Comerica Incorporated (CMA) Raised to Overweight at Piper Jaffray Companies
Piper Jaffray Companies upgraded shares of Comerica Incorporated (NYSE:CMA) from a neutral rating to an overweight rating in a report issued on Tuesday, Marketbeat Ratings reports. The firm currently has $80.00 price target on the financial services provider’s stock, up from their previous price target of $76.00.
Several other research firms have also commented on CMA. FBR & Co raised Comerica from a market perform rating to an outperform rating and set a $79.00 price objective on the stock in a research report on Friday, June 9th. Zacks Investment Research raised Comerica from a hold rating to a buy rating and set a $80.00 price objective on the stock in a research report on Thursday, August 17th. Morgan Stanley reissued an equal weight rating and issued a $75.00 price objective (up from $71.00) on shares of Comerica in a research report on Thursday, July 6th. Wells Fargo & Company initiated coverage on Comerica in a research report on Wednesday, August 9th. They issued a market perform rating and a $73.00 price objective on the stock. Finally, Keefe, Bruyette & Woods reissued a buy rating and issued a $78.00 price objective on shares of Comerica in a research report on Friday, June 16th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $74.44.
Shares of Comerica (CMA) traded up 0.25% during midday trading on Tuesday, reaching $68.35. The company’s stock had a trading volume of 544,858 shares. The firm’s 50 day moving average is $70.04 and its 200 day moving average is $70.67. Comerica has a 52 week low of $45.14 and a 52 week high of $75.72. The firm has a market capitalization of $12.02 billion, a price-to-earnings ratio of 17.07 and a beta of 1.49.
Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.06 by $0.07. Comerica had a return on equity of 9.60% and a net margin of 23.22%. The company had revenue of $776.00 million for the quarter, compared to analyst estimates of $777.08 million. During the same period last year, the company posted $0.58 earnings per share. The firm’s revenue was up 8.8% compared to the same quarter last year. Equities analysts forecast that Comerica will post $4.60 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Sunday, October 1st. Investors of record on Friday, September 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.76%. This is an increase from Comerica’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, September 14th. Comerica’s dividend payout ratio (DPR) is 26.00%.
Comerica declared that its board has approved a share buyback program on Wednesday, June 28th that permits the company to repurchase $605.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
In other Comerica news, insider Paul R. Obermeyer sold 20,321 shares of Comerica stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $70.24, for a total value of $1,427,347.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Peter William Guilfoile sold 2,928 shares of Comerica stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $69.50, for a total value of $203,496.00. The disclosure for this sale can be found here. Insiders sold 44,249 shares of company stock valued at $3,095,383 over the last quarter. Insiders own 1.10% of the company’s stock.
Hedge funds have recently modified their holdings of the business. DnB Asset Management AS boosted its stake in Comerica by 1.4% in the second quarter. DnB Asset Management AS now owns 81,311 shares of the financial services provider’s stock valued at $5,955,000 after acquiring an additional 1,100 shares during the period. Commerce Bank boosted its stake in Comerica by 18.2% in the first quarter. Commerce Bank now owns 5,595 shares of the financial services provider’s stock valued at $384,000 after acquiring an additional 860 shares during the period. BlueCrest Capital Management Ltd acquired a new position in Comerica in the first quarter valued at approximately $1,029,000. Aviva PLC boosted its stake in Comerica by 2.1% in the second quarter. Aviva PLC now owns 109,379 shares of the financial services provider’s stock valued at $8,011,000 after acquiring an additional 2,220 shares during the period. Finally, Wellington Management Group LLP boosted its stake in Comerica by 1.5% in the first quarter. Wellington Management Group LLP now owns 4,928,411 shares of the financial services provider’s stock valued at $337,991,000 after acquiring an additional 71,159 shares during the period. Institutional investors own 82.52% 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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