Comerica (NYSE:CMA) Cut to “Neutral” at Citigroup

Comerica (NYSE:CMA) was downgraded by research analysts at Citigroup from a “buy” rating to a “neutral” rating in a research report issued on Monday, MarketBeat reports. They presently have a $56.00 price target on the financial services provider’s stock, down from their previous price target of $60.00. Citigroup’s price objective would indicate a potential upside of 5.24% from the stock’s previous close.

CMA has been the subject of a number of other reports. Piper Sandler lifted their price target on shares of Comerica from $54.00 to $56.00 and gave the company a “neutral” rating in a research report on Friday, April 26th. Deutsche Bank Aktiengesellschaft began coverage on Comerica in a research note on Wednesday, April 10th. They issued a “hold” rating and a $59.00 price objective for the company. Keefe, Bruyette & Woods lowered their target price on Comerica from $60.00 to $58.00 and set a “market perform” rating for the company in a report on Monday, January 22nd. UBS Group reduced their price target on shares of Comerica from $59.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. Finally, Bank Of America (Bofa) increased their target price on shares of Comerica from $52.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, January 18th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $56.89.

Comerica Price Performance

Shares of Comerica stock opened at $53.21 on Monday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95. The business has a 50 day simple moving average of $51.87 and a two-hundred day simple moving average of $50.31. The stock has a market capitalization of $7.06 billion, a P/E ratio of 10.58 and a beta of 1.27. Comerica has a 12 month low of $30.98 and a 12 month high of $57.39.

Comerica (NYSE:CMA) last released its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same quarter in the previous year, the company posted $2.39 earnings per share. As a group, analysts predict that Comerica will post 5.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Wendy Bridges sold 3,034 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the sale, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at $920,840.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the transaction, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at $920,840.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Cassandra M. Mckinney sold 7,271 shares of Comerica stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total transaction of $382,381.89. Following the sale, the executive vice president now owns 7,236 shares in the company, valued at $380,541.24. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Comerica by 4.2% in the 4th quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock valued at $941,968,000 after acquiring an additional 676,959 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Comerica by 1.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,343,131 shares of the financial services provider’s stock valued at $186,580,000 after buying an additional 48,526 shares during the period. Invesco Ltd. raised its stake in Comerica by 4.4% during the 3rd quarter. Invesco Ltd. now owns 3,097,572 shares of the financial services provider’s stock worth $128,704,000 after buying an additional 130,997 shares during the period. North Reef Capital Management LP lifted its holdings in Comerica by 43.0% during the third quarter. North Reef Capital Management LP now owns 2,880,000 shares of the financial services provider’s stock worth $119,664,000 after acquiring an additional 865,870 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Comerica by 60.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,605,943 shares of the financial services provider’s stock worth $145,444,000 after acquiring an additional 984,391 shares in the last quarter. Institutional investors and hedge funds 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.