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

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Comerica (NYSE:CMA) was downgraded by equities researchers at Citigroup from a “neutral” rating to a “sell” rating in a research note issued on Friday, Marketbeat reports. They presently have a $66.00 price objective on the financial services provider’s stock, down from their previous price objective of $80.00. Citigroup‘s price target would indicate a potential downside of 9.39% from the stock’s current price.

A number of other equities research analysts have also issued reports on CMA. Bank of America set a $97.00 target price on Merck & Co., Inc. and gave the company a “buy” rating in a research note on Thursday. Goldman Sachs Group lowered LATAM Airlines Group from a “neutral” rating to a “sell” rating and increased their target price for the company from $9.20 to $9.30 in a research note on Tuesday, July 2nd. Piper Jaffray Companies set a $29.00 target price on Bausch Health Companies and gave the company a “buy” rating in a research note on Tuesday, June 11th. DA Davidson lowered their target price on Comerica from $87.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, April 17th. Finally, B. Riley set a $75.00 target price on Comerica and gave the company a “hold” rating in a research note on Thursday. Six research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $87.05.

CMA stock opened at $72.84 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.92. Comerica has a 1 year low of $63.69 and a 1 year high of $100.64. The firm has a market capitalization of $11.23 billion, a price-to-earnings ratio of 9.35, a P/E/G ratio of 1.28 and a beta of 1.44. The company has a 50-day moving average of $71.03.

Comerica (NYSE:CMA) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.15. Comerica had a return on equity of 16.95% and a net margin of 34.75%. The business had revenue of $852.00 million during the quarter, compared to analyst estimates of $852.88 million. During the same quarter last year, the firm earned $1.59 earnings per share. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. As a group, research analysts expect that Comerica will post 8.13 EPS for the current fiscal year.

In other Comerica news, EVP Christine M. Moore sold 3,200 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $73.49, for a total transaction of $235,168.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.98% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the business. American Century Companies Inc. lifted its holdings in Comerica by 166.2% during the 1st quarter. American Century Companies Inc. now owns 3,581,586 shares of the financial services provider’s stock worth $262,602,000 after buying an additional 2,236,331 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Comerica by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 2,230,560 shares of the financial services provider’s stock worth $152,960,000 after buying an additional 76,845 shares during the last quarter. Two Sigma Advisers LP lifted its holdings in Comerica by 133.4% during the 4th quarter. Two Sigma Advisers LP now owns 1,848,949 shares of the financial services provider’s stock worth $127,004,000 after buying an additional 1,056,658 shares during the last quarter. Rockefeller Capital Management L.P. lifted its holdings in Comerica by 15.8% during the 1st quarter. Rockefeller Capital Management L.P. now owns 1,477,968 shares of the financial services provider’s stock worth $108,365,000 after buying an additional 202,136 shares during the last quarter. Finally, Norges Bank bought a new position in Comerica during the 4th quarter worth approximately $89,893,000. 83.43% 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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