Comerica (NYSE:CMA) had its price objective cut by equities research analysts at B. Riley from $72.00 to $68.00 in a research note issued to investors on Thursday, Briefing.com reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. B. Riley's price target would indicate a potential upside of 2.15% from the stock's current price.
Several other research firms also recently commented on CMA. Citigroup initiated coverage on Comerica in a research report on Friday, July 16th. They issued a "buy" rating and a $67.50 target price for the company. TheStreet upgraded Comerica from a "c+" rating to a "b" rating in a research report on Tuesday, April 20th. DA Davidson upgraded Comerica from a "neutral" rating to a "buy" rating in a research report on Tuesday, March 30th. Barclays increased their price target on Comerica from $74.00 to $77.00 and gave the company an "underweight" rating in a research note on Thursday. Finally, Wells Fargo & Company increased their price target on Comerica from $54.00 to $65.00 and gave the company an "underweight" rating in a research note on Thursday, April 1st. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company's stock. The stock currently has a consensus rating of "Hold" and an average target price of $69.79.
Shares of CMA stock traded down $1.82 on Thursday, hitting $66.57. 12,041 shares of the company's stock were exchanged, compared to its average volume of 1,175,981. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market capitalization of $9.29 billion, a PE ratio of 10.82, a P/E/G ratio of 0.34 and a beta of 1.60. Comerica has a 12 month low of $35.76 and a 12 month high of $79.86. The stock's 50 day moving average is $73.28.
Comerica (NYSE:CMA) last posted its earnings results on Tuesday, July 20th. The financial services provider reported $2.32 EPS for the quarter, beating the consensus estimate of $1.61 by $0.71. Comerica had a return on equity of 11.74% and a net margin of 29.86%. During the same period in the prior year, the firm earned $0.80 earnings per share. As a group, analysts predict that Comerica will post 7.14 EPS for the current fiscal year.
Comerica announced that its Board of Directors has approved a share buyback plan on Tuesday, April 27th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its stock is undervalued.
In other news, EVP James Harry Weber sold 3,800 shares of the firm's stock in a transaction that occurred on Thursday, April 29th. The stock was sold at an average price of $75.00, for a total value of $285,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Mauricio A. Ortiz sold 800 shares of the firm's stock in a transaction that occurred on Tuesday, May 4th. The shares were sold at an average price of $73.42, for a total value of $58,736.00. The disclosure for this sale can be found here. Insiders sold 8,600 shares of company stock valued at $642,176 in the last three months. Insiders own 0.67% of the company's stock.
Hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in Comerica by 5.7% during the first quarter. BlackRock Inc. now owns 12,459,702 shares of the financial services provider's stock worth $893,859,000 after acquiring an additional 673,248 shares during the period. King Luther Capital Management Corp lifted its holdings in Comerica by 1.0% during the first quarter. King Luther Capital Management Corp now owns 2,634,467 shares of the financial services provider's stock worth $188,997,000 after acquiring an additional 27,101 shares during the period. Geode Capital Management LLC lifted its holdings in Comerica by 1.7% during the first quarter. Geode Capital Management LLC now owns 2,491,121 shares of the financial services provider's stock worth $178,424,000 after acquiring an additional 42,146 shares during the period. Alliancebernstein L.P. lifted its holdings in Comerica by 14.8% during the first quarter. Alliancebernstein L.P. now owns 2,365,537 shares of the financial services provider's stock worth $169,704,000 after acquiring an additional 305,333 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Comerica by 12.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,343,555 shares of the financial services provider's stock worth $130,911,000 after acquiring an additional 267,371 shares during the period. Institutional investors own 78.38% of the company's stock.
Comerica Company Profile
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers 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 for small and middle market businesses, multinational corporations, and governmental entities.
See Also: Why do analysts give a neutral rating?
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