Comerica (CMA) Raised to “Buy” at Nomura

Comerica (NYSE:CMA) was upgraded by stock analysts at Nomura from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage presently has a $106.00 target price on the financial services provider’s stock, up from their prior target price of $86.00. Nomura’s price objective would indicate a potential upside of 21.13% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. Morgan Stanley reaffirmed an “equal weight” rating and set a $79.00 price target (up previously from $76.00) on shares of Comerica in a report on Wednesday, October 4th. Piper Jaffray Companies raised shares of Comerica from a “neutral” rating to an “overweight” rating and raised their price target for the company from $76.00 to $80.00 in a report on Tuesday, September 12th. Royal Bank of Canada reaffirmed a “buy” rating and set a $82.00 price target on shares of Comerica in a report on Friday, September 8th. Zacks Investment Research downgraded shares of Comerica from a “buy” rating to a “hold” rating in a report on Wednesday, November 1st. Finally, Macquarie raised shares of Comerica from a “neutral” rating to an “outperform” rating and set a $90.00 price objective on the stock in a report on Friday, November 17th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the stock. Comerica has a consensus rating of “Hold” and a consensus price target of $86.00.

Shares of Comerica (NYSE CMA) opened at $87.51 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market cap of $15,220.00, a PE ratio of 19.84, a PEG ratio of 1.77 and a beta of 1.50. Comerica has a 1-year low of $64.04 and a 1-year high of $88.49.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $0.03. The firm had revenue of $821.00 million for the quarter, compared to the consensus estimate of $812.83 million. Comerica had a net margin of 24.87% and a return on equity of 10.35%. During the same quarter last year, the firm posted $0.84 EPS. sell-side analysts forecast that Comerica will post 4.84 earnings per share for the current year.

In other Comerica news, insider Michael T. Ritchie sold 4,596 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $75.08, for a total transaction of $345,067.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Christine M. Moore sold 3,200 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $75.07, for a total transaction of $240,224.00. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Toronto Dominion Bank raised its position in shares of Comerica by 11.4% during the third quarter. Toronto Dominion Bank now owns 66,770 shares of the financial services provider’s stock valued at $5,092,000 after buying an additional 6,843 shares during the last quarter. APG Asset Management N.V. raised its position in shares of Comerica by 23.4% during the third quarter. APG Asset Management N.V. now owns 93,210 shares of the financial services provider’s stock valued at $7,108,000 after buying an additional 17,700 shares during the last quarter. BlackRock Inc. raised its position in shares of Comerica by 0.5% during the second quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock valued at $829,069,000 after buying an additional 51,426 shares during the last quarter. Old Mutual Global Investors UK Ltd. bought a new stake in shares of Comerica during the third quarter valued at approximately $35,346,000. Finally, Maverick Capital Ltd. bought a new stake in shares of Comerica during the second quarter valued at approximately $4,079,000. Institutional investors own 81.95% of the company’s stock.

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About Comerica

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.

Analyst Recommendations for Comerica (NYSE:CMA)

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