Comerica (CMA) Downgraded to Hold at Jefferies Financial Group

Comerica (NYSE:CMA) was downgraded by equities research analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, The Fly reports.

CMA has been the topic of a number of other reports. Stephens downgraded Comerica from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, March 6th. Goldman Sachs Group downgraded Comerica from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $89.00 to $84.00 in a research report on Thursday, April 4th. Morgan Stanley reduced their price target on Comerica from $98.00 to $96.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 8th. Zacks Investment Research downgraded Comerica from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Finally, ValuEngine downgraded Comerica from a “sell” rating to a “strong sell” rating in a research report on Thursday, March 21st. Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $92.38.

Shares of CMA stock opened at $79.39 on Wednesday. The firm has a market cap of $12.47 billion, a PE ratio of 10.97, a price-to-earnings-growth ratio of 1.14 and a beta of 1.43. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.03 and a current ratio of 1.03. Comerica has a 12-month low of $63.69 and a 12-month high of $101.05.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.15. The business had revenue of $852.00 million for the quarter, compared to the consensus estimate of $852.88 million. Comerica had a return on equity of 15.84% and a net margin of 34.24%. The business’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.59 earnings per share. On average, analysts predict that Comerica will post 8.11 earnings per share for the current year.

Comerica declared that its board has initiated a stock repurchase plan on Tuesday, January 22nd that permits the company to repurchase 15,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

In other Comerica news, EVP Megan D. Burkhart sold 7,443 shares of the stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $87.55, for a total transaction of $651,634.65. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Paul R. Obermeyer sold 8,200 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $86.75, for a total value of $711,350.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,565 shares of company stock worth $1,603,348. 0.98% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in CMA. Arcadia Investment Management Corp MI acquired a new stake in Comerica during the 4th quarter worth about $25,000. Oppenheimer Asset Management Inc. acquired a new stake in Comerica during the 4th quarter worth about $25,000. Trust Department MB Financial Bank N A grew its position in Comerica by 64.3% during the 1st 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 acquired a new stake in Comerica during the 4th quarter worth about $26,000. Finally, Claybrook Capital LLC acquired a new stake in Comerica during the 4th quarter worth about $29,000. 84.40% of the stock is currently owned by institutional investors.

About Comerica

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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