Comerica Inc. (CMA) PT Raised to $56.00 at Royal Bank Of Canada
Comerica Inc. (NYSE:CMA) had its target price hoisted by Royal Bank Of Canada from $49.00 to $56.00 in a report released on Wednesday. The firm currently has an “outperform” rating on the financial services provider’s stock. Royal Bank Of Canada’s price objective indicates a potential upside of 11.89% from the stock’s current price.
Several other brokerages also recently commented on CMA. Zacks Investment Research downgraded Comerica from a “hold” rating to a “sell” rating in a research note on Tuesday, June 21st. Bank of America Corp. downgraded Comerica from a “neutral” rating to an “underperform” rating and raised their target price for the stock from $30.48 to $36.00 in a research note on Wednesday, June 29th. Goldman Sachs Group Inc. upgraded 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. FBR & Co downgraded Comerica from an “outperform” rating to a “market perform” rating and set a $50.00 target price for the company. in a research note on Tuesday, October 11th. Finally, Credit Agricole SA raised their target price on Comerica from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 6th. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $45.42.
Shares of Comerica (NYSE:CMA) opened at 50.05 on Wednesday. The firm has a market cap of $8.70 billion, a PE ratio of 21.73 and a beta of 1.36. Comerica has a 12 month low of $30.48 and a 12 month high of $50.54. The company’s 50 day moving average is $47.36 and its 200-day moving average is $44.43.
Comerica (NYSE:CMA) last issued its earnings results on Tuesday, October 18th. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.73 by $0.11. Comerica had a return on equity of 6.03% and a net margin of 14.69%. During the same period in the prior year, the company posted $0.74 earnings per share. Equities research analysts predict that Comerica will post $2.41 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Investors of record on Thursday, September 15th were paid a dividend of $0.23 per share. This is an increase from Comerica’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $0.92 annualized dividend and a yield of 1.84%. Comerica’s payout ratio is 38.82%.
In related 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 filing with the SEC, which is available at the SEC website. Corporate insiders own 1.60% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Comerica during the second quarter valued at $58,616,000. Adage Capital Partners GP L.L.C. increased its stake 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 valued at $63,557,000 after buying an additional 1,367,896 shares during the last quarter. Teachers Advisors Inc. increased its stake in Comerica by 70.1% in the second quarter. Teachers Advisors Inc. now owns 1,649,833 shares of the financial services provider’s stock valued at $67,858,000 after buying an additional 679,830 shares during the last quarter. Emerald Acquisition Ltd. bought a new stake in Comerica during the second quarter valued at $27,375,000. Finally, Bank of New York Mellon Corp increased its stake in Comerica by 39.7% in the second quarter. Bank of New York Mellon Corp now owns 2,278,685 shares of the financial services provider’s stock valued at $93,722,000 after buying an additional 647,477 shares during the last quarter. 84.59% of the stock is owned by institutional investors.
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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