Comerica (NYSE:CMA) was downgraded by stock analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, April 17th, Marketbeat.com reports. They presently have a $84.00 target price on the financial services provider’s stock. Jefferies Financial Group’s price target suggests a potential upside of 9.49% from the stock’s current price. Jefferies Financial Group also issued estimates for Comerica’s Q2 2019 earnings at $2.00 EPS, Q3 2019 earnings at $2.06 EPS, Q4 2019 earnings at $2.12 EPS, FY2019 earnings at $8.27 EPS and FY2020 earnings at $8.35 EPS.
Other equities analysts have also issued reports about the stock. Goldman Sachs Group lowered shares of Comerica from a “conviction-buy” rating to a “buy” rating in a research note on Monday, January 7th. Argus initiated coverage on shares of Comerica in a research note on Thursday, January 3rd. They issued a “buy” rating and a $88.00 target price for the company. Stephens reaffirmed a “buy” rating and issued a $85.00 target price on shares of Comerica in a research note on Wednesday, December 19th. Zacks Investment Research raised shares of Comerica from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research note on Tuesday, March 12th. Finally, BMO Capital Markets lowered shares of Comerica from an “outperform” rating to a “market perform” rating and set a $83.00 target price for the company. in a research note on Thursday, February 14th. Three research analysts have rated the stock with a sell rating, sixteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $91.91.
Shares of CMA stock traded up $0.50 on Wednesday, hitting $76.72. The stock had a trading volume of 1,482,297 shares, compared to its average volume of 1,731,019. Comerica has a twelve month low of $63.69 and a twelve month high of $101.05. The firm has a market capitalization of $11.75 billion, a price-to-earnings ratio of 10.60, a price-to-earnings-growth ratio of 1.33 and a beta of 1.43. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.92.
Comerica declared that its board has approved a share buyback program on Tuesday, January 22nd that allows the company to buyback 15,000,000 shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Paul R. Obermeyer sold 8,200 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $86.75, for a total transaction of $711,350.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Megan D. Burkhart sold 7,443 shares of the company’s stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $87.55, for a total transaction of $651,634.65. The disclosure for this sale can be found here. Corporate insiders own 0.98% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Arcadia Investment Management Corp MI bought a new stake in shares of Comerica in the 4th quarter valued at about $25,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Comerica in the 4th quarter valued at about $25,000. Trust Department MB Financial Bank N A raised its holdings in shares of Comerica by 64.3% in the 1st quarter. Trust Department MB Financial Bank N A now owns 345 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 135 shares during the period. Liberty Wealth Management LLC bought a new stake in shares of Comerica in the 4th quarter valued at about $26,000. Finally, Claybrook Capital LLC bought a new stake in shares of Comerica in the 4th quarter valued at about $29,000. 86.05% of the stock is currently owned by institutional investors.
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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