Investors Buy Shares of Comerica Incorporated (NYSE:CMA) on Weakness
Traders purchased shares of Comerica Incorporated (NYSE:CMA) on weakness during trading hours on Friday. $32.01 million flowed into the stock on the tick-up and $14.02 million flowed out of the stock on the tick-down, for a money net flow of $17.99 million into the stock. Of all companies tracked, Comerica had the 16th highest net in-flow for the day. Comerica traded down ($0.60) for the day and closed at $70.21
CMA has been the subject of several analyst reports. Keefe, Bruyette & Woods set a $73.00 target price on Comerica and gave the stock a “buy” rating in a research report on Tuesday, April 18th. Jefferies Group LLC restated a “buy” rating and set a $81.00 target price on shares of Comerica in a research report on Monday, May 15th. BidaskClub downgraded Comerica from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Stephens restated a “buy” rating and set a $80.00 target price on shares of Comerica in a research report on Tuesday, July 18th. Finally, FBR & Co set a $79.00 target price on Comerica and gave the stock a “buy” rating in a research report on Tuesday, July 18th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the stock. Comerica currently has a consensus rating of “Hold” and an average price target of $71.71.
The stock has a 50 day moving average of $73.09 and a 200-day moving average of $70.80. The company has a market cap of $12.35 billion, a price-to-earnings ratio of 17.53 and a beta of 1.47.
Comerica (NYSE:CMA) last issued its earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.07. The company had revenue of $776 million during the quarter, compared to the consensus estimate of $777.08 million. Comerica had a return on equity of 10.18% and a net margin of 26.16%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period last year, the business posted $0.58 EPS. Equities research analysts expect that Comerica Incorporated will post $4.58 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a yield of 1.71%. This is an increase from Comerica’s previous quarterly dividend of $0.26. Comerica’s payout ratio is 26.00%.
Comerica declared that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $605.00 million in shares. This buyback authorization authorizes the financial services provider to buy up to 4.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.
Institutional investors have recently added to or reduced their stakes in the stock. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its position in 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 worth $159,000 after buying an additional 8 shares during the period. National Planning Corp increased its position in Comerica by 0.4% in the second quarter. National Planning Corp now owns 5,763 shares of the financial services provider’s stock worth $429,000 after buying an additional 21 shares during the period. Contravisory Investment Management Inc. increased its position in Comerica by 0.7% in the second quarter. Contravisory Investment Management Inc. now owns 3,588 shares of the financial services provider’s stock worth $263,000 after buying an additional 25 shares during the period. Jaffetilchin Investment Partners LLC increased its position in Comerica by 0.4% in the first quarter. Jaffetilchin Investment Partners LLC now owns 7,550 shares of the financial services provider’s stock worth $518,000 after buying an additional 32 shares during the period. Finally, United Capital Financial Advisers LLC increased its position in Comerica by 0.8% in the first quarter. United Capital Financial Advisers LLC now owns 6,320 shares of the financial services provider’s stock worth $433,000 after buying an additional 53 shares during the period. Institutional investors and hedge funds own 84.29% of the company’s stock.
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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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