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

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

Several other research analysts have also commented on CMA. Keefe, Bruyette & Woods reduced their price target on Comerica from $60.00 to $58.00 and set a market perform rating for the company in a research report on Monday, January 22nd. Argus lowered shares of Comerica from a buy rating to a hold rating in a research note on Monday, January 29th. Evercore ISI raised their price objective on Comerica from $55.00 to $58.00 and gave the stock an in-line rating in a research report on Thursday, March 28th. Morgan Stanley reaffirmed an equal weight rating and set a $53.00 target price on shares of Comerica in a research report on Monday, April 22nd. Finally, Truist Financial dropped their price target on Comerica from $62.00 to $60.00 and set a buy rating on the stock in a research note on Monday, April 22nd. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Comerica currently has a consensus rating of Hold and an average price target of $56.89.

Comerica Price Performance

Comerica stock opened at $53.88 on Monday. The firm has a market capitalization of $7.14 billion, a PE ratio of 10.71 and a beta of 1.27. Comerica has a 12-month low of $30.98 and a 12-month high of $57.39. The firm has a 50-day moving average price of $51.98 and a 200-day moving average price of $50.34. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.26.

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

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.27%. The ex-dividend date of this dividend is Friday, June 14th. Comerica’s payout ratio is 56.46%.

Insiders Place Their Bets

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

Institutional Trading of Comerica

Several hedge funds have recently made changes to their positions in the business. Entropy Technologies LP acquired a new stake in Comerica in the 1st quarter valued at about $1,764,000. Everence Capital Management Inc. purchased a new position in Comerica in the first quarter worth approximately $372,000. Bleakley Financial Group LLC grew its holdings in Comerica by 10.6% during the 1st quarter. Bleakley Financial Group LLC now owns 4,208 shares of the financial services provider’s stock worth $231,000 after acquiring an additional 402 shares in the last quarter. US Bancorp DE increased its position in shares of Comerica by 3.8% in the 1st quarter. US Bancorp DE now owns 9,067 shares of the financial services provider’s stock valued at $499,000 after purchasing an additional 336 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Comerica by 15.3% in the 1st quarter. Russell Investments Group Ltd. now owns 223,983 shares of the financial services provider’s stock valued at $12,315,000 after purchasing an additional 29,640 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

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.