Zacks Investment Research cut shares of Comerica (NYSE:CMA) from a buy rating to a hold rating in a research report released on Wednesday morning.
According to Zacks, “Shares of Comerica have outperformed the industry over the past six months. This is backed by the company's impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in each of the trailing four quarters. The company’s future prospects look promising as it improvised the financial targets for revenues and efficiency initiatives. It expects to deliver annual pre-tax income of about $270 million by the year-end 2018 through GEAR Up initiatives. Also, its steady capital deployment activities continue to enhance investors’ confidence. While significant exposure to commercial loans remains a concern, lower tax rates and rising interest rates are likely to support Comerica's top line. Notably, recently, Moody's Investors Service affirmed all the ratings of Comerica and its subsidiaries and maintained the rating outlook at “stable”.”
Other equities research analysts have also issued reports about the stock. ValuEngine raised shares of Comerica from a hold rating to a buy rating in a report on Tuesday, April 3rd. Robert W. Baird reaffirmed a hold rating and issued a $95.00 price target on shares of Comerica in a report on Wednesday, January 17th. SunTrust Banks upped their price target on shares of Comerica to $98.00 and gave the company a hold rating in a report on Wednesday, January 17th. Piper Jaffray raised shares of Comerica to a buy rating and set a $98.00 price target on the stock in a report on Friday, December 8th. Finally, Morgan Stanley reaffirmed an equal weight rating and issued a $90.00 price target on shares of Comerica in a report on Wednesday, December 13th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the stock. Comerica has a consensus rating of Hold and an average price target of $95.62.
Comerica (NYSE:CMA) last announced its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.03. The firm had revenue of $830.00 million for the quarter, compared to analyst estimates of $819.30 million. Comerica had a net margin of 22.47% and a return on equity of 10.94%. During the same period in the previous year, the company earned $0.92 earnings per share. sell-side analysts anticipate that Comerica will post 6.69 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Sunday, April 1st. Stockholders of record on Thursday, March 15th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.26%. The ex-dividend date of this dividend was Wednesday, March 14th. Comerica’s payout ratio is currently 25.37%.
In related news, President Curtis C. Farmer sold 18,870 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $96.08, for a total transaction of $1,813,029.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Megan D. Burkhart sold 4,670 shares of the company’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $99.20, for a total transaction of $463,264.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 272,006 shares of company stock worth $26,250,992. Corporate insiders own 0.83% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CMA. New York State Common Retirement Fund raised its position in shares of Comerica by 10.2% during the 3rd quarter. New York State Common Retirement Fund now owns 475,714 shares of the financial services provider’s stock worth $36,278,000 after purchasing an additional 44,197 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Comerica by 8.8% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,306 shares of the financial services provider’s stock worth $1,091,000 after purchasing an additional 1,161 shares during the last quarter. WINTON GROUP Ltd raised its position in shares of Comerica by 31.9% during the 3rd quarter. WINTON GROUP Ltd now owns 5,437 shares of the financial services provider’s stock worth $415,000 after purchasing an additional 1,315 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Comerica by 3.2% during 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 last quarter. Finally, Skandinaviska Enskilda Banken AB publ raised its position in shares of Comerica by 26.3% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 26,860 shares of the financial services provider’s stock worth $2,048,000 after purchasing an additional 5,600 shares during the last quarter. Hedge funds and other institutional investors own 83.05% of the company’s stock.
Comerica Company Profile
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.
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