Comerica (NYSE:CMA) Lifted to “Hold” at StockNews.com

StockNews.com upgraded shares of Comerica (NYSE:CMA) from a sell rating to a hold rating in a research note published on Tuesday morning.

A number of other research analysts also recently issued reports on CMA. Evercore ISI cut their target price on shares of Comerica from $58.00 to $54.00 and set an in-line rating on the stock in a research report on Tuesday, June 25th. Morgan Stanley upped their target price on shares of Comerica from $50.00 to $61.00 and gave the company an equal weight rating in a research report on Monday, August 5th. JPMorgan Chase & Co. cut their target price on shares of Comerica from $62.00 to $57.00 and set a neutral rating on the stock in a research report on Thursday, June 27th. The Goldman Sachs Group cut their target price on shares of Comerica from $69.00 to $62.00 and set a buy rating on the stock in a research report on Tuesday, June 4th. Finally, Truist Financial downgraded shares of Comerica from a buy rating to a hold rating and cut their price target for the company from $55.00 to $53.00 in a research report on Monday, July 22nd. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $55.45.

Comerica Stock Up 1.1 %

Shares of NYSE:CMA opened at $57.11 on Tuesday. Comerica has a 12 month low of $37.40 and a 12 month high of $58.50. The company’s 50-day moving average price is $53.25 and its two-hundred day moving average price is $51.87. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. The firm has a market cap of $7.57 billion, a P/E ratio of 11.35 and a beta of 1.25.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. During the same quarter in the prior year, the firm earned $2.01 EPS. As a group, research analysts forecast that Comerica will post 5.05 EPS for the current fiscal year.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, September 13th. This represents a $2.84 annualized dividend and a yield of 4.97%. Comerica’s dividend payout ratio (DPR) is currently 56.46%.

Insider Transactions at Comerica

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

Hedge Funds Weigh In On Comerica

Several hedge funds have recently made changes to their positions in CMA. Price T Rowe Associates Inc. MD grew its stake in shares of Comerica by 105.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock worth $10,031,000 after acquiring an additional 3,595,036 shares in the last quarter. Norges Bank acquired a new stake in shares of Comerica during the fourth quarter worth $80,691,000. Dimensional Fund Advisors LP lifted its holdings in shares of Comerica by 51.3% during 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 buying an additional 1,370,886 shares in the last quarter. Azora Capital LP acquired a new position in Comerica in the fourth quarter valued at about $63,548,000. Finally, Goldman Sachs Group Inc. raised its stake in Comerica by 51.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock valued at $143,109,000 after purchasing an additional 870,812 shares in the last quarter. 80.74% of the stock is owned by institutional investors.

About Comerica

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.