Comerica (CMA) Rating Increased to Buy at Instinet

Instinet upgraded shares of Comerica (NYSE:CMA) from a neutral rating to a buy rating in a research report sent to investors on Friday morning.

A number of other research firms also recently issued reports on CMA. Nomura increased their target price on shares of Comerica from $74.00 to $86.00 and gave the stock a neutral rating in a research report on Monday, October 23rd. Zacks Investment Research downgraded shares of Comerica from a buy rating to a hold rating in a research report on Tuesday, December 19th. BMO Capital Markets reissued a hold rating and set a $91.00 target price on shares of Comerica in a research report on Wednesday, December 20th. Sanford C. Bernstein reaffirmed a market perform rating and issued a $80.00 price objective (up previously from $78.00) on shares of Comerica in a research report on Saturday, September 16th. Finally, Citigroup reaffirmed a sell rating and issued a $69.00 price objective (up previously from $65.00) on shares of Comerica in a research report on Monday, October 9th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $86.52.

Shares of Comerica (NYSE CMA) opened at $88.72 on Friday. The stock has a market cap of $15,430.00, a P/E ratio of 20.12, a P/E/G ratio of 1.81 and a beta of 1.50. Comerica has a 1 year low of $64.04 and a 1 year high of $88.99. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.58.

Comerica (NYSE:CMA) last posted its earnings results on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.23 by $0.03. The firm had revenue of $821.00 million during the quarter, compared to the consensus estimate of $812.83 million. Comerica had a net margin of 24.87% and a return on equity of 10.35%. During the same quarter in the prior year, the company earned $0.84 EPS. analysts expect that Comerica will post 4.85 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, January 1st. Stockholders of record on Friday, December 15th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend was Thursday, December 14th. Comerica’s dividend payout ratio (DPR) is currently 27.21%.

In related news, EVP Christine M. Moore sold 3,200 shares of the firm’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $75.07, for a total transaction of $240,224.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Michael T. Ritchie sold 4,596 shares of the firm’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $75.08, for a total value of $345,067.68. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Comerica by 6.7% in the second quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock valued at $1,330,147,000 after buying an additional 1,142,275 shares during the last quarter. BlackRock Inc. lifted its stake in Comerica by 0.5% in the second quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock valued at $829,069,000 after buying an additional 51,426 shares during the last quarter. State Street Corp lifted its stake in Comerica by 11.3% in the second quarter. State Street Corp now owns 9,990,021 shares of the financial services provider’s stock valued at $731,672,000 after buying an additional 1,010,965 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Comerica by 33.4% in the third quarter. JPMorgan Chase & Co. now owns 6,721,807 shares of the financial services provider’s stock valued at $507,632,000 after buying an additional 1,681,640 shares during the last quarter. Finally, TIAA CREF Investment Management LLC lifted its stake in Comerica by 1.6% in the second quarter. TIAA CREF Investment Management LLC now owns 2,204,216 shares of the financial services provider’s stock valued at $161,437,000 after buying an additional 34,144 shares during the last quarter. Hedge funds and other institutional investors own 81.95% of the company’s stock.

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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.

Analyst Recommendations for Comerica (NYSE:CMA)

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