Comerica’s (NYSE:CMA) “Neutral” Rating Reaffirmed at Instinet
Instinet restated their neutral rating on shares of Comerica Incorporated (NYSE:CMA) in a research report released on Wednesday morning. The brokerage currently has a $71.00 price objective on the financial services provider’s stock, up from their prior price objective of $68.00.
CMA has been the topic of several other research reports. Jefferies Group LLC restated a buy rating on shares of Comerica in a research report on Tuesday, March 21st. FBR & Co upgraded Comerica from a market perform rating to an outperform rating and set a $79.00 target price on the stock in a research report on Friday, June 9th. Zacks Investment Research downgraded Comerica from a buy rating to a hold rating in a research report on Monday, April 10th. Deutsche Bank AG raised their target price on Comerica to $74.00 and gave the company a hold rating in a research report on Wednesday, April 19th. Finally, Morgan Stanley raised their target price on Comerica from $70.00 to $71.00 and gave the company an equal weight rating in a research report on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Comerica currently has a consensus rating of Hold and a consensus target price of $63.88.
Shares of Comerica (NYSE CMA) opened at 74.52 on Wednesday. The stock’s 50 day moving average price is $70.73 and its 200 day moving average price is $69.82. Comerica has a one year low of $43.35 and a one year high of $75.72. The stock has a market capitalization of $13.19 billion, a PE ratio of 21.59 and a beta of 1.48.
Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, April 18th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $1.01 by $0.10. Comerica had a return on equity of 8.45% and a net margin of 20.42%. The company had revenue of $741 million for the quarter, compared to analyst estimates of $735.06 million. During the same period last year, the company earned $0.34 earnings per share. Equities research analysts predict that Comerica will post $4.48 EPS for the current fiscal year.
Comerica announced that its board has approved a share buyback plan on Wednesday, June 28th that allows the company to repurchase $605.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Saturday, July 1st. Shareholders of record on Thursday, June 15th were given a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, June 13th. This represents a $1.04 dividend on an annualized basis and a yield of 1.40%. This is an increase from Comerica’s previous quarterly dividend of $0.23. Comerica’s payout ratio is currently 30.15%.
In other Comerica news, CEO Ralph W. Babb, Jr. sold 83,600 shares of Comerica stock in a transaction on Monday, May 1st. The stock was sold at an average price of $70.94, for a total value of $5,930,584.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.10% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of CMA. Crow Point Partners LLC increased its stake in Comerica by 36.8% in the second quarter. Crow Point Partners LLC now owns 5,103 shares of the financial services provider’s stock worth $371,000 after buying an additional 1,374 shares in the last quarter. Exane Derivatives acquired a new stake in Comerica during the second quarter worth approximately $125,000. Mn Services Vermogensbeheer B.V. increased its stake in Comerica by 534.5% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 29,214 shares of the financial services provider’s stock worth $2,140,000 after buying an additional 24,610 shares in the last quarter. Liberty Capital Management Inc. increased its stake in Comerica by 22.0% in the second quarter. Liberty Capital Management Inc. now owns 11,084 shares of the financial services provider’s stock worth $834,000 after buying an additional 2,000 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. increased its stake in Comerica by 0.6% in the second quarter. Chevy Chase Trust Holdings Inc. now owns 155,292 shares of the financial services provider’s stock worth $11,374,000 after buying an additional 856 shares in the last quarter. Institutional investors own 83.14% of the company’s stock.
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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