Comerica (CMA) Receives “Buy” Rating from B. Riley
B. Riley reaffirmed their buy rating on shares of Comerica (NYSE:CMA) in a research note released on Monday morning. They currently have a $84.00 target price on the financial services provider’s stock.
A number of other brokerages also recently weighed in on CMA. Nomura boosted their price target on Comerica from $74.00 to $86.00 and gave the stock a neutral rating in a research report on Monday, October 23rd. Zacks Investment Research raised Comerica from a hold rating to a buy rating and set a $80.00 target price on the stock in a research report on Thursday, August 17th. Piper Jaffray Companies reaffirmed a hold rating and issued a $76.00 target price on shares of Comerica in a research report on Friday, September 1st. Sanford C. Bernstein reaffirmed a market perform rating and issued a $80.00 target price (up previously from $78.00) on shares of Comerica in a research report on Saturday, September 16th. Finally, Wells Fargo & Company initiated coverage on Comerica in a research report on Wednesday, August 9th. They issued a market perform rating and a $73.00 target price on the stock. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have given a buy rating to the stock. Comerica presently has a consensus rating of Hold and a consensus target price of $79.81.
Shares of Comerica (NYSE:CMA) traded up $1.33 during midday trading on Monday, reaching $85.11. The company’s stock had a trading volume of 3,165,900 shares, compared to its average volume of 1,706,038. The firm has a market capitalization of $14,570.60, a P/E ratio of 18.91, a PEG ratio of 1.92 and a beta of 1.51. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.58. Comerica has a 1 year low of $64.04 and a 1 year high of $86.78.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.03. The firm had revenue of $821.00 million for the quarter, compared to the consensus estimate of $812.83 million. Comerica had a return on equity of 10.35% and a net margin of 24.87%. During the same quarter in the previous year, the business earned $0.84 earnings per share. equities analysts forecast that Comerica will post 4.85 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 1st. Investors of record on Friday, December 15th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.41%. The ex-dividend date is Thursday, December 14th. Comerica’s dividend payout ratio (DPR) is currently 27.15%.
In related news, EVP Christine M. Moore sold 3,200 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $75.07, for a total value of $240,224.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael T. Ritchie sold 4,596 shares of the business’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $75.08, for a total value of $345,067.68. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.
Several hedge funds have recently modified their holdings of CMA. Acadian Asset Management LLC boosted its stake in shares of Comerica by 2,080.0% in the second quarter. Acadian Asset Management LLC now owns 18,094 shares of the financial services provider’s stock valued at $1,324,000 after buying an additional 17,264 shares during the period. NGAM Advisors L.P. lifted its stake in Comerica by 2.6% during the second quarter. NGAM Advisors L.P. now owns 40,068 shares of the financial services provider’s stock worth $2,935,000 after purchasing an additional 1,010 shares during the last quarter. CIBC Asset Management Inc lifted its stake in Comerica by 0.5% during the second quarter. CIBC Asset Management Inc now owns 19,572 shares of the financial services provider’s stock worth $1,433,000 after purchasing an additional 93 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in Comerica by 78.7% during the second quarter. Daiwa Securities Group Inc. now owns 8,400 shares of the financial services provider’s stock worth $615,000 after purchasing an additional 3,700 shares during the last quarter. Finally, Smithfield Trust Co. lifted its stake in Comerica by 2,446.0% during the second 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. Institutional investors and hedge funds own 82.04% of the company’s stock.
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Comerica Company Profile
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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