Price Action Don’t Lie: Time to Reconsider Comerica Incorporated After Achieving 52-Week High?

Price Action Don't Lie: Time to Reconsider Comerica Incorporated After Achieving 52 Week High?

The stock of Comerica Incorporated (NYSE:CMA) hit a new 52-week high and has $86.29 target or 46.00% above today’s $59.10 share price. The 7 months bullish chart indicates low risk for the $10.44B company. The 1-year high was reported on Nov, 14 by If the $86.29 price target is reached, the company will be worth $4.80 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 866,914 shares traded hands. Comerica Incorporated (NYSE:CMA) has risen 51.39% since April 12, 2016 and is uptrending. It has outperformed by 46.40% the S&P500.

Comerica Incorporated (NYSE:CMA) Ratings Coverage

Out of 22 analysts covering Comerica Inc (NYSE:CMA), 3 rate it a “Buy”, 3 “Sell”, while 16 “Hold”. This means 14% are positive. Comerica Inc has been the topic of 53 analyst reports since July 20, 2015 according to StockzIntelligence Inc. Robert W. Baird upgraded it to “Outperform” rating and $46.0 target price in Thursday, January 7 report. The company was maintained on Wednesday, July 20 by Compass Point. The firm earned “Outperform” rating on Wednesday, July 20 by RBC Capital Markets. As per Friday, July 8, the company rating was upgraded by Wells Fargo. The firm has “Market Perform” rating given on Wednesday, April 20 by Wood. Wedbush initiated the shares of CMA in a report on Friday, October 7 with “Neutral” rating. The firm has “Neutral” rating given on Thursday, May 19 by Goldman Sachs. The firm has “Outperform” rating given on Wednesday, January 20 by RBC Capital Markets. The rating was maintained by RBC Capital Markets on Wednesday, October 19 with “Outperform”. As per Wednesday, January 20, the company rating was upgraded by FBR Capital.

According to Zacks Investment Research, “Comerica Inc. is a registered bank holding company. Its operations made up of three lines of business: Business Bank, Individual Bank and Investment Bank. The Business Bank is comprised of middle market lending, asset-based lending, large corporate banking, treasury management and international financial services. The Individual Bank includes consumer lending, consumer deposit gathering, mortgage loan origination and servicing, small business banking and private banking. The Investment Bank is responsible for the sale of mutual fund and annuity products.”

Insitutional Activity: The institutional sentiment increased to 1.02 in Q2 2016. Its up 0.19, from 0.83 in 2016Q1. The ratio increased, as 31 funds sold all Comerica Incorporated shares owned while 125 reduced positions. 43 funds bought stakes while 116 increased positions. They now own 144.79 million shares or 4.93% less from 152.29 million shares in 2016Q1.
Voya Inv Management last reported 0.1% of its portfolio in the stock. Ing Groep Nv, a Netherlands-based fund reported 6,163 shares. Dynamic Capital Mngmt Ltd accumulated 10,029 shares or 0.05% of the stock. Jefferies Gru Ltd Liability Com holds 0% or 9,245 shares in its portfolio. Qs Investors accumulated 2,849 shares or 0% of the stock. Commerzbank Aktiengesellschaft Fi owns 5,921 shares or 0% of their US portfolio. Ftb has 360 shares for 0% of their US portfolio. M&T Natl Bank holds 0% of its portfolio in Comerica Incorporated (NYSE:CMA) for 12,957 shares. Morgan Stanley holds 328,987 shares or 0% of its portfolio. Pzena Invest Management Ltd Liability Co has invested 0.63% of its portfolio in Comerica Incorporated (NYSE:CMA). Hennessy Advisors last reported 16,000 shares in the company. Clarkston Capital Prns Ltd Liability Co has invested 0.02% of its portfolio in Comerica Incorporated (NYSE:CMA). Blackrock Japan Ltd, a Japan-based fund reported 215,729 shares. New York State Common Retirement Fund last reported 493,565 shares in the company. Hudson Bay Mngmt L P has 200,000 shares for 0.25% of their US portfolio.

Insider Transactions: Since August 25, 2016, the stock had 0 insider buys, and 3 selling transactions for $327,352 net activity. $105,701 worth of shares were sold by OBERMEYER PAUL R on Thursday, August 25. RITCHIE MICHAEL T sold $120,226 worth of stock or 2,362 shares. Carr Muneera S also sold $101,425 worth of Comerica Incorporated (NYSE:CMA) shares.

Another recent and important Comerica Incorporated (NYSE:CMA) news was published by which published an article titled: “Dividend Payout Of Comerica Incorporated (NYSE:CMA) At $0.23” on November 13, 2016.

CMA Company Profile

Comerica Incorporated (Comerica), incorporated on November 13, 1972, is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its activities in three business divisions: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business divisions, it also operates in the Finance segment. The Firm offers a range of loans, which include commercial loans, real estate construction loans, commercial mortgage loans, lease financing, international loans, residential mortgage loans and consumer loans. Comerica owns directly or indirectly over two active banking and over 40 non-banking subsidiaries. Comerica has total deposits of approximately $59.9 billion and total loans of approximately $49.1 billion. Comerica operates in three geographic markets, which include Texas, California, and Michigan, as well as in Arizona and Florida, with select businesses operating in several other states, and in Canada and Mexico.

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