Comerica’s (CMA) Hold Rating Reaffirmed at Piper Jaffray Companies
Piper Jaffray Companies reiterated their hold rating on shares of Comerica Incorporated (NYSE:CMA) in a report published on Friday morning. They currently have a $76.00 target price on the financial services provider’s stock.
Several other brokerages have also issued reports on CMA. FBR & Co raised shares of Comerica from a market perform rating to an outperform rating and set a $79.00 price target on the stock in a report on Friday, June 9th. Zacks Investment Research raised shares of Comerica from a hold rating to a buy rating and set a $80.00 price target on the stock in a report on Thursday, August 17th. Morgan Stanley reaffirmed an equal weight rating and set a $75.00 price target (up from $71.00) on shares of Comerica in a report on Thursday, July 6th. Wells Fargo & Company initiated coverage on shares of Comerica in a report on Wednesday, August 9th. They set a market perform rating and a $73.00 price target on the stock. Finally, Keefe, Bruyette & Woods reaffirmed a buy rating and set a $78.00 price target on shares of Comerica in a report on Friday, June 16th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company. Comerica currently has a consensus rating of Hold and an average target price of $72.71.
Comerica (NYSE CMA) traded up 1.54% during trading on Friday, reaching $69.30. 1,720,131 shares of the company’s stock were exchanged. The firm has a market cap of $12.19 billion, a P/E ratio of 17.31 and a beta of 1.49. Comerica has a 52-week low of $45.14 and a 52-week high of $75.72. The stock’s 50 day moving average price is $71.53 and its 200 day moving average price is $70.97.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.07. The company had revenue of $776 million for the quarter, compared to analyst estimates of $777.08 million. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The firm’s revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.58 EPS. Equities research analysts anticipate that Comerica will post $4.59 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be given a $0.30 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.73%. This is an increase from Comerica’s previous quarterly dividend of $0.26. Comerica’s payout ratio is 26.00%.
Comerica declared that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that permits the company to repurchase $605.00 million in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other news, insider Peter William Guilfoile sold 2,928 shares of Comerica stock in a transaction on Monday, August 28th. The shares were sold at an average price of $69.50, for a total value of $203,496.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Judith S. Love sold 21,000 shares of Comerica stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $69.74, for a total transaction of $1,464,540.00. The disclosure for this sale can be found here. Insiders sold a total of 44,249 shares of company stock worth $3,095,383 in the last 90 days. Corporate insiders own 1.10% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. USA Financial Portformulas Corp bought a new stake in Comerica during the second quarter valued at $536,000. Sentry Investment Management LLC raised its stake in Comerica by 1.2% in the second quarter. Sentry Investment Management LLC now owns 11,711 shares of the financial services provider’s stock valued at $858,000 after buying an additional 142 shares in the last quarter. Toronto Dominion Bank raised its stake in Comerica by 25.6% in the second quarter. Toronto Dominion Bank now owns 59,927 shares of the financial services provider’s stock valued at $4,388,000 after buying an additional 12,207 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Comerica during the second quarter valued at $1,032,000. Finally, Nomura Holdings Inc. bought a new stake in Comerica during the second quarter valued at $63,375,000. Institutional investors own 82.52% 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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