Comerica Incorporated (NYSE:CMA)‘s stock had its “buy” rating reissued by stock analysts at FBR & Co in a research note issued on Tuesday, October 17th, Marketbeat reports. They currently have a $84.00 price target on the financial services provider’s stock, up from their prior price target of $79.00. FBR & Co’s price objective would indicate a potential upside of 5.38% from the company’s previous close. FBR & Co also issued estimates for Comerica’s Q4 2017 earnings at $1.22 EPS, FY2017 earnings at $4.67 EPS, Q1 2018 earnings at $1.34 EPS, Q2 2018 earnings at $1.37 EPS, Q3 2018 earnings at $1.43 EPS, Q4 2018 earnings at $1.46 EPS, FY2018 earnings at $5.60 EPS, Q1 2019 earnings at $1.52 EPS, Q2 2019 earnings at $1.54 EPS, Q3 2019 earnings at $1.60 EPS and FY2019 earnings at $6.30 EPS.
CMA has been the subject of a number of other reports. Robert W. Baird reissued a “hold” rating and issued a $70.00 price objective on shares of Comerica in a report on Friday, August 25th. Royal Bank Of Canada reissued a “buy” rating and issued a $82.00 price objective on shares of Comerica in a report on Friday, September 8th. Sanford C. Bernstein reissued a “market perform” rating and issued a $80.00 price objective (up from $78.00) on shares of Comerica in a report on Saturday, September 16th. Nomura increased their price target on Comerica from $71.00 to $74.00 and gave the company a “neutral” rating in a research note on Thursday, September 28th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $79.00 price target (up from $76.00) on shares of Comerica in a research note on Wednesday, October 4th. Four investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $77.60.
Comerica (NYSE:CMA) traded down 0.01% during trading on Tuesday, reaching $79.70. The company’s stock had a trading volume of 435,488 shares. The stock has a market capitalization of $13.84 billion, a PE ratio of 18.06 and a beta of 1.51. Comerica has a 1-year low of $49.81 and a 1-year high of $80.25. The stock has a 50 day moving average price of $73.83 and a 200 day moving average price of $71.79.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, October 17th. The financial services provider reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.23 by $0.03. Comerica had a return on equity of 11.22% and a net margin of 27.53%. The business had revenue of $821.00 million for the quarter, compared to analysts’ expectations of $812.83 million. During the same period in the prior year, the firm earned $0.84 EPS. Analysts anticipate that Comerica will post $4.69 earnings per share for the current fiscal year.
Comerica declared that its board has initiated a share repurchase plan on Tuesday, July 25th that permits the company to repurchase 5,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
ILLEGAL ACTIVITY WARNING: This story was originally posted by TrueBlueTribune and is the sole property of of TrueBlueTribune. If you are accessing this story on another publication, it was copied illegally and reposted in violation of United States and international copyright and trademark legislation. The legal version of this story can be accessed at https://www.truebluetribune.com/2017/10/27/comerica-incorporated-cma-price-target-increased-to-84-00-by-analysts-at-fbr-co.html.
In related news, insider Judith S. Love sold 21,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $69.74, for a total value of $1,464,540.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul R. Obermeyer sold 20,321 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $70.24, for a total transaction of $1,427,347.04. The disclosure for this sale can be found here. In the last three months, insiders sold 44,249 shares of company stock valued at $3,095,383. 1.10% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CMA. Exane Derivatives acquired a new stake in Comerica during the 2nd quarter worth $125,000. Oppenheimer Asset Management Inc. acquired a new stake in Comerica during the 1st quarter worth $127,000. Point72 Asia Hong Kong Ltd grew its holdings in Comerica by 19.3% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 1,996 shares of the financial services provider’s stock worth $137,000 after acquiring an additional 323 shares during the period. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC grew its holdings in shares of Comerica by 0.3% in the 2nd quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 2,315 shares of the financial services provider’s stock valued at $169,000 after buying an additional 8 shares during the period. Finally, Smithfield Trust Co. grew its holdings in shares of Comerica by 2,446.0% in the 2nd quarter. Smithfield Trust Co. now owns 2,546 shares of the financial services provider’s stock valued at $186,000 after buying an additional 2,446 shares during the period. 82.48% 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.
Receive News & Ratings for Comerica Incorporated Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Comerica Incorporated and related companies with MarketBeat.com’s FREE daily email newsletter.