Todays Report: The Comerica Inc. (CMA) Downgraded by FBR & Co

The Comerica Inc. (CMA) Downgraded by FBR & Co

FBR & Co downgraded shares of Comerica Inc. (NYSE:CMA) from an outperform rating to a market perform rating in a research note published on Tuesday morning. The firm currently has $50.00 price objective on the financial services provider’s stock.

Other research analysts have also issued reports about the company. Leerink Swann reaffirmed a buy rating on shares of Comerica in a report on Sunday, July 17th. Zacks Investment Research raised Comerica from a hold rating to a buy rating and set a $51.00 target price on the stock in a report on Monday, July 25th. Goldman Sachs Group Inc. raised Comerica from a neutral rating to a buy rating and set a $52.00 target price on the stock in a report on Friday, September 16th. BMO Capital Markets reaffirmed a hold rating and set a $43.00 target price (up from $41.00) on shares of Comerica in a report on Wednesday, July 20th. Finally, Credit Suisse Group AG reaffirmed a hold rating and set a $37.00 target price on shares of Comerica in a report on Tuesday, July 12th. Two equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $45.04.

Comerica (NYSE:CMA) opened at 47.91 on Tuesday. The stock’s 50 day moving average is $47.18 and its 200 day moving average is $44.11. Comerica has a one year low of $30.48 and a one year high of $49.75. The stock has a market capitalization of $8.33 billion, a price-to-earnings ratio of 20.80 and a beta of 1.36.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, July 19th. The financial services provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by $0.11. Comerica had a net margin of 14.69% and a return on equity of 6.03%. On average, equities analysts forecast that Comerica will post $2.41 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Stockholders of record on Thursday, September 15th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This is a positive change from Comerica’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.92%. Comerica’s payout ratio is 38.82%.

In other news, insider Paul R. Obermeyer sold 2,302 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $45.92, for a total transaction of $105,707.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.60% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Comerica by 2.2% in the second quarter. Vanguard Group Inc. now owns 15,324,597 shares of the financial services provider’s stock worth $630,300,000 after buying an additional 332,956 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Comerica by 0.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,530,902 shares of the financial services provider’s stock worth $171,585,000 after buying an additional 35,025 shares in the last quarter. American Century Companies Inc. boosted its stake in Comerica by 4.8% in the second quarter. American Century Companies Inc. now owns 3,883,718 shares of the financial services provider’s stock worth $159,737,000 after buying an additional 176,177 shares in the last quarter. King Luther Capital Management Corp boosted its stake in Comerica by 2.9% in the second quarter. King Luther Capital Management Corp now owns 2,958,629 shares of the financial services provider’s stock worth $121,688,000 after buying an additional 83,150 shares in the last quarter. Finally, BlackRock Fund Advisors boosted its stake in Comerica by 1.0% in the second quarter. BlackRock Fund Advisors now owns 2,904,438 shares of the financial services provider’s stock worth $119,460,000 after buying an additional 28,125 shares in the last quarter. Institutional investors and hedge funds own 84.59% of the company’s stock.

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