Comerica (NYSE:CMA)‘s stock had its “buy” rating reiterated by stock analysts at Vining Sparks in a research report issued to clients and investors on Tuesday. They currently have a $97.50 price objective on the financial services provider’s stock. Vining Sparks’ price target points to a potential upside of 2.89% from the company’s previous close.
The analysts wrote, “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.””
Several other analysts have also recently issued reports on the stock. Zacks Investment Research upgraded shares of Comerica from a “hold” rating to a “strong-buy” rating and set a $104.00 target price on the stock in a research note on Wednesday, January 10th. SunTrust Banks reiterated a “hold” rating and issued a $86.00 target price on shares of Comerica in a research note on Tuesday, January 9th. Nomura upgraded shares of Comerica from a “neutral” rating to a “buy” rating and increased their target price for the stock from $86.00 to $106.00 in a research note on Friday, January 5th. Instinet upgraded shares of Comerica from a “neutral” rating to a “buy” rating in a research note on Friday, January 5th. Finally, Barclays increased their target price on shares of Comerica from $76.00 to $93.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 2nd. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $92.37.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.25 by $0.03. Comerica had a net margin of 22.47% and a return on equity of 11.07%. The business had revenue of $830.00 million for the quarter, compared to analysts’ expectations of $819.30 million. During the same period in the prior year, the company posted $0.92 EPS. analysts forecast that Comerica will post 6.26 EPS for the current fiscal year.
In related news, insider Michael T. Ritchie sold 4,596 shares of the stock in a transaction 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 document filed with the SEC, which is accessible through this link. Also, EVP Christine M. Moore sold 3,200 shares of the stock in a transaction on Friday, November 10th. The shares were 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.
Several hedge funds have recently added to or reduced their stakes in the stock. Toronto Dominion Bank grew its holdings in Comerica by 11.4% in the 3rd quarter. Toronto Dominion Bank now owns 66,770 shares of the financial services provider’s stock worth $5,092,000 after acquiring an additional 6,843 shares during the last quarter. APG Asset Management N.V. lifted its position in shares of Comerica by 23.4% in the 3rd quarter. APG Asset Management N.V. now owns 93,210 shares of the financial services provider’s stock worth $7,108,000 after purchasing an additional 17,700 shares during the period. BlackRock Inc. lifted its position in shares of Comerica by 0.5% in the 2nd quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock worth $829,069,000 after purchasing an additional 51,426 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Comerica by 3.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 996,123 shares of the financial services provider’s stock worth $75,956,000 after purchasing an additional 31,136 shares during the period. Finally, Old Mutual Global Investors UK Ltd. purchased a new stake in shares of Comerica in the 3rd quarter worth about $35,346,000. 81.95% 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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