Comerica (NYSE:CMA - Get Free Report) was downgraded by analysts at Bank of America from a "neutral" rating to an "underperform" rating in a research report issued to clients and investors on Monday, Marketbeat.com reports. They presently have a $52.00 price objective on the financial services provider's stock, down from their prior price objective of $55.00. Bank of America's target price would suggest a potential downside of 11.65% from the company's previous close.
A number of other equities analysts also recently issued reports on CMA. JPMorgan Chase & Co. reduced their price target on Comerica from $62.00 to $57.00 and set a "neutral" rating on the stock in a research report on Thursday, June 27th. Keefe, Bruyette & Woods raised shares of Comerica from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $50.00 to $69.00 in a report on Thursday, September 5th. Piper Sandler boosted their price objective on shares of Comerica from $51.00 to $52.00 and gave the company a "neutral" rating in a report on Monday, July 22nd. StockNews.com raised shares of Comerica from a "sell" rating to a "hold" rating in a report on Thursday. Finally, Wells Fargo & Company dropped their price objective on shares of Comerica from $48.00 to $45.00 and set an "underweight" rating on the stock in a report on Wednesday, June 12th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $59.19.
Get Our Latest Analysis on CMA
Shares of CMA stock opened at $58.86 on Monday. The business's fifty day simple moving average is $56.31 and its 200-day simple moving average is $53.24. The company has a market cap of $7.80 billion, a PE ratio of 11.70 and a beta of 1.23. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23. Comerica has a 12-month low of $37.40 and a 12-month high of $61.84.
Comerica (NYSE:CMA - Get Free Report) last issued its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.19 by $0.30. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same period in the prior year, the firm posted $2.01 earnings per share. Analysts expect that Comerica will post 5.06 earnings per share for the current fiscal year.
In related news, EVP Christine M. Moore sold 2,545 shares of the company's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the transaction, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.19% of the company's stock.
A number of hedge funds have recently bought and sold shares of the business. Pitcairn Co. raised its holdings in Comerica by 2.9% in the 1st quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider's stock valued at $374,000 after acquiring an additional 190 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Comerica by 19.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider's stock valued at $66,000 after buying an additional 199 shares during the period. Texas Permanent School Fund Corp grew its stake in shares of Comerica by 0.7% in the 1st quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider's stock valued at $1,498,000 after buying an additional 201 shares during the period. Summit Securities Group LLC grew its stake in shares of Comerica by 22.4% in the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider's stock valued at $56,000 after buying an additional 202 shares during the period. Finally, UMB Bank n.a. grew its stake in shares of Comerica by 39.3% in the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider's stock valued at $38,000 after buying an additional 208 shares during the period. Institutional investors and hedge funds own 80.74% of the company's stock.
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.
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