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

Comerica (NYSE:CMA) was upgraded by equities research analysts at Truist Financial to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. Morgan Stanley boosted their price objective on shares of Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Stephens boosted their price target on Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Evercore ISI raised their price objective on Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Robert W. Baird upped their target price on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, November 18th. Finally, The Goldman Sachs Group lowered shares of Comerica from a “buy” rating to a “neutral” rating and set a $71.00 price target for the company. in a research report on Tuesday. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Comerica currently has an average rating of “Hold” and a consensus target price of $67.14.

Comerica Stock Performance

Shares of CMA opened at $62.59 on Monday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. The firm has a market cap of $8.23 billion, a PE ratio of 15.65 and a beta of 1.26. Comerica has a 12 month low of $45.32 and a 12 month high of $73.45. The stock has a fifty day moving average price of $66.54 and a 200-day moving average price of $59.77.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same quarter last year, the company earned $1.84 earnings per share. Equities research analysts predict that Comerica will post 5.37 earnings per share for the current fiscal year.

Comerica declared that its board has authorized a stock repurchase program on Tuesday, November 5th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Comerica

In other news, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the transaction, the executive vice president now owns 16,428 shares in the company, valued at $1,021,821.60. This trade represents a 31.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through 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 stock was sold at an average price of $68.83, for a total value of $95,811.36. Following the sale, the executive vice president now owns 8,730 shares of the company’s stock, valued at $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. In the last three months, insiders have sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Comerica

Several hedge funds and other institutional investors have recently modified their holdings of CMA. EverSource Wealth Advisors LLC raised its holdings in Comerica by 19.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 199 shares during the last quarter. Centennial Wealth Advisory LLC grew its position in shares of Comerica by 5.2% in the third quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock valued at $304,000 after purchasing an additional 252 shares in the last quarter. Bleakley Financial Group LLC increased its holdings in shares of Comerica by 8.5% in the third quarter. Bleakley Financial Group LLC now owns 4,478 shares of the financial services provider’s stock valued at $268,000 after purchasing an additional 351 shares during the last quarter. GAMMA Investing LLC lifted its position in Comerica by 8.9% during the fourth quarter. GAMMA Investing LLC now owns 6,084 shares of the financial services provider’s stock worth $376,000 after buying an additional 499 shares in the last quarter. Finally, Creative Planning boosted its stake in Comerica by 1.1% during the second quarter. Creative Planning now owns 48,838 shares of the financial services provider’s stock worth $2,493,000 after buying an additional 514 shares during the last quarter. 80.74% of the stock is 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.