Comerica Inc. (CMA) Raised to “Buy” at Goldman Sachs Group Inc.
Goldman Sachs Group Inc. upgraded shares of Comerica Inc. (NYSE:CMA) from a neutral rating to a buy rating in a research report report published on Friday morning. They currently have $52.00 price objective on the financial services provider’s stock.
Other research analysts have also issued research reports about the stock. Barclays PLC upped their price objective on shares of Comerica from $42.00 to $45.00 and gave the company an underweight rating in a research note on Thursday, September 15th. Credit Agricole SA upped their price objective on shares of Comerica from $50.00 to $53.00 and gave the company an outperform rating in a research note on Tuesday, September 6th. Robert W. Baird reiterated an outperform rating on shares of Comerica in a research note on Thursday, August 4th. Zacks Investment Research upgraded shares of 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. Finally, RBC Capital Markets reiterated an outperform rating and issued a $49.00 price objective (up previously from $46.00) on shares of Comerica in a research note on Wednesday, July 20th. Two research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and ten have given a buy rating to the company’s stock. Comerica currently has a consensus rating of Hold and a consensus price target of $44.54.
Comerica (NYSE:CMA) opened at 46.15 on Friday. Comerica has a 12-month low of $30.48 and a 12-month high of $47.70. The company’s 50 day moving average is $46.13 and its 200 day moving average is $43.06. The firm has a market cap of $8.03 billion, a price-to-earnings ratio of 20.04 and a beta of 1.36.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.69 by $0.11. Comerica had a net margin of 14.69% and a return on equity of 6.03%. On average, equities analysts anticipate that Comerica will post $2.43 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.99%. This is a boost from Comerica’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Tuesday, September 13th. Comerica’s payout ratio is 38.82%.
In other Comerica news, insider Paul R. Obermeyer sold 2,302 shares of Comerica stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $45.92, for a total transaction of $105,707.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.60% of the company’s stock.
Several large investors have recently made changes to their positions in CMA. Global X Management Co. LLC boosted its stake in shares of Comerica by 128.8% in the second quarter. Global X Management Co. LLC now owns 2,862 shares of the financial services provider’s stock worth $118,000 after buying an additional 1,611 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Comerica by 9.0% in the second quarter. Pacer Advisors Inc. now owns 2,966 shares of the financial services provider’s stock worth $122,000 after buying an additional 244 shares during the last quarter. Tredje AP fonden boosted its stake in shares of Comerica by 733.9% in the second quarter. Tredje AP fonden now owns 4,920 shares of the financial services provider’s stock worth $202,000 after buying an additional 4,330 shares during the last quarter. American National Registered Investment Advisor Inc. acquired a new stake in shares of Comerica during the second quarter worth about $206,000. Finally, Dillon & Associates Inc. acquired a new stake in shares of Comerica during the second quarter worth about $211,000. 84.62% of the stock is owned by institutional investors.
Comerica Company Profile
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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