Bank of America downgraded shares of Comerica (NYSE:CMA) from a neutral rating to an underperform rating in a research report report published on Thursday, Briefing.com Automated Import reports. Bank of America currently has $71.00 price objective on the financial services provider’s stock, down from their previous price objective of $85.00.
A number of other research firms have also recently issued reports on CMA. B. Riley reissued a buy rating on shares of PCM in a research report on Tuesday, March 26th. ValuEngine cut Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Raymond James cut First Midwest Bancorp to a hold rating in a research report on Monday, July 8th. Piper Jaffray Companies set a $29.00 price objective on Bausch Health Companies and gave the company a buy rating in a research report on Tuesday, June 11th. Finally, Wedbush reduced their price objective on Hercules Capital from $15.00 to $13.50 and set a hold rating for the company in a research report on Wednesday, March 13th. Six research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $87.05.
Shares of Comerica stock opened at $72.84 on Thursday. The firm has a market capitalization of $11.23 billion, a PE ratio of 9.35, a PEG ratio of 1.28 and a beta of 1.44. Comerica has a 12 month low of $63.69 and a 12 month high of $100.64. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.92. The stock has a fifty day simple moving average of $71.03.
Comerica (NYSE:CMA) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.15. The firm had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $852.88 million. Comerica had a return on equity of 16.95% and a net margin of 34.75%. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.59 earnings per share. As a group, research analysts anticipate that Comerica will post 8.13 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were given a $0.67 dividend. The ex-dividend date was Thursday, June 13th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.68%. Comerica’s dividend payout ratio is currently 37.02%.
In other Comerica news, EVP Christine M. Moore sold 3,200 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $73.49, for a total value of $235,168.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.98% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in CMA. Trust Department MB Financial Bank N A increased its stake in shares of Comerica by 64.3% in the first quarter. Trust Department MB Financial Bank N A now owns 345 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 135 shares during the period. Liberty Wealth Management LLC bought a new position in shares of Comerica in the fourth quarter worth about $26,000. Claybrook Capital LLC bought a new position in shares of Comerica in the fourth quarter worth about $29,000. CWM LLC increased its stake in shares of Comerica by 247.5% in the first quarter. CWM LLC now owns 424 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 302 shares during the period. Finally, Zions Bancorporation N.A. bought a new position in shares of Comerica in the first quarter worth about $35,000. 83.43% of the stock is owned by institutional investors.
Comerica Company Profile
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business 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 middle market businesses, multinational corporations, and governmental entities.
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