Comerica (NYSE:CMA) Stock Rating Upgraded by Truist Financial

Comerica (NYSE:CMA) was upgraded by equities research analysts at Truist Financial to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other brokerages have also issued reports on CMA. Morgan Stanley increased their price target on Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. UBS Group initiated coverage on shares of Comerica in a report on Tuesday, December 17th. They set a “sell” rating and a $64.00 price objective for the company. Evercore ISI boosted their target price on shares of Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Robert W. Baird raised their target price on shares of Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, November 18th. Finally, DA Davidson lifted their price target on shares of Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Three 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, Comerica currently has a consensus rating of “Hold” and an average price target of $67.14.

Comerica Stock Down 0.8 %

CMA opened at $62.59 on Monday. The stock has a market capitalization of $8.23 billion, a price-to-earnings ratio of 15.65 and a beta of 1.26. The firm has a 50 day moving average price of $66.54 and a 200-day moving average price of $59.77. Comerica has a twelve month low of $45.32 and a twelve month high of $73.45. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97.

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

Comerica declared that its board has initiated a share buyback plan on Tuesday, November 5th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Allysun C. Fleming sold 1,392 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $68.83, for a total transaction of $95,811.36. Following the transaction, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP James Harry Weber sold 6,500 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total value of $410,995.00. Following the completion of the sale, the executive vice president now owns 15,773 shares of the company’s stock, valued at $997,326.79. The trade was a 29.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,456 shares of company stock worth $977,287 over the last quarter. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMA. Victory Capital Management Inc. lifted its position in shares of Comerica by 40.4% in the 2nd quarter. Victory Capital Management Inc. now owns 31,347 shares of the financial services provider’s stock worth $1,600,000 after purchasing an additional 9,016 shares during the period. Arizona State Retirement System boosted its position in Comerica by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 37,090 shares of the financial services provider’s stock valued at $1,893,000 after acquiring an additional 848 shares in the last quarter. Choreo LLC bought a new stake in Comerica during the 2nd quarter valued at $292,000. United Services Automobile Association purchased a new position in shares of Comerica in the 2nd quarter valued at $667,000. Finally, American Century Companies Inc. raised its position in shares of Comerica by 7.5% in the 2nd quarter. American Century Companies Inc. now owns 245,465 shares of the financial services provider’s stock worth $12,529,000 after acquiring an additional 17,135 shares in the last quarter. 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.