Comerica Incorporated (NYSE:CMA)‘s stock had its “buy” rating restated by analysts at FBR & Co in a research report issued to clients and investors on Tuesday, October 17th, Marketbeat reports. They presently have a $84.00 price target on the financial services provider’s stock, up from their prior price target of $79.00. FBR & Co’s price target indicates a potential upside of 5.28% from the stock’s current price. FBR & Co also issued estimates for Comerica’s Q4 2017 earnings at $1.22 EPS, FY2017 earnings at $4.67 EPS, Q1 2018 earnings at $1.34 EPS, Q2 2018 earnings at $1.37 EPS, Q3 2018 earnings at $1.43 EPS, Q4 2018 earnings at $1.46 EPS, FY2018 earnings at $5.60 EPS, Q1 2019 earnings at $1.52 EPS, Q2 2019 earnings at $1.54 EPS, Q3 2019 earnings at $1.60 EPS and FY2019 earnings at $6.30 EPS.
Other research analysts have also issued research reports about the company. Instinet reissued a “neutral” rating and issued 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 issued a $76.00 target price (up previously from $72.00) on shares of Comerica in a research report on Wednesday, July 12th. Morgan Stanley restated an “equal weight” rating and issued a $75.00 price target (up previously from $71.00) on shares of Comerica in a research note on Thursday, July 6th. BidaskClub downgraded Comerica from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Finally, Stephens restated a “buy” rating and issued a $80.00 price target on shares of Comerica in a research note on Tuesday, July 18th. Four equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $77.60.
Comerica (NYSE CMA) opened at 79.79 on Tuesday. The firm has a market cap of $13.85 billion, a P/E ratio of 18.08 and a beta of 1.51. The firm’s 50-day moving average price is $73.83 and its 200-day moving average price is $71.79. Comerica has a 52-week low of $49.81 and a 52-week high of $80.25.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.03. Comerica had a return on equity of 10.35% and a net margin of 24.87%. The firm had revenue of $821.00 million during the quarter, compared to analyst estimates of $812.83 million. During the same quarter in the prior year, the company earned $0.84 EPS. Equities research analysts expect that Comerica will post $4.69 EPS for the current year.
Comerica announced that its board has approved a share buyback plan on Tuesday, July 25th that allows the company to buyback 5,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
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In other Comerica news, insider Peter William Guilfoile sold 2,928 shares of the firm’s stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul R. Obermeyer sold 20,321 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were 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. Over the last three months, insiders have sold 44,249 shares of company stock worth $3,095,383. Insiders own 1.10% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Exane Derivatives bought a new stake in shares of Comerica in the second quarter worth about $125,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Comerica in the first quarter worth about $127,000. Point72 Asia Hong Kong Ltd increased its holdings in shares of Comerica by 19.3% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock worth $137,000 after purchasing an additional 323 shares during the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its holdings in shares of Comerica by 0.3% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock worth $169,000 after purchasing an additional 8 shares during the last quarter. Finally, Smithfield Trust Co. increased its holdings in shares of Comerica by 2,446.0% in the second quarter. Smithfield Trust Co. now owns 2,546 shares of the financial services provider’s stock worth $186,000 after purchasing an additional 2,446 shares during the last quarter. 82.48% of the stock is currently owned by hedge funds and other 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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