Truist Financial Upgrades Comerica (NYSE:CMA) to “Hold”

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 equities analysts also recently issued reports on CMA. Piper Sandler raised their price objective on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Wells Fargo & Company upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $51.00 to $73.00 in a research note on Friday, November 15th. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $52.00 to $75.00 in a research note on Tuesday, September 24th. DA Davidson lifted their target price on Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Finally, StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a research 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 company’s stock. According to data from MarketBeat.com, Comerica presently has an average rating of “Hold” and an average target price of $67.14.

Comerica Trading Down 0.8 %

Comerica stock opened at $62.59 on Monday. Comerica has a one year low of $45.32 and a one year high of $73.45. The business’s fifty day moving average is $66.54 and its 200 day moving average is $59.77. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $8.23 billion, a PE ratio of 15.65 and a beta of 1.26.

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

Comerica declared that its Board of Directors has approved a share repurchase program on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Comerica

In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of Comerica stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction of $470,480.80. Following the completion of the transaction, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at $1,021,821.60. The trade was a 31.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction 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 completion of the sale, the executive vice president now directly owns 8,730 shares in the company, valued at approximately $600,885.90. This represents a 13.75 % 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 in the last three months. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC grew its position in Comerica by 8.9% in the 4th quarter. GAMMA Investing LLC now owns 6,084 shares of the financial services provider’s stock valued at $376,000 after acquiring an additional 499 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Comerica by 134.0% in the third quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after purchasing an additional 490,468 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Comerica by 9.3% in the third quarter. Franklin Resources Inc. now owns 14,690 shares of the financial services provider’s stock worth $901,000 after purchasing an additional 1,255 shares during the last quarter. Tidal Investments LLC increased its stake in Comerica by 96.2% in the 3rd quarter. Tidal Investments LLC now owns 32,138 shares of the financial services provider’s stock worth $1,925,000 after buying an additional 15,758 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new stake in Comerica during the 3rd quarter valued at about $42,000. Institutional investors 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.