Comerica (NYSE:CMA) Upgraded to “Hold” at Truist Financial

Truist Financial upgraded shares of Comerica (NYSE:CMA) to a hold rating in a report published on Monday morning,Zacks.com reports.

Other analysts have also recently issued reports about the company. Robert W. Baird raised their price target on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, November 18th. Wells Fargo & Company upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $51.00 to $73.00 in a research report on Friday, November 15th. The Goldman Sachs Group downgraded shares of Comerica from a “buy” rating to a “neutral” rating and cut their price target for the company from $85.00 to $71.00 in a report on Tuesday. Bank of America downgraded shares of Comerica from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $55.00 to $52.00 in a report on Monday, October 7th. Finally, Wedbush upgraded shares of Comerica from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $52.00 to $75.00 in a research report on Tuesday, September 24th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Comerica has a consensus rating of “Hold” and a consensus price target of $67.14.

Comerica Stock Down 0.5 %

Shares of Comerica stock opened at $62.25 on Monday. Comerica has a one year low of $45.32 and a one year high of $73.45. The company has a market cap of $8.19 billion, a P/E ratio of 15.56 and a beta of 1.26. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a fifty day moving average of $66.49 and a two-hundred day moving average of $59.79.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.16. Comerica had a net margin of 11.17% and a return on equity of 12.54%. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. During the same period in the prior year, the company posted $1.84 earnings per share. On average, analysts forecast that Comerica will post 5.37 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were issued a $0.71 dividend. The ex-dividend date was Friday, December 13th. This represents a $2.84 annualized dividend and a yield of 4.56%. Comerica’s dividend payout ratio (DPR) is presently 71.00%.

Comerica announced that its board has initiated a stock repurchase program on Tuesday, November 5th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, EVP James Harry Weber sold 6,500 shares of the stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $63.23, for a total transaction of $410,995.00. Following the transaction, the executive vice president now directly owns 15,773 shares in the company, valued at $997,326.79. This represents a 29.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Allysun C. Fleming sold 1,392 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $68.83, for a total transaction of $95,811.36. Following the completion of the sale, the executive vice president now owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. The trade was a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,456 shares of company stock valued at $977,287 over the last quarter. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

A number of hedge funds have recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new stake in shares of Comerica during the 3rd quarter worth $36,000. Wilmington Savings Fund Society FSB purchased a new stake in Comerica during the third quarter valued at about $42,000. EverSource Wealth Advisors LLC increased its stake in Comerica by 19.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 199 shares during the last quarter. Cranbrook Wealth Management LLC purchased a new position in shares of Comerica in the 2nd quarter worth about $79,000. Finally, Sunbelt Securities Inc. lifted its stake in shares of Comerica by 400.0% in the 2nd quarter. Sunbelt Securities Inc. now owns 2,500 shares of the financial services provider’s stock valued at $128,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

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.