Comerica’s (CMA) “Market Perform” Rating Reaffirmed at Sanford C. Bernstein
Sanford C. Bernstein reaffirmed their market perform rating on shares of Comerica Incorporated (NYSE:CMA) in a report published on Saturday. They currently have a $80.00 target price on the financial services provider’s stock, up from their prior target price of $78.00.
Other equities research analysts also recently issued reports about the stock. FBR & Co upgraded shares of Comerica from a market perform rating to an outperform rating and set a $79.00 price target for the company in a report on Friday, June 9th. Robert W. Baird reiterated a hold rating and set a $70.00 price target on shares of Comerica in a report on Friday, August 25th. Morgan Stanley lifted their price target on shares of Comerica from $70.00 to $71.00 and gave the stock an equal weight rating in a report on Tuesday, June 6th. Royal Bank of Canada reiterated a buy rating and set a $82.00 price target on shares of Comerica in a report on Friday, September 8th. Finally, BidaskClub downgraded shares of Comerica from a buy rating to a hold rating in a report on Tuesday, July 25th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $76.19.
Comerica (NYSE CMA) opened at 71.84 on Friday. The company’s 50-day moving average is $69.91 and its 200-day moving average is $70.59. Comerica has a 52-week low of $45.14 and a 52-week high of $75.72. The firm has a market capitalization of $12.64 billion, a price-to-earnings ratio of 17.94 and a beta of 1.49.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The firm had revenue of $776.00 million during the quarter, compared to the consensus estimate of $777.08 million. During the same period last year, the firm posted $0.58 EPS. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. Equities analysts predict that Comerica will post $4.60 earnings per share for the current year.
Comerica declared that its board has approved a share repurchase program on Wednesday, June 28th that permits the company to buyback $605.00 million in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be given a dividend of $0.30 per share. This is a boost from Comerica’s previous quarterly dividend of $0.26. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date is Thursday, September 14th. Comerica’s payout ratio is presently 30.00%.
In other news, insider Paul R. Obermeyer sold 20,321 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total transaction of $1,427,347.04. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Peter William Guilfoile sold 2,928 shares of the business’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,249 shares of company stock worth $3,095,383. Corporate insiders own 1.10% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Comerica by 6.7% during the second quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock worth $1,330,147,000 after purchasing an additional 1,142,275 shares in the last quarter. BlackRock Inc. lifted its position in shares of Comerica by 0.5% during the second quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock worth $829,069,000 after purchasing an additional 51,426 shares in the last quarter. State Street Corp lifted its position in shares of Comerica by 11.3% during the second quarter. State Street Corp now owns 9,990,021 shares of the financial services provider’s stock worth $731,672,000 after purchasing an additional 1,010,965 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Comerica by 22.3% during the second quarter. JPMorgan Chase & Co. now owns 5,040,167 shares of the financial services provider’s stock worth $369,142,000 after purchasing an additional 919,333 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Comerica by 1.5% during the first quarter. Wellington Management Group LLP now owns 4,928,411 shares of the financial services provider’s stock worth $337,991,000 after purchasing an additional 71,159 shares in the last quarter. 82.45% of the stock is currently owned by institutional investors and hedge funds.
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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