Comerica (CMA) Reaches New 12-Month High at $98.90

Comerica Incorporated (NYSE:CMA) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $98.90 and last traded at $98.71, with a volume of 486077 shares changing hands. The stock had previously closed at $97.67.

A number of equities research analysts have issued reports on CMA shares. Zacks Investment Research raised Comerica from a “hold” rating to a “buy” rating and set a $95.00 price target on the stock in a research report on Monday, December 11th. Piper Jaffray Companies raised Comerica to a “buy” rating and set a $98.00 price target on the stock in a research report on Friday, December 8th. B. Riley reaffirmed a “buy” rating and issued a $84.00 price target on shares of Comerica in a research report on Monday, December 4th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $101.00 price target on shares of Comerica in a research report on Friday, December 22nd. Finally, Instinet raised Comerica from a “neutral” rating to a “buy” rating in a research report on Friday, January 5th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Comerica currently has a consensus rating of “Hold” and an average target price of $92.37.

The firm has a market capitalization of $16,878.67, a price-to-earnings ratio of 23.69, a P/E/G ratio of 1.49 and a beta of 1.47. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.00 and a current ratio of 1.00.

Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.03. The firm had revenue of $830.00 million for the quarter, compared to the consensus estimate of $819.30 million. Comerica had a return on equity of 10.94% and a net margin of 22.47%. During the same quarter last year, the business posted $0.92 EPS. sell-side analysts expect that Comerica Incorporated will post 6.56 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Sunday, April 1st. Investors of record on Thursday, March 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Wednesday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.23%. Comerica’s dividend payout ratio is presently 29.06%.

In related news, CEO Ralph W. Babb, Jr. sold 65,300 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $97.61, for a total transaction of $6,373,933.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Peter William Guilfoile sold 1,052 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $97.00, for a total value of $102,044.00. The disclosure for this sale can be found here. Insiders have sold a total of 211,015 shares of company stock worth $20,194,360 in the last 90 days. 1.10% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in CMA. Raymond James Financial Services Advisors Inc. grew its stake in Comerica by 37.5% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 10,596 shares of the financial services provider’s stock worth $776,000 after buying an additional 2,892 shares during the last quarter. Toronto Dominion Bank grew its stake in Comerica by 25.6% during the 2nd quarter. Toronto Dominion Bank now owns 59,927 shares of the financial services provider’s stock worth $4,388,000 after buying an additional 12,207 shares during the last quarter. Sentry Investment Management LLC grew its stake in Comerica by 1.2% during the 2nd quarter. Sentry Investment Management LLC now owns 11,711 shares of the financial services provider’s stock worth $858,000 after buying an additional 142 shares during the last quarter. Eqis Capital Management Inc. purchased a new position in Comerica during the 3rd quarter worth approximately $250,000. Finally, Shell Asset Management Co. grew its stake in Comerica by 231.9% during the 3rd quarter. Shell Asset Management Co. now owns 28,585 shares of the financial services provider’s stock worth $1,425,000 after buying an additional 19,972 shares during the last quarter. Hedge funds and other institutional investors own 82.91% of the company’s stock.

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About Comerica

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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