Comerica Inc. (CMA) Now Covered by Wedbush
Stock analysts at Wedbush assumed coverage on shares of Comerica Inc. (NYSE:CMA) in a note issued to investors on Thursday. The firm set a “neutral” rating and a $49.00 price target on the financial services provider’s stock. Wedbush’s price target points to a potential upside of 0.04% from the stock’s previous close.
Several other analysts have also recently commented on the stock. Zacks Investment Research cut shares of Comerica from a “buy” rating to a “hold” rating in a research note on Tuesday, October 4th. Goldman Sachs Group Inc. upgraded shares of Comerica from a “neutral” rating to a “buy” rating and set a $52.00 target price for the company in a research note on Friday, September 16th. Barclays PLC raised their target price on shares of Comerica from $42.00 to $45.00 and gave the stock an “underweight” rating in a research note on Thursday, September 15th. Credit Agricole SA raised their target price on shares of Comerica from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 6th. Finally, Robert W. Baird restated an “outperform” rating on shares of Comerica in a research note on Thursday, August 4th. Two investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $44.67.
Shares of Comerica (NYSE:CMA) opened at 48.98 on Thursday. The stock has a market cap of $8.52 billion, a PE ratio of 21.27 and a beta of 1.36. The company’s 50-day moving average is $46.86 and its 200 day moving average is $43.87. Comerica has a 52 week low of $30.48 and a 52 week high of $49.62.
Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.11. Comerica had a return on equity of 6.03% and a net margin of 14.69%. Analysts forecast that Comerica will post $2.41 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.88%. This is a boost from Comerica’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Tuesday, September 13th. Comerica’s payout ratio is 38.82%.
In other news, insider Paul R. Obermeyer sold 2,302 shares of the business’s 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 SEC, which is available through this hyperlink. Company insiders own 1.60% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. RS Investment Management Co. LLC boosted its position in Comerica by 13.5% in the second quarter. RS Investment Management Co. LLC now owns 881,365 shares of the financial services provider’s stock worth $36,251,000 after buying an additional 104,950 shares during the last quarter. Washington Trust Bank boosted its position in Comerica by 5.4% in the second quarter. Washington Trust Bank now owns 55,097 shares of the financial services provider’s stock worth $2,266,000 after buying an additional 2,798 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its position in Comerica by 440.7% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,678,296 shares of the financial services provider’s stock worth $63,557,000 after buying an additional 1,367,896 shares during the last quarter. Geode Capital Management LLC boosted its position in Comerica by 0.5% in the first quarter. Geode Capital Management LLC now owns 1,422,637 shares of the financial services provider’s stock worth $53,764,000 after buying an additional 6,752 shares during the last quarter. Finally, AXA purchased a new position in Comerica during the first quarter worth approximately $602,000. 84.59% of the stock is currently owned by institutional investors and hedge funds.
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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