Comerica Inc. (NYSE:CMA) had its price objective hoisted by Deutsche Bank AG from $45.00 to $52.00 in a note issued to investors on Tuesday. The firm presently has a “hold” rating on the financial services provider’s stock. Deutsche Bank AG’s target price would indicate a potential upside of 5.11% from the stock’s previous close.
Several other equities research analysts have also issued reports on CMA. Zacks Investment Research lowered shares of Comerica from a “hold” rating to a “sell” rating in a report on Tuesday, June 21st. Bank of America Corp. lowered shares of Comerica from a “neutral” rating to an “underperform” rating and lifted their price target for the company from $30.48 to $36.00 in a report on Wednesday, June 29th. BMO Capital Markets reaffirmed a “market perform” rating and set a $41.00 price target (down from $45.00) on shares of Comerica in a report on Wednesday, July 6th. JPMorgan Chase & Co. cut their target price on shares of Comerica from $47.00 to $43.00 and set a “neutral” rating on the stock in a research report on Thursday, July 7th. Finally, Wells Fargo & Co. upgraded shares of Comerica from an “underperform” rating to a “market perform” rating in a research report on Friday, July 8th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $45.04.
Shares of Comerica (NYSE:CMA) traded down 1.76% during midday trading on Tuesday, hitting $48.60. 1,141,641 shares of the stock traded hands. Comerica has a 52 week low of $30.48 and a 52 week high of $49.75. The firm has a 50-day moving average price of $46.96 and a 200-day moving average price of $44.02. The stock has a market capitalization of $8.45 billion, a P/E ratio of 21.10 and a beta of 1.36.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.69 by $0.11. Comerica had a net margin of 14.69% and a return on equity of 6.03%. On average, equities analysts predict that Comerica will post $2.41 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Investors of record on Thursday, September 15th were given a dividend of $0.23 per share. The ex-dividend date was Tuesday, September 13th. This represents a $0.92 annualized dividend and a yield of 1.86%. This is a positive change from Comerica’s previous quarterly dividend of $0.22. Comerica’s dividend payout ratio is presently 38.82%.
In related news, insider Paul R. Obermeyer sold 2,302 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $45.92, for a total transaction of $105,707.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.60% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. RS Investment Management Co. LLC raised its position in Comerica by 13.5% in the second quarter. RS Investment Management Co. LLC now owns 881,365 shares of the financial services provider’s stock valued at $36,251,000 after buying an additional 104,950 shares during the last quarter. Washington Trust Bank increased its stake in Comerica by 5.4% in the second quarter. Washington Trust Bank now owns 55,097 shares of the financial services provider’s stock valued at $2,266,000 after buying an additional 2,798 shares during the period. Adage Capital Partners GP L.L.C. increased its stake in Comerica by 440.7% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,678,296 shares of the financial services provider’s stock valued at $63,557,000 after buying an additional 1,367,896 shares during the period. Geode Capital Management LLC increased its stake in Comerica by 0.5% in the first quarter. Geode Capital Management LLC now owns 1,422,637 shares of the financial services provider’s stock valued at $53,764,000 after buying an additional 6,752 shares during the period. Finally, AXA acquired a new stake in Comerica during the first quarter valued at approximately $602,000. Institutional investors own 84.59% of the company’s stock.
Comerica Company Profile
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
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