Comerica (CMA) Given “Buy” Rating at Royal Bank of Canada

Royal Bank of Canada reiterated their buy rating on shares of Comerica (NYSE:CMA) in a research report released on Wednesday morning. They currently have a $103.00 price objective on the financial services provider’s stock.

A number of other equities research analysts have also recently weighed in on the stock. Nomura lifted their price objective on shares of Comerica from $74.00 to $86.00 and gave the company a neutral rating in a research note on Monday, October 23rd. Keefe, Bruyette & Woods restated a buy rating and set a $101.00 price objective on shares of Comerica in a research note on Friday, December 22nd. Morgan Stanley restated an equal weight rating and set a $79.00 price objective (up from $76.00) on shares of Comerica in a research note on Wednesday, October 4th. Zacks Investment Research upgraded shares of Comerica from a hold rating to a buy rating and set a $95.00 price objective on the stock in a research note on Monday, December 11th. Finally, Macquarie upgraded shares of Comerica from a neutral rating to an outperform rating and set a $90.00 price objective on the stock in a research note on Friday, November 17th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $92.37.

Shares of Comerica (NYSE:CMA) traded down $0.95 during midday trading on Wednesday, hitting $93.81. 1,303,794 shares of the company were exchanged, compared to its average volume of 1,573,458. Comerica has a fifty-two week low of $64.04 and a fifty-two week high of $95.60. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $16,310.00, a PE ratio of 22.66, a P/E/G ratio of 1.66 and a beta of 1.50.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.03. Comerica had a net margin of 22.47% and a return on equity of 11.07%. The business had revenue of $830.00 million for the quarter, compared to analysts’ expectations of $819.30 million. During the same period in the previous year, the business earned $0.92 earnings per share. analysts expect that Comerica will post 6.26 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, January 1st. Investors of record on Friday, December 15th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date of this dividend was Thursday, December 14th. Comerica’s payout ratio is currently 28.99%.

In related news, EVP Christine M. Moore sold 3,200 shares of Comerica stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $75.07, for a total transaction of $240,224.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael T. Ritchie sold 4,596 shares of Comerica stock in a transaction dated 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. 1.10% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Comerica by 6.7% in the 2nd quarter. Vanguard Group Inc. now owns 18,161,488 shares of the financial services provider’s stock worth $1,330,147,000 after purchasing an additional 1,142,275 shares in the last quarter. BlackRock Inc. increased its stake in Comerica by 0.5% in the 2nd quarter. BlackRock Inc. now owns 11,319,900 shares of the financial services provider’s stock worth $829,069,000 after purchasing an additional 51,426 shares in the last quarter. State Street Corp increased its stake in Comerica by 11.3% in the 2nd quarter. State Street Corp now owns 9,990,021 shares of the financial services provider’s stock worth $731,672,000 after purchasing an additional 1,010,965 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Comerica by 33.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,721,807 shares of the financial services provider’s stock worth $507,632,000 after purchasing an additional 1,681,640 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in Comerica by 12,425.0% in the 2nd quarter. Janus Henderson Group PLC now owns 2,064,363 shares of the financial services provider’s stock worth $151,194,000 after purchasing an additional 2,047,881 shares in the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

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About Comerica

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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