Wells Fargo & Company Begins Coverage on Comerica Incorporated (NYSE:CMA)
Wells Fargo & Company began coverage on shares of Comerica Incorporated (NYSE:CMA) in a report published on Wednesday morning, MarketBeat reports. The firm issued a market perform rating and a $73.00 price objective on the financial services provider’s stock.
CMA has been the topic of a number of other research reports. Piper Jaffray Companies reissued a hold rating and issued a $76.00 price objective on shares of Comerica in a research note on Friday, July 28th. BidaskClub downgraded Comerica from a buy rating to a hold rating in a research note on Tuesday, July 25th. Jefferies Group LLC reissued a buy rating and issued a $81.00 price objective on shares of Comerica in a research note on Thursday, June 8th. Zacks Investment Research raised Comerica from a hold rating to a strong-buy rating and set a $78.00 price objective on the stock in a research note on Friday, April 21st. Finally, Stephens reissued a buy rating and issued a $80.00 price objective on shares of Comerica in a research note on Tuesday, July 18th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the company. Comerica has a consensus rating of Hold and an average target price of $71.71.
Shares of Comerica (NYSE CMA) traded down 0.85% on Wednesday, hitting $70.21. The stock had a trading volume of 1,382,877 shares. The firm has a market cap of $12.35 billion, a P/E ratio of 17.53 and a beta of 1.47. The company’s 50-day moving average price is $73.06 and its 200 day moving average price is $70.82. Comerica has a 12-month low of $45.14 and a 12-month high of $75.72.
Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.07. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The company had revenue of $776 million for the quarter, compared to the consensus estimate of $777.08 million. During the same quarter in the previous year, the business earned $0.58 EPS. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, equities research analysts forecast that Comerica will post $4.58 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.71%. This is a positive change from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 14th. Comerica’s payout ratio is presently 26.00%.
Comerica declared that its board has authorized a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $605.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
A number of hedge funds and other institutional investors have recently bought and sold shares of CMA. BlackRock Inc. raised its position in Comerica by 3,094.6% in the first quarter. BlackRock Inc. now owns 11,268,474 shares of the financial services provider’s stock valued at $772,796,000 after buying an additional 10,915,741 shares during the last quarter. Ameriprise Financial Inc. raised its position in Comerica by 1,159.7% in the first quarter. Ameriprise Financial Inc. now owns 1,892,008 shares of the financial services provider’s stock valued at $129,759,000 after buying an additional 1,741,818 shares during the last quarter. AQR Capital Management LLC raised its position in Comerica by 140.5% in the first quarter. AQR Capital Management LLC now owns 2,072,665 shares of the financial services provider’s stock valued at $142,143,000 after buying an additional 1,210,749 shares during the last quarter. Janus Capital Management LLC raised its position in Comerica by 153.1% in the first quarter. Janus Capital Management LLC now owns 1,911,788 shares of the financial services provider’s stock valued at $131,111,000 after buying an additional 1,156,304 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Comerica by 6.7% in the second quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock valued at $1,330,147,000 after buying an additional 1,142,275 shares during the last quarter. 84.29% of the stock is currently owned by hedge funds and other institutional investors.
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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