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

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

Several other equities analysts have also weighed in on CMA. Robert W. Baird raised their price objective on shares of Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, November 18th. Keefe, Bruyette & Woods raised their price target on shares of Comerica from $72.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. DA Davidson raised their target price on Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Piper Sandler increased their price objective on Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Finally, Wedbush raised 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 research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $67.14.

Comerica Trading Down 0.8 %

NYSE:CMA opened at $62.59 on Monday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market cap of $8.23 billion, a PE ratio of 15.65 and a beta of 1.26. The stock’s 50-day moving average is $66.54 and its two-hundred day moving average is $59.77. Comerica has a fifty-two week low of $45.32 and a fifty-two week high of $73.45.

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

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 13th were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.54%. The ex-dividend date of this dividend was Friday, December 13th. Comerica’s dividend payout ratio is 71.00%.

Comerica declared that its board has initiated a share repurchase plan on Tuesday, November 5th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of the firm’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 sale, the executive vice president now directly owns 8,730 shares in the company, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the sale, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at $1,021,821.60. This represents a 31.53 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is currently owned by insiders.

Institutional Trading of Comerica

A number of institutional investors have recently modified their holdings of CMA. EverSource Wealth Advisors LLC grew its stake in shares of Comerica by 19.7% during the 2nd 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 in the last quarter. Centennial Wealth Advisory LLC grew its holdings in shares of Comerica by 5.2% in the 3rd quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock valued at $304,000 after acquiring an additional 252 shares in the last quarter. Bleakley Financial Group LLC boosted its position in Comerica by 8.5% during 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 increased its position in shares of Comerica by 8.9% during the 4th quarter. GAMMA Investing LLC now owns 6,084 shares of the financial services provider’s stock worth $376,000 after purchasing an additional 499 shares during the last quarter. Finally, Creative Planning raised its stake in shares of Comerica by 1.1% during the 2nd quarter. Creative Planning now owns 48,838 shares of the financial services provider’s stock worth $2,493,000 after purchasing an additional 514 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors.

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.