Comerica Incorporated (NYSE:CMA) Earns Hold Rating from BMO Capital Markets

Comerica Incorporated (NYSE:CMA)‘s stock had its “hold” rating reiterated by BMO Capital Markets in a research note issued to investors on Thursday. They presently have a $79.00 target price on the financial services provider’s stock. BMO Capital Markets’ price objective would suggest a potential upside of 8.98% from the company’s previous close.

Several other research firms have also recently commented on CMA. Barclays PLC reissued an “underweight” rating and set a $76.00 target price (up previously from $72.00) on shares of Comerica in a research report on Wednesday, July 12th. Instinet reissued a “neutral” rating and set a $71.00 target price (up previously from $68.00) on shares of Comerica in a research report on Wednesday, July 12th. Stephens reissued a “buy” rating and set a $80.00 target price on shares of Comerica in a research report on Tuesday. Jefferies Group LLC reissued a “buy” rating and set a $81.00 target price on shares of Comerica in a research report on Friday, July 14th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $75.00 target price (up previously from $71.00) on shares of Comerica in a research report on Thursday, July 6th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Comerica has an average rating of “Hold” and an average target price of $66.78.

Shares of Comerica (NYSE:CMA) opened at 72.49 on Thursday. The company has a market capitalization of $12.83 billion, a price-to-earnings ratio of 21.01 and a beta of 1.48. Comerica has a one year low of $43.74 and a one year high of $75.72. The stock has a 50 day moving average price of $72.59 and a 200-day moving average price of $70.38. Comerica also was the target of some unusual options trading activity on Monday. Investors acquired 6,733 put options on the stock. This is an increase of approximately 1,055% compared to the average volume of 583 put options.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.07. Comerica had a net margin of 23.22% and a return on equity of 9.25%. The business had revenue of $776 million for the quarter, compared to analysts’ expectations of $777.08 million. During the same quarter last year, the firm earned $0.58 EPS. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, equities research analysts expect that Comerica will post $4.57 EPS for the current year.

Comerica announced that its board has authorized a stock repurchase program on Wednesday, June 28th that allows the company to repurchase $605.00 million in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

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In other news, CEO Ralph W. Babb, Jr. sold 83,600 shares of the company’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $70.94, for a total transaction of $5,930,584.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.10% of the company’s stock.

Several institutional investors have recently modified their holdings of CMA. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its position in shares of 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 valued at $159,000 after buying an additional 8 shares during the period. Jaffetilchin Investment Partners LLC increased its position in shares of Comerica by 0.4% in the first quarter. Jaffetilchin Investment Partners LLC now owns 7,550 shares of the financial services provider’s stock valued at $518,000 after buying an additional 32 shares during the period. United Capital Financial Advisers LLC increased its position in shares of Comerica by 0.8% in the first quarter. United Capital Financial Advisers LLC now owns 6,320 shares of the financial services provider’s stock valued at $433,000 after buying an additional 53 shares during the period. Utah Retirement Systems increased its position in shares of Comerica by 0.3% in the first quarter. Utah Retirement Systems now owns 31,896 shares of the financial services provider’s stock valued at $2,187,000 after buying an additional 100 shares during the period. Finally, Pacer Advisors Inc. increased its position in shares of Comerica by 3.3% in the first quarter. Pacer Advisors Inc. now owns 3,282 shares of the financial services provider’s stock valued at $225,000 after buying an additional 104 shares during the period. 83.14% 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.

Analyst Recommendations for Comerica (NYSE:CMA)

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