Comerica (NYSE:CMA) Trading Down 40.6% on Analyst Downgrade

Comerica Incorporated (NYSE:CMAGet Rating) shares dropped 40.6% on Monday after Odeon Capital Group downgraded the stock from a buy rating to a hold rating. The stock traded as low as $34.96 and last traded at $34.96. Approximately 1,359,664 shares were traded during mid-day trading, a decline of 20% from the average daily volume of 1,691,363 shares. The stock had previously closed at $58.81.

Several other research analysts have also weighed in on the company. Wells Fargo & Company cut their target price on Comerica from $77.00 to $72.00 in a research report on Wednesday, December 14th. Keefe, Bruyette & Woods lowered Comerica from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $105.00 to $80.00 in a research report on Monday, December 12th. Piper Sandler cut their price objective on Comerica from $82.00 to $70.00 in a research report on Friday. Truist Financial cut their price objective on Comerica from $83.00 to $78.00 and set a “buy” rating on the stock in a research report on Monday, January 23rd. Finally, Morgan Stanley cut their price objective on Comerica from $89.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.79.

Insider Buying and Selling

In related news, EVP Cassandra M. Mckinney sold 3,262 shares of Comerica stock in a transaction dated Friday, January 27th. The stock was sold at an average price of $72.76, for a total value of $237,343.12. Following the completion of the transaction, the executive vice president now directly owns 6,825 shares in the company, valued at $496,587. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.76% of the company’s stock.

Hedge Funds Weigh In On Comerica

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Comerica by 1.4% in the third quarter. Vanguard Group Inc. now owns 16,248,885 shares of the financial services provider’s stock valued at $1,155,296,000 after acquiring an additional 221,824 shares during the period. State Street Corp boosted its stake in Comerica by 3.9% in the third quarter. State Street Corp now owns 7,675,947 shares of the financial services provider’s stock valued at $550,764,000 after acquiring an additional 284,884 shares during the period. FMR LLC boosted its stake in Comerica by 7.3% in the second quarter. FMR LLC now owns 3,990,336 shares of the financial services provider’s stock valued at $292,811,000 after acquiring an additional 270,869 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Comerica by 10.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,150,256 shares of the financial services provider’s stock valued at $210,595,000 after acquiring an additional 296,736 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Comerica by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 2,741,969 shares of the financial services provider’s stock valued at $183,120,000 after acquiring an additional 135,410 shares during the period. 81.91% of the stock is currently owned by institutional investors and hedge funds.

Comerica Stock Performance

The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.63. The stock has a 50 day simple moving average of $70.46 and a 200 day simple moving average of $71.55. The company has a market capitalization of $5.59 billion, a price-to-earnings ratio of 5.02, a P/E/G ratio of 1.87 and a beta of 1.20.

Comerica (NYSE:CMAGet Rating) last issued its quarterly earnings data on Thursday, January 19th. The financial services provider reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.56 by $0.02. Comerica had a return on equity of 20.75% and a net margin of 30.72%. The business had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.01 billion. During the same period in the prior year, the company posted $1.66 EPS. As a group, analysts anticipate that Comerica Incorporated will post 9.57 earnings per share for the current fiscal year.

Comerica Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, April 1st. Investors of record on Wednesday, March 15th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 6.68%. This is a positive change from Comerica’s previous quarterly dividend of $0.68. The ex-dividend date is Tuesday, March 14th. Comerica’s dividend payout ratio is 32.11%.

About Comerica

(Get Rating)

Comerica, Inc engages in the provision of financial services. It operates through the following segments: Commercial Bank, Retail Bank, Wealth Management, Finance, and Other. The Commercial 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.

Recommended Stories

Receive News & Ratings for Comerica Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comerica and related companies with MarketBeat.com's FREE daily email newsletter.