Keefe, Bruyette & Woods Reiterates Buy Rating for Comerica Incorporated (CMA)
Comerica Incorporated (NYSE:CMA)‘s stock had its “buy” rating reissued by research analysts at Keefe, Bruyette & Woods in a report released on Friday. They currently have a $79.00 price objective on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective points to a potential upside of 7.60% from the stock’s previous close.
A number of other research firms have also recently commented on CMA. Instinet reissued a “neutral” rating and set a $71.00 target price (up previously from $68.00) on shares of Comerica in a research report on Wednesday, July 12th. Barclays PLC reissued an “underweight” rating and set a $76.00 target price (up previously from $72.00) on shares of Comerica in a research report on Wednesday, July 12th. Stephens reissued a “buy” rating and set a $80.00 target price on shares of Comerica in a research report on Tuesday, July 18th. Jefferies Group LLC reissued a “buy” rating and set a $81.00 target price on shares of Comerica in a research report on Friday, July 14th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $75.00 target price (up previously from $71.00) on shares of Comerica in a research report on Thursday, July 6th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the company’s stock. Comerica has a consensus rating of “Hold” and an average target price of $76.25.
Comerica (NYSE CMA) opened at 73.42 on Friday. The company has a 50-day moving average of $69.91 and a 200-day moving average of $70.59. The stock has a market capitalization of $12.92 billion, a price-to-earnings ratio of 18.34 and a beta of 1.49. Comerica has a one year low of $45.14 and a one year high of $75.72.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating the Zacks’ 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 company had revenue of $776.00 million during the quarter, compared to analysts’ expectations of $777.08 million. During the same quarter in the prior year, the company posted $0.58 earnings per share. Comerica’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, equities analysts forecast that Comerica will post $4.60 EPS for the current fiscal year.
Comerica announced that its board has authorized a share buyback 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 reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider Judith S. Love sold 21,000 shares of the stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $69.74, for a total value of $1,464,540.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Paul R. Obermeyer sold 20,321 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total transaction of $1,427,347.04. The disclosure for this sale can be found here. Insiders sold 44,249 shares of company stock worth $3,095,383 in the last quarter. Company insiders own 1.10% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. DnB Asset Management AS grew its position in Comerica by 1.4% during 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 grew its position in Comerica by 25.0% during 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. BlueCrest Capital Management Ltd acquired a new stake in Comerica during the first quarter valued at $1,029,000. Aviva PLC grew its position in Comerica by 2.1% during 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. Finally, Wellington Management Group LLP grew its position in 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 valued at $337,991,000 after buying an additional 71,159 shares during the period. Hedge funds and other institutional investors own 82.45% of the company’s stock.
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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