Comerica (NYSE:CMA) Rating Lowered to Hold at Argus

Comerica (NYSE:CMAGet Free Report) was downgraded by equities researchers at Argus from a “buy” rating to a “hold” rating in a report released on Monday, MarketBeat reports.

A number of other brokerages have also issued reports on CMA. Bank of America decreased their price objective on Comerica from $52.00 to $44.00 in a report on Tuesday, October 10th. Wells Fargo & Company increased their price target on Comerica from $45.00 to $52.00 and gave the company an “underweight” rating in a research note on Thursday, December 14th. DA Davidson increased their price target on Comerica from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, December 5th. Piper Sandler decreased their price target on Comerica from $48.00 to $43.00 and set a “neutral” rating for the company in a research note on Monday, October 23rd. Finally, Jefferies Financial Group decreased their price target on Comerica from $59.00 to $45.00 in a research note on Tuesday, October 10th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $55.55.

Read Our Latest Research Report on CMA

Comerica Stock Down 0.5 %

NYSE:CMA opened at $55.59 on Monday. The firm has a market capitalization of $7.33 billion, a PE ratio of 8.63 and a beta of 1.31. The stock has a 50 day moving average of $52.50 and a 200-day moving average of $47.74. Comerica has a 52 week low of $28.40 and a 52 week high of $77.34. The company has a current ratio of 0.94, a quick ratio of 0.92 and a debt-to-equity ratio of 1.03.

Comerica (NYSE:CMAGet Free Report) last posted its earnings results on Friday, January 19th. The financial services provider reported $1.46 EPS for the quarter, beating the consensus estimate of $1.38 by $0.08. The company had revenue of $1.25 billion during the quarter, compared to analyst estimates of $826.07 million. Comerica had a return on equity of 19.41% and a net margin of 16.71%. During the same period in the prior year, the company earned $2.58 earnings per share. Analysts predict that Comerica will post 5.4 EPS for the current year.

Hedge Funds Weigh In On Comerica

Several hedge funds have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Comerica by 8.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 28,923 shares of the financial services provider’s stock worth $1,614,000 after buying an additional 2,295 shares during the last quarter. SVB Wealth LLC acquired a new stake in shares of Comerica in the fourth quarter valued at about $264,000. Bison Wealth LLC grew its position in shares of Comerica by 1.7% in the fourth quarter. Bison Wealth LLC now owns 11,653 shares of the financial services provider’s stock valued at $650,000 after purchasing an additional 196 shares during the last quarter. Phocas Financial Corp. grew its position in shares of Comerica by 1.8% in the fourth quarter. Phocas Financial Corp. now owns 118,689 shares of the financial services provider’s stock valued at $6,624,000 after purchasing an additional 2,071 shares during the last quarter. Finally, Louisiana State Employees Retirement System acquired a new stake in shares of Comerica in the fourth quarter valued at about $446,000. 81.94% of the stock is owned by institutional investors and hedge funds.

About Comerica

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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, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services, as well as payment and card services for small and middle market businesses, multinational corporations, and governmental entities.

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