Comerica (CMA) Given Buy Rating at Vining Sparks
Vining Sparks reiterated their buy rating on shares of Comerica (NYSE:CMA) in a research note released on Tuesday morning. They currently have a $97.50 price target on the financial services provider’s stock.
“We believe that over the next 12 to 18 months that CMA should be able to improve its profitability by approximately 3 full percentage points, as the Fed continues to normalize short-term interest rates, deployment of capital increases, and tax reform is realized. Therefore, we believe that CMA should generate total shareholder return of 8%, as mid- single digit TBV growth is coupled with a modest expansion of its P/TBV to 225% and is topped off with a 1.3% dividend yield. However, we would highlight that CMA has a meaningful amount of excess capital that could create additional upside potential if it begins to be deployed at an accelerated pace.”,” the firm’s analyst wrote.
Several other equities analysts also recently issued reports on CMA. Zacks Investment Research raised shares of Comerica from a hold rating to a strong-buy rating and set a $104.00 price target for the company in a report on Wednesday, January 10th. Instinet reissued a neutral rating and set a $74.00 price target (up previously from $71.00) on shares of Comerica in a report on Saturday, September 30th. SunTrust Banks reissued a hold rating and set a $86.00 price target on shares of Comerica in a report on Tuesday, January 9th. Nomura boosted their price target on shares of Comerica from $71.00 to $74.00 and gave the company a neutral rating in a report on Thursday, September 28th. Finally, DA Davidson reissued a hold rating and set a $81.00 price target on shares of Comerica in a report on Wednesday, October 18th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $92.37.
Shares of Comerica (CMA) traded up $0.97 on Tuesday, hitting $94.76. 1,570,000 shares of the stock traded hands, compared to its average volume of 1,590,000. Comerica has a 52 week low of $64.04 and a 52 week high of $95.49. The firm has a market capitalization of $16,480.00, a P/E ratio of 21.49, a price-to-earnings-growth ratio of 1.65 and a beta of 1.50. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.58.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.03. Comerica had a net margin of 24.87% and a return on equity of 10.35%. The company had revenue of $830.00 million during the quarter, compared to the consensus estimate of $819.30 million. During the same quarter in the previous year, the company posted $0.92 earnings per share. equities analysts expect that Comerica will post 4.85 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, January 1st. Investors of record on Friday, December 15th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.27%. The ex-dividend date of this dividend was Thursday, December 14th. Comerica’s payout ratio is currently 27.21%.
In other Comerica news, EVP Christine M. Moore sold 3,200 shares of the company’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $75.07, for a total value of $240,224.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael T. Ritchie sold 4,596 shares of the company’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $75.08, for a total transaction of $345,067.68. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of CMA. AXA lifted its holdings in Comerica by 1.0% in the 2nd quarter. AXA now owns 20,600 shares of the financial services provider’s stock valued at $1,509,000 after acquiring an additional 200 shares during the last quarter. Norinchukin Bank The lifted its holdings in Comerica by 13.1% in the 2nd quarter. Norinchukin Bank The now owns 6,987 shares of the financial services provider’s stock valued at $512,000 after acquiring an additional 807 shares during the last quarter. BlackRock Inc. lifted its holdings in Comerica by 0.5% in the 2nd quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock valued at $829,069,000 after acquiring an additional 51,426 shares during the last quarter. Amalgamated Bank lifted its holdings in Comerica by 62.6% in the 2nd quarter. Amalgamated Bank now owns 19,854 shares of the financial services provider’s stock valued at $1,454,000 after acquiring an additional 7,643 shares during the last quarter. Finally, BlueMountain Capital Management LLC lifted its holdings in Comerica by 423.8% in the 2nd quarter. BlueMountain Capital Management LLC now owns 6,590 shares of the financial services provider’s stock valued at $483,000 after acquiring an additional 5,332 shares during the last quarter. 81.95% of the stock is owned by institutional investors.
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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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