Piper Jaffray Companies reiterated their buy rating on shares of Comerica Incorporated (NYSE:CMA) in a report issued on Tuesday, October 17th.
Other research analysts also recently issued reports about the stock. Instinet reiterated a neutral rating and issued a $71.00 price target (up 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 price objective (up from $72.00) on shares of Comerica in a research note on Wednesday, July 12th. Morgan Stanley reaffirmed an equal weight rating and set a $75.00 price target (up from $71.00) on shares of Comerica in a research note on Thursday, July 6th. BidaskClub cut shares of Comerica from a strong-buy rating to a buy rating in a research note on Thursday, June 22nd. Finally, FBR & Co set a $79.00 price target on shares of Comerica and gave the stock a buy rating in a research note on Tuesday, July 18th. Four investment 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’s stock. The company currently has a consensus rating of Hold and a consensus target price of $77.60.
Comerica (CMA) opened at 79.79 on Tuesday. The firm’s 50 day moving average is $73.83 and its 200 day moving average is $71.79. The company has a market cap of $13.85 billion, a PE ratio of 18.08 and a beta of 1.51. Comerica has a 52-week low of $49.81 and a 52-week high of $80.25.
Comerica (NYSE:CMA) last posted its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.23 by $0.03. The firm had revenue of $821.00 million for the quarter, compared to analysts’ expectations of $812.83 million. Comerica had a net margin of 24.87% and a return on equity of 10.35%. During the same quarter in the prior year, the company posted $0.84 earnings per share. Analysts forecast that Comerica will post $4.69 EPS for the current fiscal year.
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Comerica declared that its board has authorized a share repurchase plan on Tuesday, July 25th that permits the company to repurchase 5,000,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Peter William Guilfoile sold 2,928 shares of Comerica 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul R. Obermeyer sold 20,321 shares of Comerica stock in a transaction on Wednesday, August 23rd. The stock was 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 quarter, insiders sold 44,249 shares of company stock worth $3,095,383. 1.10% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in CMA. DnB Asset Management AS raised its stake in Comerica by 1.4% in the 2nd quarter. DnB Asset Management AS now owns 81,311 shares of the financial services provider’s stock valued at $5,955,000 after purchasing an additional 1,100 shares during the last quarter. Chicago Equity Partners LLC raised its stake in Comerica by 25.0% in the 2nd quarter. Chicago Equity Partners LLC now owns 36,540 shares of the financial services provider’s stock valued at $2,676,000 after purchasing an additional 7,310 shares during the last quarter. Pacad Investment Ltd. acquired a new position in Comerica in the 2nd quarter valued at about $1,147,000. Delta Lloyd Asset Management N.V. purchased a new stake in Comerica in the 2nd quarter valued at about $1,876,000. Finally, BlackRock Inc. grew its holdings in Comerica by 0.5% in the 2nd quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock valued at $829,069,000 after buying an additional 51,426 shares during the period. 82.48% 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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