Comerica (NYSE:CMA) Cut to “Sell” at StockNews.com

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

Other research analysts have also issued reports about the stock. Robert W. Baird cut their price objective on shares of Comerica from $72.00 to $68.00 and set an outperform rating on the stock in a report on Thursday, June 20th. Truist Financial cut shares of Comerica from a buy rating to a hold rating and lowered their price objective for the company from $55.00 to $53.00 in a research note on Monday, July 22nd. Wells Fargo & Company cut their target price on Comerica from $48.00 to $45.00 and set an underweight rating on the stock in a research report on Wednesday, June 12th. Morgan Stanley boosted their price target on Comerica from $50.00 to $61.00 and gave the company an equal weight rating in a research report on Monday, August 5th. Finally, JPMorgan Chase & Co. cut their price objective on Comerica from $62.00 to $57.00 and set a neutral rating on the stock in a report on Thursday, June 27th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $56.05.

Comerica Stock Performance

Shares of CMA opened at $55.44 on Friday. Comerica has a 1 year low of $37.40 and a 1 year high of $58.50. The company’s 50 day simple moving average is $54.03 and its 200 day simple moving average is $52.11. The company has a market capitalization of $7.36 billion, a price-to-earnings ratio of 11.02 and a beta of 1.23. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96.

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

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a yield of 5.12%. Comerica’s dividend payout ratio (DPR) is 56.46%.

Insider Transactions at Comerica

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

Institutional Trading of Comerica

Several institutional investors have recently added to or reduced their stakes in the business. OLD National Bancorp IN raised its position in shares of Comerica by 4.9% during the 2nd quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock worth $12,130,000 after purchasing an additional 11,049 shares during the period. Entropy Technologies LP bought a new position in Comerica during the 1st quarter worth $1,764,000. SG Americas Securities LLC increased its position in Comerica by 66.2% in the second quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock worth $3,209,000 after buying an additional 25,040 shares during the period. Assenagon Asset Management S.A. lifted its stake in Comerica by 39.3% in the second quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after buying an additional 62,269 shares during the last quarter. Finally, Aigen Investment Management LP bought a new position in shares of Comerica during the fourth quarter worth about $891,000. Institutional investors own 80.74% of the company’s stock.

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.