Comerica (NYSE:CMA) Raised to “Hold” at StockNews.com

by · The Markets Daily

StockNews.com upgraded shares of Comerica (NYSE:CMA – Free Report) from a sell rating to a hold rating in a report issued on Thursday morning.

Several other brokerages have also weighed in on CMA. Wells Fargo & Company lowered their target price on shares of Comerica from $48.00 to $45.00 and set an underweight rating for the company in a research note on Wednesday, June 12th. Keefe, Bruyette & Woods raised Comerica from a market perform rating to an outperform rating and increased their price target for the company from $50.00 to $69.00 in a research report on Thursday, September 5th. Royal Bank of Canada reduced their price objective on shares of Comerica from $58.00 to $56.00 and set an outperform rating on the stock in a report on Monday, July 22nd. Raymond James raised Comerica from a market perform rating to an outperform rating and set a $60.00 price target for the company in a report on Tuesday, July 2nd. Finally, Barclays cut their target price on Comerica from $59.00 to $56.00 and set an underweight rating on the stock in a research report on Monday, July 22nd. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $58.81.

Read Our Latest Analysis on CMA

Comerica Price Performance

Comerica stock opened at $58.86 on Thursday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23. The company has a 50-day moving average price of $56.31 and a 200 day moving average price of $53.23. Comerica has a 12-month low of $37.40 and a 12-month high of $61.84. The stock has a market cap of $7.80 billion, a P/E ratio of 11.70 and a beta of 1.23.

Comerica (NYSE:CMA – Get Free Report) last released its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.19 by $0.30. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same quarter in the previous year, the company earned $2.01 EPS. Sell-side analysts anticipate that Comerica will post 5.06 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.83%. The ex-dividend date of this dividend was Friday, September 13th. Comerica’s dividend payout ratio (DPR) is 56.46%.

Insider Buying and Selling

In related 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 completion of the transaction, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Comerica

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Comerica by 105.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock valued at $10,031,000 after purchasing an additional 3,595,036 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake 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 worth $206,468,000 after acquiring an additional 1,370,886 shares in the last quarter. Azora Capital LP acquired a new stake in Comerica during the 4th quarter worth about $63,548,000. Goldman Sachs Group Inc. grew its stake in Comerica by 51.4% during 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 in the last quarter. Finally, Samlyn Capital LLC acquired a new position in shares of Comerica in the 2nd quarter valued at about $35,375,000. Institutional investors and hedge funds own 80.74% of the company’s stock.

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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