Comerica Incorporated (CMA) Sets New 1-Year High at $77.01
Comerica Incorporated (NYSE:CMA)’s share price reached a new 52-week high on Thursday . The stock traded as high as $77.01 and last traded at $76.93, with a volume of 1,764,132 shares trading hands. The stock had previously closed at $75.30.
Several research firms have commented on CMA. FBR & Co upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 target price on the stock in a research note on Friday, June 9th. Robert W. Baird restated a “hold” rating and issued a $70.00 target price on shares of Comerica in a research note on Friday, August 25th. Royal Bank Of Canada restated a “buy” rating and issued a $82.00 target price on shares of Comerica in a research note on Friday, September 8th. Sanford C. Bernstein restated a “market perform” rating and issued a $80.00 target price (up previously from $78.00) on shares of Comerica in a research note on Saturday, September 16th. Finally, Nomura boosted their target price on Comerica from $71.00 to $74.00 and gave the company a “neutral” rating in a research note on Thursday, September 28th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company’s stock. Comerica currently has an average rating of “Hold” and an average target price of $76.72.
The firm has a market cap of $13.55 billion, a price-to-earnings ratio of 19.23 and a beta of 1.51. The firm has a 50-day moving average price of $70.66 and a 200-day moving average price of $70.81.
Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.07. The business had revenue of $776.00 million for the quarter, compared to analyst estimates of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. Comerica’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the company posted $0.58 earnings per share. On average, equities research analysts anticipate that Comerica Incorporated will post $4.60 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Sunday, October 1st. Investors of record on Friday, September 15th were issued a dividend of $0.30 per share. This is a positive change from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date was Thursday, September 14th. Comerica’s dividend payout ratio (DPR) is 30.00%.
Comerica announced that its Board of Directors has approved a share buyback program on Wednesday, June 28th that allows the company to buyback $605.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
In related news, insider Judith S. Love sold 21,000 shares of Comerica stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $69.74, for a total transaction of $1,464,540.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Paul R. Obermeyer sold 20,321 shares of Comerica stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total value of $1,427,347.04. The disclosure for this sale can be found here. Insiders have sold 44,249 shares of company stock worth $3,095,383 over the last quarter. 1.10% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. DnB Asset Management AS raised its stake in shares of Comerica by 1.4% in the second quarter. DnB Asset Management AS now owns 81,311 shares of the financial services provider’s stock valued at $5,955,000 after buying an additional 1,100 shares during the period. Chicago Equity Partners LLC raised its stake in shares of Comerica by 25.0% in the second quarter. Chicago Equity Partners LLC now owns 36,540 shares of the financial services provider’s stock valued at $2,676,000 after buying an additional 7,310 shares during the period. Pacad Investment Ltd. bought a new stake in shares of Comerica in the second quarter valued at $1,147,000. BlueCrest Capital Management Ltd bought a new stake in shares of Comerica in the first quarter valued at $1,029,000. Finally, Aviva PLC raised its stake in shares of Comerica by 2.1% in the second quarter. Aviva PLC now owns 109,379 shares of the financial services provider’s stock valued at $8,011,000 after buying an additional 2,220 shares during the period. Hedge funds and other institutional investors own 82.45% 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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