Comerica (NYSE:CMA) Lowered to “Neutral” at Citigroup

Citigroup lowered shares of Comerica (NYSE:CMA) from a buy rating to a neutral rating in a research report released on Monday, MarketBeat Ratings reports. They currently have $56.00 price target on the financial services provider’s stock, down from their previous price target of $60.00.

CMA has been the subject of several other reports. Truist Financial decreased their price target on Comerica from $62.00 to $60.00 and set a buy rating for the company in a report on Monday, April 22nd. Morgan Stanley reaffirmed an equal weight rating and issued a $53.00 target price on shares of Comerica in a report on Monday, April 22nd. Piper Sandler increased their price target on shares of Comerica from $54.00 to $56.00 and gave the stock a neutral rating in a report on Friday, April 26th. UBS Group lowered their price objective on Comerica from $59.00 to $55.00 and set a neutral rating on the stock in a report on Friday, April 19th. Finally, Bank Of America (Bofa) boosted their target price on Comerica from $52.00 to $55.00 and gave the stock a neutral rating in a research report on Thursday, January 18th. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and a consensus target price of $56.89.

Comerica Trading Down 1.0 %

Shares of Comerica stock opened at $53.35 on Monday. The company’s fifty day moving average is $52.06 and its two-hundred day moving average is $50.36. Comerica has a 1 year low of $30.98 and a 1 year high of $57.39. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market capitalization of $7.07 billion, a P/E ratio of 10.61 and a beta of 1.27.

Comerica (NYSE:CMA) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. Comerica had a return on equity of 16.51% and a net margin of 13.11%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. During the same quarter last year, the company posted $2.39 earnings per share. Analysts forecast that Comerica will post 5.16 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.84 annualized dividend and a dividend yield of 5.32%. Comerica’s payout ratio is 56.46%.

Insider Activity at Comerica

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total transaction of $382,381.89. Following the transaction, the executive vice president now directly owns 7,236 shares of the company’s stock, valued at approximately $380,541.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Wendy Bridges sold 3,034 shares of Comerica stock in a transaction on Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the sale, the executive vice president now owns 17,460 shares in the company, valued at $920,840.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Cassandra M. Mckinney sold 7,271 shares of the company’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total transaction of $382,381.89. Following the completion of the sale, the executive vice president now owns 7,236 shares in the company, valued at approximately $380,541.24. The disclosure for this sale can be found here. 0.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CMA. Vanguard Group Inc. increased its stake in shares of Comerica by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock valued at $941,968,000 after purchasing an additional 676,959 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Comerica by 1.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,343,131 shares of the financial services provider’s stock worth $186,580,000 after buying an additional 48,526 shares in the last quarter. Invesco Ltd. increased its position in Comerica by 4.4% in the 3rd quarter. Invesco Ltd. now owns 3,097,572 shares of the financial services provider’s stock valued at $128,704,000 after acquiring an additional 130,997 shares during the period. North Reef Capital Management LP raised its stake in Comerica by 43.0% during the 3rd quarter. North Reef Capital Management LP now owns 2,880,000 shares of the financial services provider’s stock valued at $119,664,000 after acquiring an additional 865,870 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Comerica by 60.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,605,943 shares of the financial services provider’s stock worth $145,444,000 after acquiring an additional 984,391 shares during the period. 80.74% of the stock is currently owned by 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.