StockNews.com Upgrades Comerica (NYSE:CMA) to Hold

StockNews.com upgraded shares of Comerica (NYSE:CMA) from a sell rating to a hold rating in a report issued on Monday morning.

Other analysts also recently issued reports about the stock. Wells Fargo & Company reduced their target price on shares of Comerica from $48.00 to $45.00 and set an underweight rating on the stock in a research report on Wednesday, June 12th. Piper Sandler lifted their target price on shares of Comerica from $51.00 to $52.00 and gave the company a neutral rating in a report on Monday, July 22nd. The Goldman Sachs Group cut their price target on Comerica from $69.00 to $62.00 and set a buy rating on the stock in a research note on Tuesday, June 4th. Evercore ISI reduced their price objective on Comerica from $58.00 to $54.00 and set an in-line rating for the company in a research report on Tuesday, June 25th. Finally, Raymond James raised Comerica from a market perform rating to an outperform rating and set a $60.00 target price on the stock in a research note on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Comerica currently has an average rating of Hold and a consensus target price of $55.73.

Comerica Trading Up 2.4 %

Shares of CMA stock opened at $61.12 on Monday. The business has a 50-day moving average of $55.01 and a 200 day moving average of $52.51. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96. Comerica has a 1-year low of $37.40 and a 1-year high of $61.74. The stock has a market capitalization of $8.10 billion, a PE ratio of 12.18 and a beta of 1.23.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $812.79 million. During the same quarter in the prior year, the company posted $2.01 EPS. As a group, sell-side analysts anticipate that Comerica will post 5.05 earnings per share for the current year.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.65%. The ex-dividend date is Friday, September 13th. Comerica’s payout ratio is currently 56.46%.

Insider Activity at Comerica

In other news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the transaction, the executive vice president now owns 27,910 shares in the company, valued at approximately $1,605,104.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On Comerica

Hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its stake in shares of Comerica by 105.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock worth $10,031,000 after buying an additional 3,595,036 shares during the period. Norges Bank bought a new position in shares of Comerica in the fourth quarter worth approximately $80,691,000. Dimensional Fund Advisors LP increased its stake in shares of Comerica by 51.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock worth $206,468,000 after purchasing an additional 1,370,886 shares in the last quarter. Azora Capital LP bought a new stake in shares of Comerica during the 4th quarter valued at $63,548,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Comerica by 51.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock valued at $143,109,000 after buying an additional 870,812 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Company Profile

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.