Comerica Incorporated (NYSE:CMA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Friday. The brokerage presently has a $78.00 price objective on the financial services provider’s stock. Zacks Investment Research’s target price would indicate a potential upside of 12.70% from the company’s current price.
According to Zacks, “Comerica’s shares outperformed the Zacks categorized Regional Banks-Major industry over the last six months. Also, the company’s first-quarter 2017 adjusted earnings per share surpassed the Zacks Consensus Estimate on higher revenues, along with lower expenses and provisions. Though decline in loans and several regulatory overhangs remain headwinds, the company’s future prospects look promising as it revised the financial targets for revenue and efficiency initiatives (GEAR Up). Further, easing of pressure on margin driven by the Fed interest rate hikes (in Dec 2015 and Mar 2017) is encouraging. Also, Comerica’s active involvement in capital deployment activities acts as a tailwind.”
Several other research analysts have also commented on CMA. Keefe, Bruyette & Woods set a $71.00 price objective on Comerica and gave the stock a “buy” rating in a report on Saturday, March 25th. FBR & Co reissued a “market perform” rating and set a $74.00 price objective on shares of Comerica in a report on Wednesday. Deutsche Bank AG boosted their price objective on Comerica to $74.00 and gave the stock a “hold” rating in a report on Wednesday. Jefferies Group LLC reissued a “buy” rating and set a $81.00 price objective on shares of Comerica in a report on Tuesday, April 4th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $78.00 price objective on shares of Comerica in a report on Tuesday, April 4th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $58.47.
Comerica (NYSE:CMA) opened at 69.29 on Friday. The company has a market capitalization of $12.19 billion, a price-to-earnings ratio of 25.85 and a beta of 1.43. The company’s 50-day moving average is $69.24 and its 200-day moving average is $64.47. Comerica has a 52-week low of $36.82 and a 52-week high of $75.00.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $1.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.10. Comerica had a return on equity of 6.92% and a net margin of 16.00%. The firm had revenue of $741 million for the quarter, compared to analysts’ expectations of $735.06 million. During the same period in the prior year, the business posted $0.34 earnings per share. On average, analysts expect that Comerica will post $4.26 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Saturday, April 1st. Investors of record on Wednesday, March 15th were issued a dividend of $0.23 per share. The ex-dividend date was Monday, March 13th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.33%. Comerica’s dividend payout ratio is presently 34.33%.
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In related news, EVP Megan D. Burkhart sold 28,800 shares of the company’s stock in a transaction that occurred on Tuesday, January 31st. The stock was sold at an average price of $67.58, for a total transaction of $1,946,304.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Paul R. Obermeyer sold 15,235 shares of the company’s stock in a transaction that occurred on Tuesday, January 31st. The shares were sold at an average price of $67.79, for a total value of $1,032,780.65. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 104,403 shares of company stock valued at $7,075,034. 1.60% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC increased its position in shares of Comerica by 96.4% in the third quarter. Tower Research Capital LLC TRC now owns 2,300 shares of the financial services provider’s stock worth $109,000 after buying an additional 1,129 shares in the last quarter. Parallel Advisors LLC acquired a new position in shares of Comerica during the fourth quarter worth approximately $112,000. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its position in shares of Comerica by 6,744.1% in the fourth quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 156,593 shares of the financial services provider’s stock worth $157,000 after buying an additional 154,305 shares in the last quarter. SRB Corp increased its position in shares of Comerica by 9.2% in the third quarter. SRB Corp now owns 3,412 shares of the financial services provider’s stock worth $161,000 after buying an additional 287 shares in the last quarter. Finally, Conning Inc. acquired a new position in shares of Comerica during the third quarter worth approximately $208,000. Institutional investors own 81.74% of the company’s stock.
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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