Citigroup Downgrades Comerica (NYSE:CMA) to Neutral

Comerica (NYSE:CMA) was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating in a research note issued on Monday, MarketBeat Ratings reports. They currently have a $56.00 price objective on the financial services provider’s stock. Citigroup’s target price would indicate a potential upside of 5.52% from the stock’s current price.

CMA has been the topic of several other research reports. UBS Group lowered their price target on shares of Comerica from $59.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. Piper Sandler upped their target price on shares of Comerica from $54.00 to $56.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. Stephens reaffirmed an “overweight” rating and issued a $64.00 target price on shares of Comerica in a report on Friday, April 19th. Bank Of America (Bofa) upped their target price on shares of Comerica from $52.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, January 18th. Finally, Argus lowered shares of Comerica from a “buy” rating to a “hold” rating in a report on Monday, January 29th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $56.89.

Comerica Trading Up 2.3 %

Shares of Comerica stock opened at $53.07 on Monday. The firm has a market capitalization of $7.04 billion, a PE ratio of 10.55 and a beta of 1.27. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95. The company’s fifty day moving average price is $51.69 and its two-hundred day moving average price is $50.12. Comerica has a 52-week low of $28.40 and a 52-week high of $57.39.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.16. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. Comerica had a net margin of 13.11% and a return on equity of 16.51%. During the same quarter in the previous year, the firm posted $2.39 EPS. On average, analysts expect that Comerica will post 5.16 EPS for the current year.

Insider Transactions at Comerica

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the completion of the transaction, the executive vice president now directly owns 7,236 shares in the company, valued at $380,541.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the sale, the executive vice president now directly owns 17,460 shares in the company, valued at approximately $920,840.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Cassandra M. Mckinney sold 7,271 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the transaction, the executive vice president now directly owns 7,236 shares in the company, valued at approximately $380,541.24. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

A number of hedge funds have recently made changes to their positions in CMA. Vanguard Group Inc. raised its holdings in Comerica by 4.2% in the 4th quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock valued at $941,968,000 after acquiring an additional 676,959 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Comerica by 1.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,343,131 shares of the financial services provider’s stock worth $186,580,000 after purchasing an additional 48,526 shares in the last quarter. Invesco Ltd. increased its holdings in Comerica by 4.4% in the 3rd quarter. Invesco Ltd. now owns 3,097,572 shares of the financial services provider’s stock worth $128,704,000 after purchasing an additional 130,997 shares in the last quarter. North Reef Capital Management LP increased its holdings in Comerica by 43.0% in the 3rd quarter. North Reef Capital Management LP now owns 2,880,000 shares of the financial services provider’s stock worth $119,664,000 after purchasing an additional 865,870 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Comerica by 60.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,605,943 shares of the financial services provider’s stock valued at $145,444,000 after buying an additional 984,391 shares during the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.

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.