Comerica (NYSE:CMA) Upgraded at StockNews.com

StockNews.com upgraded shares of Comerica (NYSE:CMA) from a sell rating to a hold rating in a report published on Monday morning.

Other research analysts have also issued reports about the company. DA Davidson reiterated a neutral rating and issued a $55.00 price objective on shares of Comerica in a research report on Tuesday, September 10th. Keefe, Bruyette & Woods upgraded Comerica from a market perform rating to an outperform rating and increased their price objective for the stock from $50.00 to $69.00 in a research report on Thursday, September 5th. The Goldman Sachs Group lowered their price objective on Comerica from $69.00 to $62.00 and set a buy rating for the company in a research report on Tuesday, June 4th. JPMorgan Chase & Co. lowered their price objective on Comerica from $62.00 to $57.00 and set a neutral rating for the company in a research report on Thursday, June 27th. Finally, Piper Sandler upped their price target on Comerica from $51.00 to $52.00 and gave the stock a neutral rating in a research note on Monday, July 22nd. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $55.73.

Comerica Price Performance

CMA stock opened at $59.72 on Monday. 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 business has a 50 day simple moving average of $54.86 and a 200-day simple moving average of $52.46. The firm has a market capitalization of $7.92 billion, a PE ratio of 11.87 and a beta of 1.23. Comerica has a 1 year low of $37.40 and a 1 year high of $60.99.

Comerica (NYSE:CMA) last issued its quarterly earnings data 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 company 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 prior year, the business posted $2.01 earnings per share. Equities research analysts anticipate that Comerica will post 5.05 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 4.76%. The ex-dividend date is 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 firm’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 transaction, the executive vice president now owns 27,910 shares of the company’s stock, valued at $1,605,104.10. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Comerica

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Comerica by 4.2% during the fourth quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock worth $941,968,000 after purchasing an additional 676,959 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Comerica by 51.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after acquiring an additional 1,370,886 shares during the period. Goldman Sachs Group Inc. increased its position in Comerica by 51.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock valued at $143,109,000 after acquiring an additional 870,812 shares during the period. Vaughan Nelson Investment Management L.P. increased its position in Comerica by 1.1% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock valued at $93,621,000 after acquiring an additional 19,068 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Comerica by 9.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock valued at $78,288,000 after acquiring an additional 130,458 shares during the period. Hedge funds and other 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.