Comerica Incorporated (CMA) Hits New 12-Month High on Analyst Upgrade
Comerica Incorporated (NYSE:CMA) reached a new 52-week high during mid-day trading on Friday after Nomura raised their price target on the stock from $71.00 to $74.00. Nomura currently has a neutral rating on the stock. Comerica traded as high as $76.29 and last traded at $76.28, with a volume of 493,096 shares traded. The stock had previously closed at $75.52.
A number of other equities research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $79.00 price objective on shares of Comerica in a research note on Friday, September 22nd. Zacks Investment Research cut Comerica from a “hold” rating to a “sell” rating in a research note on Tuesday, September 19th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $81.00 price objective on shares of Comerica in a research note on Friday, September 15th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $80.00 price objective (up from $78.00) on shares of Comerica in a research note on Saturday, September 16th. Finally, Piper Jaffray Companies raised Comerica from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $76.00 to $80.00 in a research note on Tuesday, September 12th. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the company’s stock. Comerica currently has an average rating of “Hold” and a consensus target price of $76.29.
In other Comerica news, insider Peter William Guilfoile sold 2,928 shares of Comerica stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Judith S. Love sold 21,000 shares of Comerica stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total value of $1,464,540.00. The disclosure for this sale can be found here. Insiders have sold a total of 44,249 shares of company stock valued at $3,095,383 over the last ninety days. 1.10% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CMA. DnB Asset Management AS lifted its holdings in shares of Comerica by 1.4% in the 2nd quarter. DnB Asset Management AS now owns 81,311 shares of the financial services provider’s stock valued at $5,955,000 after purchasing an additional 1,100 shares during the last quarter. Chicago Equity Partners LLC lifted its holdings 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. Pacad Investment Ltd. purchased a new stake in shares of Comerica in the 2nd quarter valued at about $1,147,000. BlueCrest Capital Management Ltd purchased a new stake in shares of Comerica in the 1st quarter valued at about $1,029,000. Finally, Aviva PLC lifted its holdings in shares of Comerica by 2.1% in the 2nd quarter. Aviva PLC now owns 109,379 shares of the financial services provider’s stock valued at $8,011,000 after purchasing an additional 2,220 shares during the last quarter. 82.45% of the stock is owned by institutional investors.
The firm’s 50 day moving average is $69.91 and its 200-day moving average is $70.59. The stock has a market capitalization of $13.41 billion, a price-to-earnings ratio of 19.05 and a beta of 1.49.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.07. The company had revenue of $776.00 million during the quarter, compared to the consensus estimate of $777.08 million. Comerica had a return on equity of 10.18% and a net margin of 26.16%. The company’s revenue was up 8.8% on a year-over-year basis. During the same period last year, the firm earned $0.58 earnings per share. On average, analysts anticipate that Comerica Incorporated will post $4.60 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 14th. This is an increase from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 annualized dividend and a dividend yield of 1.57%. Comerica’s dividend payout ratio (DPR) is currently 30.00%.
Comerica announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $605.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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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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