Comerica’s (NYSE:CMA) Hold Rating Reaffirmed at Piper Jaffray Companies
Piper Jaffray Companies reaffirmed their hold rating on shares of Comerica Incorporated (NYSE:CMA) in a report issued on Friday morning. Piper Jaffray Companies currently has a $76.00 price objective on the financial services provider’s stock.
A number of other research analysts have also commented on CMA. BidaskClub lowered Comerica from a buy rating to a hold rating in a report on Tuesday, July 25th. BMO Capital Markets reiterated a hold rating and set a $79.00 price target on shares of Comerica in a report on Thursday, July 20th. Barclays PLC reiterated an underweight rating and set a $76.00 price target (up from $72.00) on shares of Comerica in a report on Wednesday, July 12th. Jefferies Group LLC reiterated a buy rating and set a $81.00 price target on shares of Comerica in a report on Friday, July 14th. Finally, Instinet reiterated a neutral rating and set a $71.00 price target (up from $68.00) on shares of Comerica in a report on Wednesday, July 12th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $71.44.
Shares of Comerica (NYSE CMA) opened at 72.31 on Friday. The stock’s 50 day moving average is $73.31 and its 200-day moving average is $70.56. The firm has a market cap of $12.72 billion, a P/E ratio of 18.07 and a beta of 1.48. Comerica has a 52-week low of $43.74 and a 52-week high of $75.72.
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 analysts’ consensus estimates of $1.06 by $0.07. Comerica had a return on equity of 9.25% and a net margin of 23.22%. The company had revenue of $776 million during the quarter, compared to analyst estimates of $777.08 million. During the same period in the previous year, the company earned $0.58 earnings per share. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. Equities analysts anticipate that Comerica will post $4.58 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be paid a $0.30 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.66%. This is a positive change from Comerica’s previous quarterly dividend of $0.26. Comerica’s payout ratio is currently 26.00%.
Comerica declared that its board has approved a share repurchase program on Wednesday, June 28th that allows the company to repurchase $605.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.
A number of institutional investors have recently bought and sold shares of the company. Commerce Bank raised its position in Comerica by 18.2% in the first quarter. Commerce Bank now owns 5,595 shares of the financial services provider’s stock worth $384,000 after buying an additional 860 shares in the last quarter. DnB Asset Management AS raised its position 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. Kentucky Retirement Systems purchased a new position in shares of Comerica during the fourth quarter valued at about $851,000. Wellington Management Group LLP raised its position in shares of Comerica by 1.5% in the first quarter. Wellington Management Group LLP now owns 4,928,411 shares of the financial services provider’s stock valued at $337,991,000 after buying an additional 71,159 shares during the period. Finally, Amalgamated Bank raised its position in shares of Comerica by 6.1% in the first quarter. Amalgamated Bank now owns 12,211 shares of the financial services provider’s stock valued at $837,000 after buying an additional 702 shares during the period. 83.64% of the stock is currently owned by institutional investors.
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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