 2nd quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock valued at $829,069,000 after purchasing an additional 51,426 shares during the last quarter. Finally, Pacad Investment Ltd. acquired a new position in shares of Comerica in the 2nd quarter valued at $1,147,000. 82.04% of the stock is currently owned by institutional investors and hedge funds.
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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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