Comerica Incorporated (NYSE:CMA)‘s stock had its “hold” rating reaffirmed by SunTrust Banks, Inc. in a research report issued on Wednesday. They presently have a $80.00 price objective on the financial services provider’s stock. SunTrust Banks, Inc.’s price objective suggests a potential upside of 5.03% from the stock’s previous close.
CMA has been the subject of several other research reports. Morgan Stanley increased their price target on Comerica from $70.00 to $71.00 and gave the company an “equal weight” rating in a report on Tuesday, June 6th. Jefferies Group LLC reiterated a “buy” rating and set a $81.00 price objective on shares of Comerica in a research report on Thursday, June 8th. FBR & Co upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price objective on the stock in a research report on Friday, June 9th. Keefe, Bruyette & Woods reissued a “buy” rating and set a $78.00 price objective on shares of Comerica in a research note on Friday, June 16th. Finally, BidaskClub lowered Comerica from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $76.50.
Shares of Comerica (NYSE CMA) traded down 1.14% during trading on Wednesday, hitting $75.30. The stock had a trading volume of 1,603,876 shares. The firm’s 50-day moving average is $70.56 and its 200 day moving average is $70.78. The firm has a market cap of $13.25 billion, a price-to-earnings ratio of 18.81 and a beta of 1.51. Comerica has a 52-week low of $47.12 and a 52-week high of $76.76.
Comerica (NYSE:CMA) last released its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share 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 net margin of 23.22% and a return on equity of 9.60%. The business’s revenue was up 8.8% on a year-over-year basis. During the same period last year, the company posted $0.58 EPS. On average, analysts expect that Comerica will post $4.60 EPS for the current year.
Comerica declared that its board has authorized a stock repurchase plan on Wednesday, June 28th that permits the company to repurchase $605.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
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In other news, insider Peter William Guilfoile sold 2,928 shares of the stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $69.50, for a total transaction of $203,496.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Paul R. Obermeyer sold 20,321 shares of the stock in a transaction dated 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. Over the last ninety days, insiders sold 44,249 shares of company stock valued at $3,095,383. 1.10% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. UBS Asset Management Americas Inc. grew its holdings in shares of Comerica by 8.7% in the first quarter. UBS Asset Management Americas Inc. now owns 507,925 shares of the financial services provider’s stock valued at $34,833,000 after purchasing an additional 40,771 shares in the last quarter. Mutual of America Capital Management LLC increased its stake in Comerica by 3.1% during the 1st quarter. Mutual of America Capital Management LLC now owns 20,854 shares of the financial services provider’s stock worth $1,430,000 after buying an additional 620 shares during the period. Pacer Advisors Inc. increased its stake in Comerica by 3.3% during the 1st quarter. Pacer Advisors Inc. now owns 3,282 shares of the financial services provider’s stock worth $225,000 after buying an additional 104 shares during the period. Clinton Group Inc. purchased a new stake in Comerica during the 1st quarter worth approximately $273,000. Finally, American International Group Inc. increased its stake in Comerica by 0.7% during the 1st quarter. American International Group Inc. now owns 79,720 shares of the financial services provider’s stock worth $5,467,000 after buying an additional 586 shares during the period. 82.45% of the stock is 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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