ValuEngine downgraded shares of Comerica (NYSE:CMA) from a sell rating to a strong sell rating in a research note issued to investors on Thursday.
Other research analysts have also issued reports about the company. B. Riley lowered Comerica from a buy rating to a neutral rating and decreased their target price for the company from $107.00 to $84.00 in a report on Monday, December 10th. BMO Capital Markets lowered Comerica from an outperform rating to a market perform rating and set a $83.00 target price for the company. in a report on Thursday, February 14th. Wedbush lowered Comerica from an outperform rating to a neutral rating and decreased their target price for the company from $86.00 to $85.00 in a report on Wednesday, March 13th. Goldman Sachs Group lowered Comerica from a conviction-buy rating to a buy rating in a report on Monday, January 7th. Finally, Stephens cut Comerica from an overweight rating to an equal weight rating in a research note on Wednesday, March 6th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Comerica presently has a consensus rating of Hold and a consensus target price of $94.00.
NYSE:CMA opened at $72.07 on Thursday. The firm has a market capitalization of $11.38 billion, a P/E ratio of 9.95, a P/E/G ratio of 0.57 and a beta of 1.45. Comerica has a 12-month low of $63.69 and a 12-month high of $101.05. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.86.
Comerica (NYSE:CMA) last released its earnings results on Wednesday, January 16th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.87 by $0.08. The firm had revenue of $864.00 million during the quarter, compared to analyst estimates of $863.43 million. Comerica had a return on equity of 15.84% and a net margin of 34.24%. Comerica’s revenue was up 4.1% compared to the same quarter last year. During the same period last year, the business posted $1.28 earnings per share. Equities research analysts predict that Comerica will post 8.18 earnings per share for the current year.
Comerica announced that its board has approved a share buyback program on Tuesday, January 22nd that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be given a dividend of $0.67 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.72%. This is a boost from Comerica’s previous quarterly dividend of $0.60. Comerica’s payout ratio is 37.02%.
In other news, EVP Megan D. Burkhart sold 7,443 shares of Comerica stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $87.55, for a total transaction of $651,634.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Paul R. Obermeyer sold 8,200 shares of Comerica stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $86.75, for a total value of $711,350.00. The disclosure for this sale can be found here. Insiders have sold 18,565 shares of company stock worth $1,603,348 in the last quarter. Insiders own 0.98% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of CMA. Allianz Asset Management GmbH increased its position in shares of Comerica by 936.0% during the third quarter. Allianz Asset Management GmbH now owns 1,591,118 shares of the financial services provider’s stock worth $143,519,000 after purchasing an additional 1,437,542 shares in the last quarter. Norges Bank purchased a new position in shares of Comerica during the fourth quarter worth about $89,893,000. Two Sigma Advisers LP grew its holdings in shares of Comerica by 133.4% during the fourth quarter. Two Sigma Advisers LP now owns 1,848,949 shares of the financial services provider’s stock worth $127,004,000 after buying an additional 1,056,658 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Comerica by 47.8% during the third quarter. Bank of New York Mellon Corp now owns 2,727,000 shares of the financial services provider’s stock worth $245,975,000 after buying an additional 881,990 shares during the last quarter. Finally, Vanguard Group Inc grew its holdings in shares of Comerica by 3.5% during the third quarter. Vanguard Group Inc now owns 18,993,812 shares of the financial services provider’s stock worth $1,713,241,000 after buying an additional 634,716 shares during the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.
Comerica Company Profile
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers 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 middle market businesses, multinational corporations, and governmental entities.
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