Comerica Incorporated (NYSE:CMA) Receives $67.50 Average Target Price from Analysts
Comerica Incorporated (NYSE:CMA) has been given a consensus rating of “Hold” by the twenty-three ratings firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $69.00.
A number of equities research analysts recently commented on CMA shares. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $72.00 price objective on shares of Comerica in a research note on Wednesday, April 5th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $78.00 price objective on shares of Comerica in a research note on Tuesday, April 4th. Jefferies Group LLC reaffirmed a “buy” rating and set a $81.00 price objective on shares of Comerica in a research note on Tuesday, April 4th. BidaskClub cut Comerica from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Finally, Stephens reaffirmed a “buy” rating and set a $80.00 price objective on shares of Comerica in a research note on Tuesday.
Shares of Comerica (NYSE:CMA) traded down 0.08% during midday trading on Monday, hitting $72.43. The stock had a trading volume of 1,946,970 shares. Comerica has a one year low of $43.74 and a one year high of $75.72. The firm’s 50-day moving average price is $72.59 and its 200-day moving average price is $70.38. The firm has a market capitalization of $12.82 billion, a PE ratio of 20.99 and a beta of 1.48. Comerica also was the target of unusually large options trading on Monday. Investors bought 6,733 put options on the company. This is an increase of 1,055% compared to the average daily volume of 583 put options.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.07. Comerica had a return on equity of 9.25% and a net margin of 23.22%. The business had revenue of $776 million during the quarter, compared to analysts’ expectations of $777.08 million. During the same period in the previous year, the firm earned $0.58 earnings per share. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, equities analysts predict that Comerica will post $4.57 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Saturday, July 1st. Stockholders of record on Thursday, June 15th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.44%. This is a positive change from Comerica’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Tuesday, June 13th. Comerica’s payout ratio is 26.00%.
Comerica announced that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $605.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In related news, CEO Ralph W. Babb, Jr. sold 83,600 shares of the company’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $70.94, for a total transaction of $5,930,584.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.10% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. TrimTabs Asset Management LLC bought a new position in Comerica during the first quarter worth approximately $111,000. Exane Derivatives acquired a new stake in shares of Comerica during the second quarter valued at about $125,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Comerica during the first quarter valued at about $127,000. Point72 Asia Hong Kong Ltd boosted its stake in shares of Comerica by 19.3% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock valued at $137,000 after buying an additional 323 shares in the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its stake in shares of Comerica by 0.3% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,307 shares of the financial services provider’s stock valued at $159,000 after buying an additional 8 shares in the last quarter. Institutional investors and hedge funds own 83.14% of the company’s stock.
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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