Comerica (NYSE:CMA) Stock Rating Upgraded by UBS Group

UBS Group upgraded shares of Comerica (NYSE:CMA) from a sell rating to a neutral rating in a research report sent to investors on Thursday morning, MarketBeat.com reports. The brokerage currently has $59.00 target price on the financial services provider’s stock.

Several other research firms also recently commented on CMA. Stephens downgraded Comerica from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $66.00 to $64.00 in a research report on Monday, March 31st. Wells Fargo & Company cut their target price on shares of Comerica from $70.00 to $67.00 and set an “equal weight” rating on the stock in a research report on Friday, March 28th. The Goldman Sachs Group cut shares of Comerica from a “buy” rating to a “neutral” rating and decreased their price target for the company from $85.00 to $71.00 in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods dropped their price target on shares of Comerica from $82.00 to $77.00 and set an “outperform” rating for the company in a research note on Thursday, January 23rd. Finally, DA Davidson reduced their price objective on shares of Comerica from $71.00 to $67.00 and set a “neutral” rating on the stock in a research note on Thursday, January 23rd. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Comerica presently has an average rating of “Hold” and an average target price of $68.16.

Comerica Trading Down 0.9 %

Shares of Comerica stock opened at $50.83 on Thursday. The firm’s 50 day moving average is $60.35 and its 200 day moving average is $63.12. The firm has a market capitalization of $6.67 billion, a PE ratio of 10.13 and a beta of 0.96. Comerica has a 1 year low of $45.32 and a 1 year high of $73.45. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.09.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.25 by ($0.05). Comerica had a return on equity of 12.04% and a net margin of 13.98%. During the same quarter last year, the company earned $1.46 EPS. Equities research analysts forecast that Comerica will post 5.28 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th were issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 5.59%. The ex-dividend date was Friday, March 14th. Comerica’s payout ratio is 56.57%.

Hedge Funds Weigh In On Comerica

Institutional investors have recently made changes to their positions in the stock. PL Capital Advisors LLC increased its position in Comerica by 6,085.0% in the 4th quarter. PL Capital Advisors LLC now owns 1,778,188 shares of the financial services provider’s stock valued at $109,981,000 after buying an additional 1,749,438 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new stake in Comerica in the fourth quarter valued at approximately $82,419,000. Norges Bank bought a new stake in shares of Comerica during the fourth quarter valued at approximately $64,150,000. North Reef Capital Management LP raised its position in shares of Comerica by 15.7% during the fourth quarter. North Reef Capital Management LP now owns 4,050,000 shares of the financial services provider’s stock worth $250,492,000 after purchasing an additional 550,000 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Comerica by 548.9% in the 4th quarter. Canada Pension Plan Investment Board now owns 642,400 shares of the financial services provider’s stock worth $39,732,000 after purchasing an additional 543,400 shares in the last quarter. Institutional investors and hedge funds 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.