Comerica (NYSE:CMA) Upgraded by Truist Financial to “Hold” Rating

Truist Financial upgraded shares of Comerica (NYSE:CMA) to a hold rating in a research note issued to investors on Monday morning,Zacks.com reports.

Several other analysts have also weighed in on the company. Robert W. Baird upped their target price on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, November 18th. Wedbush upgraded shares of Comerica from a “neutral” rating to an “outperform” rating and raised their target price for the company from $52.00 to $75.00 in a report on Tuesday, September 24th. Piper Sandler upped their price target on shares of Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Wells Fargo & Company upgraded Comerica from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $51.00 to $73.00 in a research report on Friday, November 15th. Finally, DA Davidson raised their price target on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Comerica has an average rating of “Hold” and a consensus target price of $67.14.

Comerica Price Performance

Shares of NYSE:CMA opened at $62.59 on Monday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. Comerica has a 52 week low of $45.32 and a 52 week high of $73.45. The company has a market cap of $8.23 billion, a P/E ratio of 15.65 and a beta of 1.26. The company has a 50-day moving average price of $66.54 and a 200 day moving average price of $59.77.

Comerica (NYSE:CMA) last issued its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same period in the prior year, the business posted $1.84 earnings per share. Research analysts predict that Comerica will post 5.37 earnings per share for the current year.

Comerica announced that its Board of Directors has authorized a share buyback plan on Tuesday, November 5th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 13th were paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.54%. The ex-dividend date was Friday, December 13th. Comerica’s dividend payout ratio (DPR) is 71.00%.

Insider Buying and Selling

In related news, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the transaction, the executive vice president now owns 16,428 shares in the company, valued at $1,021,821.60. This represents a 31.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP James Harry Weber sold 6,500 shares of the business’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the sale, the executive vice president now owns 15,773 shares in the company, valued at $997,326.79. This trade represents a 29.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,456 shares of company stock worth $977,287 over the last ninety days. 0.19% of the stock is owned by insiders.

Institutional Trading of Comerica

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp increased its holdings in shares of Comerica by 2.0% in the third quarter. State Street Corp now owns 4,977,670 shares of the financial services provider’s stock valued at $301,745,000 after buying an additional 96,084 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Comerica by 5.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock worth $257,975,000 after purchasing an additional 226,285 shares during the period. 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 valued at $206,468,000 after purchasing an additional 1,370,886 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of Comerica by 31.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock valued at $144,312,000 after purchasing an additional 574,516 shares during the period. Finally, Azora Capital LP increased its stake in Comerica by 7.8% in the 3rd quarter. Azora Capital LP now owns 2,230,369 shares of the financial services provider’s stock worth $133,621,000 after purchasing an additional 161,181 shares in the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.

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.