StockNews.com Downgrades Comerica (NYSE:CMA) to Sell

by · The Markets Daily

StockNews.com cut shares of Comerica (NYSE:CMA – Free Report) from a hold rating to a sell rating in a research note released on Friday.

Several other equities analysts have also commented on the stock. Robert W. Baird lowered their price target on shares of Comerica from $72.00 to $68.00 and set an outperform rating for the company in a research report on Thursday, June 20th. Bank of America lowered Comerica from a neutral rating to an underperform rating and dropped their price target for the company from $55.00 to $52.00 in a research report on Monday, October 7th. Piper Sandler increased their target price on shares of Comerica from $51.00 to $52.00 and gave the stock a neutral rating in a research report on Monday, July 22nd. Evercore ISI raised their price objective on shares of Comerica from $58.00 to $64.00 and gave the company an in-line rating in a research report on Wednesday, October 2nd. Finally, Stephens reiterated an overweight rating and set a $58.00 price target on shares of Comerica in a research note on Tuesday, September 10th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Comerica has an average rating of Hold and an average price target of $59.62.

Get Our Latest Research Report on Comerica

Comerica Stock Performance

Shares of Comerica stock opened at $61.32 on Friday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96. The firm’s fifty day simple moving average is $57.09 and its 200-day simple moving average is $53.52. Comerica has a 12 month low of $37.40 and a 12 month high of $61.84. The stock has a market capitalization of $8.13 billion, a price-to-earnings ratio of 12.19 and a beta of 1.23.

Comerica (NYSE:CMA – Get Free Report) last released its earnings results 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. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $812.79 million. During the same period in the previous year, the firm earned $2.01 earnings per share. As a group, equities analysts forecast that Comerica will post 5.12 earnings per share for the current year.

Comerica Announces Dividend

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

Insider Activity

In other news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the sale, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at approximately $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 SEC, which is accessible through this link. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. OLD National Bancorp IN lifted its stake in shares of Comerica by 4.9% during the 2nd quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock valued at $12,130,000 after buying an additional 11,049 shares in the last quarter. Entropy Technologies LP purchased a new position in Comerica during the 1st quarter valued at $1,764,000. SG Americas Securities LLC boosted its holdings in shares of Comerica by 66.2% in the second quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock valued at $3,209,000 after purchasing an additional 25,040 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Comerica by 39.3% in the second quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after acquiring an additional 62,269 shares in the last quarter. Finally, LSV Asset Management lifted its position in shares of Comerica by 13.6% during the first quarter. LSV Asset Management now owns 835,389 shares of the financial services provider’s stock valued at $45,938,000 after buying an additional 100,189 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors.

About Comerica

(Get Free Report)

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.

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