Comerica Inc. (CMA) Reaches New 52-Week High at $47.59
Comerica Inc. (NYSE:CMA)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $47.59 and last traded at $47.50, with a volume of 858,655 shares changing hands. The stock had previously closed at $46.85.
Several equities analysts recently issued reports on CMA shares. Bank of America Corp. lowered Comerica from a “neutral” rating to an “underperform” rating and boosted their price target for the company from $30.48 to $36.00 in a research note on Wednesday, June 29th. Zacks Investment Research upgraded Comerica from a “hold” rating to a “buy” rating and set a $51.00 price objective on the stock in a research note on Monday, July 25th. Wells Fargo & Co. upgraded Comerica from an “underperform” rating to a “market perform” rating in a research note on Friday, July 8th. They noted that the move was a valuation call. JPMorgan Chase & Co. lowered their price objective on Comerica from $47.00 to $43.00 and set a “neutral” rating on the stock in a research note on Thursday, July 7th. Finally, Goldman Sachs Group Inc. upgraded Comerica from a “sell” rating to a “neutral” rating and upped their price objective for the company from $42.00 to $49.00 in a research note on Thursday, May 19th. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $43.91.
The stock has a market capitalization of $8.25 billion and a price-to-earnings ratio of 20.60. The company’s 50 day moving average price is $45.31 and its 200-day moving average price is $41.88.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by $0.11. On average, equities analysts expect that Comerica Inc. will post $2.42 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 1st. Investors of record on Thursday, September 15th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This is a boost from Comerica’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a yield of 1.94%.
In related news, insider Paul R. Obermeyer sold 2,302 shares of Comerica stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $45.92, for a total value of $105,707.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.
Several hedge funds recently bought and sold shares of CMA. American International Group Inc. boosted its stake in Comerica by 0.8% in the fourth quarter. American International Group Inc. now owns 97,653 shares of the financial services provider’s stock worth $4,085,000 after buying an additional 769 shares during the last quarter. Utah Retirement Systems boosted its stake in Comerica by 0.3% in the fourth quarter. Utah Retirement Systems now owns 31,896 shares of the financial services provider’s stock worth $1,335,000 after buying an additional 100 shares during the last quarter. Finally, KBC Group NV boosted its stake in Comerica by 1.3% in the fourth quarter. KBC Group NV now owns 59,382 shares of the financial services provider’s stock worth $2,484,000 after buying an additional 790 shares during the last quarter.
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
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