Comerica (NYSE:CMA) Downgraded by StockNews.com to Sell

StockNews.com cut shares of Comerica (NYSE:CMA) from a hold rating to a sell rating in a report released on Friday.

A number of other brokerages have also recently issued reports on CMA. Piper Sandler lifted their price objective on Comerica from $51.00 to $52.00 and gave the company a neutral rating in a research note on Monday, July 22nd. Wedbush raised Comerica from a neutral rating to an outperform rating and lifted their target price for the stock from $52.00 to $75.00 in a report on Tuesday, September 24th. DA Davidson reissued a neutral rating and issued a $55.00 target price on shares of Comerica in a report on Tuesday, September 10th. Stephens reissued an overweight rating and issued a $58.00 target price on shares of Comerica in a report on Tuesday, September 10th. Finally, Morgan Stanley lifted their target price on Comerica from $61.00 to $63.00 and gave the stock an equal weight rating in a report on Monday, September 30th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $59.62.

Comerica Stock Up 3.2 %

Shares of NYSE:CMA opened at $61.28 on Friday. The stock has a fifty day simple moving average of $56.89 and a two-hundred day simple moving average of $53.48. The stock has a market capitalization of $8.12 billion, a price-to-earnings ratio of 12.18 and a beta of 1.23. Comerica has a 12-month low of $37.40 and a 12-month 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.

Comerica (NYSE:CMA) last announced 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. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same quarter in the previous year, the business earned $2.01 earnings per share. On average, research analysts anticipate that Comerica will post 5.12 earnings per share for the current fiscal year.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.63%. The ex-dividend date of this dividend was Friday, September 13th. Comerica’s dividend payout ratio is presently 56.46%.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was 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 trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Comerica

Large investors have recently made changes to their positions in the business. Family Firm Inc. purchased a new position in shares of Comerica in the second quarter valued at about $37,000. UMB Bank n.a. lifted its position 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. Versant Capital Management Inc lifted its position in shares of Comerica by 2,723.3% in 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 in the last quarter. Abich Financial Wealth Management LLC lifted its position in shares of 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, Summit Securities Group LLC lifted its position in shares of Comerica by 22.4% in the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 202 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

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.