Comerica (NYSE:CMA) Stock Rating Lowered by Bank of America

Comerica (NYSE:CMA) was downgraded by analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. They currently have a $52.00 target price on the financial services provider’s stock, down from their previous target price of $55.00. Bank of America‘s target price suggests a potential downside of 10.14% from the company’s current price.

A number of other research analysts have also weighed in on CMA. Evercore ISI lifted their price target on shares of Comerica from $58.00 to $64.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. Piper Sandler raised their target price on Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Royal Bank of Canada decreased their price objective on shares of Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd. Robert W. Baird reduced their target price on Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Thursday, June 20th. Finally, Wells Fargo & Company lowered their target price on shares of Comerica from $48.00 to $45.00 and set an “underweight” rating on the stock in a report on Wednesday, June 12th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $59.24.

Comerica Stock Down 0.7 %

NYSE:CMA opened at $57.87 on Monday. The firm has a market capitalization of $7.67 billion, a price-to-earnings ratio of 11.50 and a beta of 1.23. Comerica has a 1-year low of $37.40 and a 1-year high of $61.84. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23. The business’s fifty day moving average price is $56.49 and its 200 day moving average price is $53.32.

Comerica (NYSE:CMA) last posted its earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.30. The firm had revenue of $1.26 billion during 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 period in the previous year, the company earned $2.01 EPS. On average, sell-side analysts forecast that Comerica will post 5.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of the 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 sale, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On Comerica

Institutional investors and hedge funds have recently bought and sold shares of the company. Family Firm Inc. purchased a new position in Comerica in the 2nd quarter valued at approximately $37,000. UMB Bank n.a. boosted its stake in Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after buying an additional 208 shares during the last quarter. Versant Capital Management Inc boosted its holdings in Comerica by 2,723.3% during the 2nd 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 period. Abich Financial Wealth Management LLC boosted its stake in Comerica by 50.2% in the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 300 shares in the last quarter. Finally, Rothschild Investment LLC acquired a new stake in shares of Comerica during the second quarter worth $56,000. Institutional investors 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.