Comerica Incorporated (CMA) Stock Rating Upgraded by BidaskClub

BidaskClub upgraded shares of Comerica Incorporated (NYSE:CMA) from a sell rating to a hold rating in a report released on Tuesday, August 8th.

CMA has been the topic of several other research reports. FBR & Co upgraded shares of Comerica from a market perform rating to an outperform rating and set a $79.00 target price on the stock in a report on Friday, June 9th. Zacks Investment Research cut shares of Comerica from a buy rating to a hold rating in a report on Monday, April 10th. Deutsche Bank AG raised their target price on shares of Comerica to $74.00 and gave the stock a hold rating in a report on Wednesday, April 19th. Morgan Stanley raised their target price on shares of Comerica from $70.00 to $71.00 and gave the stock an equal weight rating in a report on Tuesday, June 6th. Finally, Barclays PLC restated an underweight rating and issued a $72.00 target price (up previously from $69.00) on shares of Comerica in a report on Saturday, April 22nd. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the company. The company has an average rating of Hold and a consensus target price of $71.65.

Shares of Comerica (NYSE CMA) opened at 69.37 on Tuesday. The company’s 50 day moving average is $72.93 and its 200 day moving average is $70.90. Comerica has a one year low of $44.55 and a one year high of $75.72. The company has a market capitalization of $12.20 billion, a price-to-earnings ratio of 17.33 and a beta of 1.47.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.60%. The business had revenue of $776 million for the quarter, compared to analysts’ expectations of $777.08 million. During the same period last year, the business earned $0.58 earnings per share. The business’s quarterly revenue was up 8.8% on a year-over-year basis. Equities research analysts predict that Comerica will post $4.59 earnings per share for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Shareholders of record on Friday, September 15th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 annualized dividend and a yield of 1.73%. This is a positive change from Comerica’s previous quarterly dividend of $0.26. Comerica’s dividend payout ratio (DPR) is currently 26.00%.

Comerica declared that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $605.00 million in shares. This buyback authorization permits the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Institutional investors have recently bought and sold shares of the company. TrimTabs Asset Management LLC acquired a new stake in Comerica during the first quarter valued at approximately $111,000. Exane Derivatives purchased a new stake in Comerica during the second quarter worth about $125,000. Oppenheimer Asset Management Inc. purchased a new stake in Comerica during the first quarter worth about $127,000. Point72 Asia Hong Kong Ltd increased its stake in Comerica by 19.3% in the first quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock worth $137,000 after buying an additional 323 shares in the last quarter. Finally, Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its stake in Comerica by 0.3% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,307 shares of the financial services provider’s stock worth $159,000 after buying an additional 8 shares in the last quarter. 83.47% of the stock is owned by hedge funds and other 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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