Sanford C. Bernstein Reiterates Market Perform Rating for Comerica Incorporated (CMA)
Comerica Incorporated (NYSE:CMA)‘s stock had its “market perform” rating restated by equities research analysts at Sanford C. Bernstein in a research note issued on Saturday. They currently have a $80.00 target price on the financial services provider’s stock, up from their prior target price of $78.00. Sanford C. Bernstein’s price target indicates a potential upside of 15.79% from the company’s current price.
A number of other research firms have also recently commented on CMA. FBR & Co raised Comerica from a “market perform” rating to an “outperform” rating and set a $79.00 price target on the stock in a report on Friday, June 9th. Zacks Investment Research raised Comerica from a “hold” rating to a “buy” rating and set a $80.00 price target on the stock in a report on Thursday, August 17th. Piper Jaffray Companies reissued a “hold” rating and issued a $76.00 price target on shares of Comerica in a report on Friday, September 1st. Morgan Stanley reissued an “equal weight” rating and issued a $75.00 price target (up from $71.00) on shares of Comerica in a report on Thursday, July 6th. Finally, Wells Fargo & Company initiated coverage on Comerica in a report on Wednesday, August 9th. They issued a “market perform” rating and a $73.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $76.19.
Shares of Comerica (NYSE:CMA) opened at 69.09 on Friday. Comerica has a 52 week low of $45.14 and a 52 week high of $75.72. The stock has a market capitalization of $12.15 billion, a P/E ratio of 17.26 and a beta of 1.49. The company has a 50-day moving average of $69.96 and a 200-day moving average of $70.65.
Comerica (NYSE:CMA) last posted its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the Zacks’ 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 analysts’ expectations of $777.08 million. During the same period in the previous year, the firm earned $0.58 EPS. The firm’s revenue was up 8.8% compared to the same quarter last year. On average, analysts anticipate that Comerica will post $4.60 EPS for the current year.
Comerica announced that its board has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $605.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire 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 stock is undervalued.
In other Comerica news, insider Paul R. Obermeyer sold 20,321 shares of the company’s stock in a transaction 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 SEC, which is available at the SEC website. Also, insider Peter William Guilfoile sold 2,928 shares of the company’s stock in a transaction 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 have sold a total of 44,249 shares of company stock worth $3,095,383 in the last 90 days. 1.10% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in CMA. BlackRock Inc. grew its position in Comerica by 3,094.6% in the 1st quarter. BlackRock Inc. now owns 11,268,474 shares of the financial services provider’s stock valued at $772,796,000 after acquiring an additional 10,915,741 shares during the last quarter. Janus Henderson Group PLC grew its position in Comerica by 12,425.0% in the 2nd quarter. Janus Henderson Group PLC now owns 2,064,363 shares of the financial services provider’s stock valued at $151,194,000 after acquiring an additional 2,047,881 shares during the last quarter. AQR Capital Management LLC grew its position in Comerica by 140.5% in the 1st quarter. AQR Capital Management LLC now owns 2,072,665 shares of the financial services provider’s stock valued at $142,143,000 after acquiring an additional 1,210,749 shares during the last quarter. Janus Capital Management LLC grew its position in Comerica by 153.1% in the 1st quarter. Janus Capital Management LLC now owns 1,911,788 shares of the financial services provider’s stock valued at $131,111,000 after acquiring an additional 1,156,304 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Comerica by 6.7% in the 2nd quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock valued at $1,330,147,000 after acquiring an additional 1,142,275 shares during the last quarter. 82.45% of the stock is currently owned by institutional investors.
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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