Comerica (NYSE:CMA) Upgraded at Truist Financial

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

A number of other brokerages have also issued reports on CMA. Piper Sandler lifted their price objective on Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Keefe, Bruyette & Woods increased their price objective on Comerica from $72.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. lowered their target price on shares of Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Stephens increased their target price on shares of Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $67.14.

Comerica Trading Down 0.5 %

NYSE CMA opened at $62.25 on Monday. The company has a fifty day moving average of $66.49 and a 200 day moving average of $59.79. The company has a market capitalization of $8.19 billion, a PE ratio of 15.56 and a beta of 1.26. Comerica has a 1 year low of $45.32 and a 1 year high of $73.45. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97.

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

Comerica declared that its Board of Directors has authorized a share repurchase plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Investors 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 dividend yield of 4.56%. Comerica’s dividend payout ratio is presently 71.00%.

Insider Activity

In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following the sale, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. This represents a 31.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction on Thursday, November 7th. The stock was 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 of the company’s stock, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,456 shares of company stock worth $977,287. Corporate insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Several hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC boosted its holdings in shares of Comerica by 8.9% in the 4th quarter. GAMMA Investing LLC now owns 6,084 shares of the financial services provider’s stock valued at $376,000 after buying an additional 499 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Comerica by 134.0% in the third quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock valued at $51,309,000 after acquiring an additional 490,468 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Comerica by 9.3% during the third quarter. Franklin Resources Inc. now owns 14,690 shares of the financial services provider’s stock worth $901,000 after purchasing an additional 1,255 shares during the last quarter. Tidal Investments LLC grew its holdings in shares of Comerica by 96.2% during the third quarter. Tidal Investments LLC now owns 32,138 shares of the financial services provider’s stock worth $1,925,000 after purchasing an additional 15,758 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Comerica during the third quarter worth about $42,000. Institutional investors and hedge funds 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.