Comerica (NYSE:CMA) Rating Increased to Hold at Truist Financial

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

A number of other equities research analysts also recently weighed in on the company. Bank of America downgraded Comerica from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $55.00 to $52.00 in a research report on Monday, October 7th. Barclays lifted their price objective on shares of Comerica from $66.00 to $68.00 and gave the stock an “underweight” rating in a research report on Monday. DA Davidson raised their target price on shares of Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Evercore ISI upped their price target on Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group lowered Comerica from a “buy” rating to a “neutral” rating and set a $71.00 price objective for the company. in a report on Tuesday. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $67.14.

Comerica Stock 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 firm has a market cap of $8.23 billion, a PE ratio of 15.65 and a beta of 1.26. The company has a 50-day moving average of $66.54 and a 200 day moving average of $59.77. Comerica has a 1-year low of $45.32 and a 1-year high of $73.45.

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

Comerica declared that its board has approved a stock repurchase program on Tuesday, November 5th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy 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

In related news, EVP Bruce Mitchell sold 7,564 shares of the company’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 directly owns 16,428 shares in the company, valued at approximately $1,021,821.60. This represents a 31.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the completion of the sale, the executive vice president now owns 8,730 shares in the company, valued at $600,885.90. This represents a 13.75 % 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 Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its holdings in shares of 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 during the last quarter. Samlyn Capital LLC acquired a new position in Comerica in the 2nd quarter valued at about $35,375,000. Citigroup Inc. boosted its stake in shares of Comerica by 390.6% in the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock valued at $45,628,000 after purchasing an additional 606,375 shares during the period. Vaughan Nelson Investment Management L.P. increased its stake in Comerica by 31.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock worth $144,312,000 after buying an additional 574,516 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in Comerica by 134.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after buying an additional 490,468 shares in the last quarter. 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.