Comerica Incorporated (NYSE:CMA) Stock Rating Reaffirmed by SunTrust Banks, Inc.
Comerica Incorporated (NYSE:CMA)‘s stock had its “hold” rating restated by investment analysts at SunTrust Banks, Inc. in a research report issued on Wednesday, October 4th. They presently have a $80.00 price objective on the financial services provider’s stock. SunTrust Banks, Inc.’s target price would indicate a potential upside of 5.89% from the stock’s previous close.
CMA has been the subject of several other research reports. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $76.00 target price on shares of Comerica in a research note on Friday, July 28th. BidaskClub lowered Comerica from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Jefferies Group LLC restated a “buy” rating and set a $81.00 target price on shares of Comerica in a report on Thursday, June 8th. Zacks Investment Research downgraded Comerica from a “buy” rating to a “hold” rating in a report on Wednesday, August 23rd. Finally, Stephens restated a “buy” rating and set a $80.00 target price on shares of Comerica in a report on Tuesday, July 18th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $76.32.
Comerica (CMA) traded down 0.37% on Wednesday, hitting $75.55. 1,287,829 shares of the stock were exchanged. The company has a 50 day moving average of $71.96 and a 200 day moving average of $71.23. The stock has a market capitalization of $13.29 billion, a P/E ratio of 18.87 and a beta of 1.51. Comerica has a one year low of $47.88 and a one year high of $77.95.
Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.07. The company had revenue of $776.00 million during the quarter, compared to analyst estimates of $777.08 million. Comerica had a return on equity of 9.60% and a net margin of 23.22%. Comerica’s revenue was up 8.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.58 earnings per share. On average, equities research analysts forecast that Comerica will post $4.63 earnings per share for the current fiscal year.
Comerica declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $605.00 million in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
In related news, insider Peter William Guilfoile sold 2,928 shares of the business’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $69.50, for a total transaction of $203,496.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul R. Obermeyer sold 20,321 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total value of $1,427,347.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,249 shares of company stock valued at $3,095,383. Company insiders own 1.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Comerica by 6.7% during the 2nd quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock valued at $1,330,147,000 after purchasing an additional 1,142,275 shares in the last quarter. BlackRock Inc. raised its position in Comerica by 0.5% during the 2nd quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock valued at $829,069,000 after purchasing an additional 51,426 shares in the last quarter. State Street Corp raised its position in Comerica by 11.3% during the 2nd quarter. State Street Corp now owns 9,990,021 shares of the financial services provider’s stock valued at $731,672,000 after purchasing an additional 1,010,965 shares in the last quarter. JPMorgan Chase & Co. raised its position in Comerica by 22.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 5,040,167 shares of the financial services provider’s stock valued at $369,142,000 after purchasing an additional 919,333 shares in the last quarter. Finally, King Luther Capital Management Corp raised its position in shares of Comerica by 1.8% in the 1st quarter. King Luther Capital Management Corp now owns 2,958,144 shares of the financial services provider’s stock worth $202,870,000 after acquiring an additional 51,008 shares in the last quarter. 82.46% of the stock is owned by institutional investors and hedge funds.
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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