Comerica (CMA) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Comerica (NYSE:CMA) from a hold rating to a buy rating in a research report report published on Monday. They currently have $95.00 target price on the financial services provider’s stock.
According to Zacks, “Shares of Comerica have outperformed the industry year to date. This is backed by the company's impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in each of the trailing four quarters. The company’s future prospects look promising as it improvised the financial targets for revenues and efficiency initiatives (GEAR Up). Also, its steady capital deployment activities continue to enhance investors’ confidence. Moreover, easing margin pressure is a positive. However, a stretched valuation indicates that the stock has limited upside potential. Also, significant exposure to commercial loans keeps us apprehensive.”
Other equities research analysts have also issued reports about the company. Jefferies Group restated a buy rating and set a $81.00 price objective on shares of Comerica in a research report on Friday, September 15th. Keefe, Bruyette & Woods restated a buy rating and set a $79.00 price objective on shares of Comerica in a research report on Friday, September 22nd. Royal Bank of Canada restated a buy rating and set a $82.00 price objective on shares of Comerica in a research report on Friday, September 8th. FBR & Co restated a buy rating and set a $79.00 price objective on shares of Comerica in a research report on Friday, September 8th. Finally, Piper Jaffray Companies restated a buy rating on shares of Comerica in a research report on Tuesday, October 17th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and ten have assigned a buy rating to the stock. Comerica currently has a consensus rating of Hold and a consensus price target of $81.90.
Comerica (NYSE CMA) opened at $83.75 on Monday. 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 1 year low of $64.04 and a 1 year high of $86.78. The firm has a market capitalization of $14,749.73, a price-to-earnings ratio of 19.14, a P/E/G ratio of 1.94 and a beta of 1.51.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share for the quarter, beating the Zacks’ 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 business had revenue of $821.00 million during the quarter, compared to analyst estimates of $812.83 million. During the same quarter last year, the company posted $0.84 EPS. research analysts expect that Comerica will post 4.85 earnings per share for the current fiscal year.
The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend is Thursday, December 14th. Comerica’s payout ratio is 27.15%.
In other Comerica news, EVP Christine M. Moore sold 3,200 shares of Comerica 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 filing with the SEC, which is available 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 stock was 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. 1.10% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Parametric Portfolio Associates LLC increased its position in Comerica by 8.6% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 563,216 shares of the financial services provider’s stock worth $42,951,000 after buying an additional 44,755 shares during the period. Visionary Asset Management Inc. bought a new position in Comerica in the 3rd quarter worth approximately $218,000. IFM Investors Pty Ltd bought a new position in Comerica in the 3rd quarter worth approximately $383,000. Neuberger Berman Group LLC increased its position in Comerica by 9.9% in the 3rd quarter. Neuberger Berman Group LLC now owns 1,642,665 shares of the financial services provider’s stock worth $125,270,000 after buying an additional 147,497 shares during the period. Finally, California Public Employees Retirement System increased its position in Comerica by 4.4% in the 3rd quarter. California Public Employees Retirement System now owns 512,913 shares of the financial services provider’s stock worth $39,115,000 after buying an additional 21,749 shares during the period. 82.04% of the stock is currently owned by institutional investors.
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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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