Comerica Incorporated (CMA) Given Consensus Recommendation of “Hold” by Analysts
Comerica Incorporated (NYSE:CMA) has earned a consensus recommendation of “Hold” from the twenty-four brokerages that are presently covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a sell recommendation, thirteen have given a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $77.33.
CMA has been the subject of several analyst reports. Morgan Stanley reissued an “equal weight” rating and issued a $75.00 price objective (up previously from $71.00) on shares of Comerica in a research note on Thursday, July 6th. Piper Jaffray Companies reissued a “hold” rating and issued a $76.00 price objective on shares of Comerica in a research note on Friday, September 1st. Royal Bank Of Canada reissued a “buy” rating and issued a $82.00 price objective on shares of Comerica in a research note on Friday, September 8th. FBR & Co set a $79.00 price objective on shares of Comerica and gave the stock a “buy” rating in a research note on Tuesday, July 18th. 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.
In other Comerica news, 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 value of $1,464,540.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Peter William Guilfoile sold 2,928 shares of Comerica stock in a transaction on Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The disclosure for this sale can be found here. Insiders sold 44,249 shares of company stock worth $3,095,383 over the last ninety days. Corporate insiders own 1.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings 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 worth $1,330,147,000 after purchasing an additional 1,142,275 shares during the last quarter. BlackRock Inc. grew its holdings in Comerica by 0.5% in the second quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock worth $829,069,000 after purchasing an additional 51,426 shares during the last quarter. State Street Corp grew its holdings in Comerica by 11.3% in the second quarter. State Street Corp now owns 9,990,021 shares of the financial services provider’s stock worth $731,672,000 after purchasing an additional 1,010,965 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Comerica by 22.3% in the second quarter. JPMorgan Chase & Co. now owns 5,040,167 shares of the financial services provider’s stock worth $369,142,000 after purchasing an additional 919,333 shares during the last quarter. Finally, TIAA CREF Investment Management LLC grew its holdings in Comerica by 1.6% in the second quarter. TIAA CREF Investment Management LLC now owns 2,204,216 shares of the financial services provider’s stock worth $161,437,000 after purchasing an additional 34,144 shares during the last quarter. 83.44% of the stock is currently owned by institutional investors and hedge funds.
Shares of Comerica (CMA) traded down 1.22% on Wednesday, reaching $78.82. The company had a trading volume of 960,513 shares. Comerica has a 52 week low of $49.81 and a 52 week high of $80.25. The stock’s 50 day moving average is $74.61 and its 200 day moving average is $71.94. The firm has a market capitalization of $13.69 billion, a price-to-earnings ratio of 17.86 and a beta of 1.51.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.23 by $0.03. The business had revenue of $821.00 million during the quarter, compared to the consensus estimate of $812.83 million. Comerica had a net margin of 24.87% and a return on equity of 10.35%. During the same quarter last year, the firm earned $0.84 earnings per share. On average, equities analysts anticipate that Comerica will post $4.69 EPS for the current year.
Comerica declared that its board has initiated a stock buyback program on Tuesday, July 25th that permits the company to repurchase 5,000,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
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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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