Comerica (NYSE:CMA) Upgraded to Hold at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Comerica (NYSE:CMA) from an underperform rating to a hold rating in a research note published on Wednesday, Marketbeat Ratings reports. They currently have $70.00 price objective on the financial services provider’s stock, up from their prior price objective of $50.00.

A number of other research analysts have also commented on CMA. DA Davidson set a $60.00 price target on shares of Comerica and gave the company a “neutral” rating in a research report on Monday, July 21st. Stephens restated an “equal weight” rating on shares of Comerica in a research report on Monday, July 21st. Wells Fargo & Company reduced their price target on shares of Comerica from $67.00 to $55.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 22nd. Piper Sandler boosted their price target on shares of Comerica from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Monday, July 21st. Finally, Evercore ISI lowered shares of Comerica from an “in-line” rating to an “underperform” rating and reduced their price target for the company from $65.00 to $50.00 in a research report on Tuesday, April 22nd. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $64.40.

Comerica Stock Up 1.2%

Comerica stock opened at $66.80 on Wednesday. Comerica has a 1-year low of $48.12 and a 1-year high of $73.45. The firm has a market capitalization of $8.59 billion, a price-to-earnings ratio of 12.80, a P/E/G ratio of 11.91 and a beta of 0.94. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.84. The firm has a 50 day simple moving average of $61.87 and a 200 day simple moving average of $59.98.

Comerica (NYSE:CMA) last released its quarterly earnings data on Friday, July 18th. The financial services provider reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.19. Comerica had a net margin of 14.92% and a return on equity of 10.92%. The business had revenue of $849.00 million during the quarter, compared to analyst estimates of $844.39 million. During the same period in the previous year, the business earned $1.49 EPS. On average, analysts predict that Comerica will post 5.28 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.84 annualized dividend and a yield of 4.3%. Comerica’s payout ratio is currently 54.41%.

Institutional Trading of Comerica

Several hedge funds have recently added to or reduced their stakes in the business. Salzhauer Michael raised its stake in shares of Comerica by 39.2% during the fourth quarter. Salzhauer Michael now owns 165,971 shares of the financial services provider’s stock valued at $10,265,000 after acquiring an additional 46,700 shares during the last quarter. LPL Financial LLC raised its stake in shares of Comerica by 16.8% during the fourth quarter. LPL Financial LLC now owns 46,620 shares of the financial services provider’s stock valued at $2,883,000 after acquiring an additional 6,699 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of Comerica during the fourth quarter valued at about $13,875,000. Franklin Resources Inc. raised its stake in shares of Comerica by 251.1% during the fourth quarter. Franklin Resources Inc. now owns 51,573 shares of the financial services provider’s stock valued at $3,190,000 after acquiring an additional 36,883 shares during the last quarter. Finally, National Bank of Canada FI raised its stake in shares of Comerica by 658.1% during the fourth quarter. National Bank of Canada FI now owns 23,593 shares of the financial services provider’s stock valued at $1,459,000 after acquiring an additional 20,481 shares during the last quarter. 80.74% of the stock is 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.