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

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

Several other research firms also recently weighed in on CMA. Robert W. Baird cut their price target on Comerica from $72.00 to $68.00 and set an outperform rating on the stock in a research note on Thursday, June 20th. Royal Bank of Canada cut their target price on Comerica from $58.00 to $56.00 and set an outperform rating on the stock in a research note on Monday, July 22nd. Truist Financial lowered Comerica from a buy rating to a hold rating and lowered their price target for the stock from $55.00 to $53.00 in a research report on Monday, July 22nd. Morgan Stanley upped their price target on shares of Comerica from $50.00 to $61.00 and gave the stock an equal weight rating in a research note on Monday, August 5th. Finally, Barclays dropped their price target on shares of Comerica from $59.00 to $56.00 and set an underweight rating on the stock in a research note on Monday, July 22nd. Two investment 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’s stock. According to MarketBeat, the stock has an average rating of Hold and an average target price of $55.45.

Comerica Stock Performance

Shares of Comerica stock opened at $56.51 on Tuesday. The business has a fifty day simple moving average of $53.07 and a two-hundred day simple moving average of $51.84. The firm has a market capitalization of $7.49 billion, a P/E ratio of 11.23 and a beta of 1.25. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 1.23. Comerica has a 12 month low of $37.40 and a 12 month high of $58.50.

Comerica (NYSE:CMA) last issued its quarterly earnings results 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. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same period last year, the company posted $2.01 EPS. On average, equities analysts forecast that Comerica will post 5.05 earnings per share for the current fiscal year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 5.03%. The ex-dividend date of this dividend is Friday, September 13th. Comerica’s payout ratio is currently 56.46%.

Insider Activity

In other news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Spire Wealth Management increased its holdings in Comerica by 95.9% in the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 235 shares in the last quarter. Family Firm Inc. bought a new position in Comerica in the 2nd quarter worth approximately $37,000. UMB Bank n.a. boosted its stake in Comerica by 39.3% in the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 208 shares during the period. Versant Capital Management Inc boosted its stake in Comerica by 2,723.3% in the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 817 shares during the period. Finally, Abich Financial Wealth Management LLC boosted its stake in Comerica by 50.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 300 shares during the period. 80.74% of the stock is owned by hedge funds and other 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.