Comerica (NYSE:CMA) was upgraded by stock analysts at Instinet from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, January 5th.
CMA has been the subject of several other reports. Piper Jaffray Companies upgraded shares of Comerica to a “buy” rating and set a $98.00 target price for the company in a research note on Friday, December 8th. Morgan Stanley restated an “equal weight” rating and issued a $90.00 target price on shares of Comerica in a research note on Wednesday, December 13th. Deutsche Bank upped their target price on shares of Comerica from $80.00 to $82.00 and gave the company a “hold” rating in a research note on Wednesday, November 8th. Royal Bank of Canada reiterated a “buy” rating and set a $82.00 price objective on shares of Comerica in a research note on Friday, September 8th. Finally, DA Davidson reiterated a “hold” rating and set a $81.00 price objective on shares of Comerica in a research note on Wednesday, October 18th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $92.37.
Shares of Comerica (NYSE:CMA) traded up $1.11 during mid-day trading on Friday, hitting $95.81. 965,499 shares of the stock traded hands, compared to its average volume of 1,434,353. The stock has a market capitalization of $16,383.10, a P/E ratio of 23.20, a PEG ratio of 1.45 and a beta of 1.51. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.58. Comerica has a fifty-two week low of $64.04 and a fifty-two week high of $95.97.
Comerica (NYSE:CMA) last announced its earnings results on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.03. The business had revenue of $830.00 million during the quarter, compared to the consensus estimate of $819.30 million. Comerica had a net margin of 13.49% and a return on equity of 5.62%. During the same period in the prior year, the firm earned $0.92 earnings per share. research analysts forecast that Comerica will post 6.53 EPS for the current fiscal year.
In other news, insider Michael T. Ritchie sold 4,596 shares of the firm’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $75.08, for a total value of $345,067.68. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Ralph W. Babb, Jr. sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $95.25, for a total transaction of $4,762,500.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 119,296 shares of company stock worth $11,130,022. Insiders own 1.10% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Comerica by 6.7% in the 2nd quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock worth $1,330,147,000 after buying an additional 1,142,275 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Comerica by 0.5% in the 2nd quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock worth $829,069,000 after acquiring an additional 51,426 shares during the period. State Street Corp increased its holdings in shares of Comerica by 11.3% in the 2nd quarter. State Street Corp now owns 9,990,021 shares of the financial services provider’s stock worth $731,672,000 after acquiring an additional 1,010,965 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Comerica by 33.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,721,807 shares of the financial services provider’s stock worth $507,632,000 after acquiring an additional 1,681,640 shares during the period. Finally, TIAA CREF Investment Management LLC increased its holdings in shares of Comerica by 1.6% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 2,204,216 shares of the financial services provider’s stock worth $161,437,000 after acquiring an additional 34,144 shares during the period. Institutional investors own 81.96% of the company’s stock.
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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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