Zacks Investment Research Lowers Comerica (CMA) to Hold

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Comerica (NYSE:CMA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

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. Comerica’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. Further, lower tax rates and rising interest rates are likely to support Comerica's top line. However, escalating expenses and substantial exposure to commercial loans remain major concerns.”

CMA has been the subject of a number of other reports. ValuEngine downgraded shares of Comerica from a “buy” rating to a “hold” rating in a report on Wednesday, April 18th. Susquehanna Bancshares set a $99.00 target price on shares of Comerica and gave the company a “hold” rating in a report on Tuesday, April 10th. Morgan Stanley boosted their target price on shares of Comerica from $98.00 to $104.00 and gave the company an “equal weight” rating in a report on Friday, April 20th. Bank of America boosted their target price on shares of Comerica from $97.00 to $104.00 and gave the company a “neutral” rating in a report on Tuesday, March 13th. Finally, B. Riley boosted their target price on shares of Comerica from $105.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, March 27th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $97.06.

Shares of Comerica traded up $1.93, reaching $97.60, during trading on Wednesday, Marketbeat.com reports. The stock had a trading volume of 68,506 shares, compared to its average volume of 1,305,399. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market cap of $16.61 billion, a PE ratio of 20.64, a P/E/G ratio of 0.94 and a beta of 1.36. Comerica has a fifty-two week low of $64.04 and a fifty-two week high of $102.66.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Tuesday, April 17th. The financial services provider reported $1.54 earnings per share for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.02). The firm had revenue of $793.00 million during the quarter, compared to analyst estimates of $811.59 million. Comerica had a net margin of 24.37% and a return on equity of 12.05%. During the same period in the prior year, the firm earned $1.11 EPS. sell-side analysts expect that Comerica will post 6.91 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. First Republic Investment Management Inc. boosted its position in shares of Comerica by 8.7% during the 1st quarter. First Republic Investment Management Inc. now owns 6,581 shares of the financial services provider’s stock valued at $631,000 after purchasing an additional 528 shares in the last quarter. Tredje AP fonden increased its position in Comerica by 8.4% in the first quarter. Tredje AP fonden now owns 6,830 shares of the financial services provider’s stock worth $657,000 after purchasing an additional 530 shares during the period. IFP Advisors Inc increased its position in Comerica by 37.8% in the first quarter. IFP Advisors Inc now owns 1,982 shares of the financial services provider’s stock worth $190,000 after purchasing an additional 544 shares during the period. Point72 Asia Hong Kong Ltd increased its position in Comerica by 47.1% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,855 shares of the financial services provider’s stock worth $178,000 after purchasing an additional 594 shares during the period. Finally, Global Financial Private Capital LLC increased its position in Comerica by 11.2% in the first quarter. Global Financial Private Capital LLC now owns 5,994 shares of the financial services provider’s stock worth $575,000 after purchasing an additional 602 shares during the period. Institutional investors and hedge funds own 82.71% of the company’s stock.

About Comerica

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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Analyst Recommendations for Comerica (NYSE:CMA)

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