Stephens downgraded shares of Comerica (NYSE:CMA) from an overweight rating to an equal weight rating in a research note published on Wednesday morning, Marketbeat reports.
A number of other research firms have also weighed in on CMA. Keefe, Bruyette & Woods lowered Comerica from an outperform rating to a market perform rating in a research note on Wednesday, December 12th. Morgan Stanley lowered their price objective on Comerica from $98.00 to $96.00 and set an overweight rating on the stock in a research note on Tuesday, January 8th. Nomura reissued a neutral rating and set a $86.00 price objective (down previously from $91.00) on shares of Comerica in a research note on Tuesday, November 13th. Macquarie lowered Comerica from a neutral rating to an underperform rating in a research note on Tuesday, November 27th. Finally, Goldman Sachs Group lowered Comerica from a conviction-buy rating to a buy rating in a research note on Monday, January 7th. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Comerica has a consensus rating of Hold and an average price target of $95.52.
Shares of CMA opened at $83.66 on Wednesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.03 and a quick ratio of 1.03. Comerica has a one year low of $63.69 and a one year high of $102.66. The company has a market cap of $13.44 billion, a P/E ratio of 11.52, a PEG ratio of 0.55 and a beta of 1.42.
Comerica declared that its board has initiated a stock buyback program on Tuesday, January 22nd that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be paid a $0.67 dividend. This represents a $2.68 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend is Thursday, March 14th. This is a positive change from Comerica’s previous quarterly dividend of $0.60. Comerica’s dividend payout ratio is 33.15%.
In related news, insider Peter William Guilfoile sold 2,922 shares of the stock in a transaction dated Tuesday, January 29th. The stock was sold at an average price of $82.26, for a total transaction of $240,363.72. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $651,634.65. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,565 shares of company stock worth $1,603,348. 0.83% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Highwater Wealth Management LLC acquired a new position in Comerica during the 4th quarter worth about $32,000. Oppenheimer Asset Management Inc. acquired a new position in Comerica during the 4th quarter worth about $25,000. Arcadia Investment Management Corp MI acquired a new position in Comerica during the 4th quarter worth about $25,000. Claybrook Capital LLC acquired a new position in Comerica during the 4th quarter worth about $29,000. Finally, Pier 88 Investment Partners LLC lifted its stake in Comerica by 56.7% during the 4th quarter. Pier 88 Investment Partners LLC now owns 470 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 170 shares in the last quarter. 80.45% of the stock is currently owned by hedge funds and other institutional investors.
Comerica Company Profile
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.
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