Comerica (NYSE:CMA) Downgraded by StockNews.com

Comerica (NYSE:CMA) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

Other analysts also recently issued reports about the company. Stephens reiterated an “overweight” rating and set a $64.00 target price on shares of Comerica in a research report on Tuesday, June 11th. JPMorgan Chase & Co. reduced their price objective on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a research note on Thursday, June 27th. Citigroup lowered shares of Comerica from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $60.00 to $56.00 in a research report on Monday, May 6th. Keefe, Bruyette & Woods cut their target price on shares of Comerica from $58.00 to $56.00 and set a “market perform” rating on the stock in a research report on Tuesday, July 9th. Finally, Piper Sandler upped their price target on shares of Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Comerica has a consensus rating of “Hold” and an average price target of $54.95.

Comerica Stock Performance

Shares of CMA traded down $1.94 during midday trading on Thursday, reaching $52.87. 2,452,453 shares of the stock were exchanged, compared to its average volume of 2,266,477. 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 stock’s 50 day simple moving average is $50.68 and its 200 day simple moving average is $51.60. Comerica has a twelve month low of $37.40 and a twelve month high of $58.50. The company has a market cap of $7.01 billion, a P/E ratio of 10.51 and a beta of 1.25.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $812.79 million. During the same quarter in the previous year, the firm posted $2.01 EPS. On average, sell-side analysts expect that Comerica will post 5.05 earnings per share for the current year.

Institutional Investors Weigh In On Comerica

Institutional investors and hedge funds have recently made changes to their positions in the business. Spire Wealth Management raised its holdings in shares of Comerica by 95.9% in the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 235 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in shares of Comerica during the 4th quarter worth approximately $36,000. Family Firm Inc. purchased a new position in shares of Comerica in the 2nd quarter worth approximately $37,000. UMB Bank n.a. grew its holdings in shares of Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 208 shares in the last quarter. Finally, Versant Capital Management Inc increased its position in shares of Comerica by 2,723.3% during the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 817 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

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.