Comerica (NYSE:CMA) Upgraded to Outperform by Raymond James

Comerica (NYSE:CMA) was upgraded by equities research analysts at Raymond James from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Tuesday, Briefing.com reports. The brokerage presently has a $60.00 price objective on the financial services provider’s stock. Raymond James’ target price indicates a potential upside of 18.11% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. Truist Financial cut their price objective on shares of Comerica from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Thursday, June 13th. Morgan Stanley reaffirmed an “equal weight” rating and set a $53.00 price target on shares of Comerica in a research report on Monday, April 22nd. Wells Fargo & Company lowered their price objective on Comerica from $48.00 to $45.00 and set an “underweight” rating for the company in a research report on Wednesday, June 12th. Stephens restated an “overweight” rating and issued a $64.00 target price on shares of Comerica in a research report on Tuesday, June 11th. Finally, Citigroup cut Comerica from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $60.00 to $56.00 in a report on Monday, May 6th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Comerica currently has an average rating of “Hold” and a consensus target price of $56.04.

Comerica Trading Down 0.5 %

CMA opened at $50.80 on Tuesday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95. The company’s 50 day simple moving average is $50.64 and its two-hundred day simple moving average is $51.95. The firm has a market capitalization of $6.74 billion, a price-to-earnings ratio of 10.10 and a beta of 1.25. Comerica has a 1-year low of $37.40 and a 1-year high of $57.39.

Comerica (NYSE:CMA) last released its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same quarter in the previous year, the company posted $2.39 earnings per share. Analysts expect that Comerica will post 5.08 EPS for the current fiscal year.

Insider Buying and Selling

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total transaction of $382,381.89. Following the completion of the transaction, the executive vice president now owns 7,236 shares in the company, valued at approximately $380,541.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Spire Wealth Management lifted its stake in Comerica by 95.9% during the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 235 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Comerica in the 4th quarter valued at $36,000. Fortitude Family Office LLC acquired a new position in shares of Comerica in the 4th quarter valued at $36,000. Abich Financial Wealth Management LLC grew its position in shares of Comerica by 50.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after buying an additional 300 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in Comerica during the 4th quarter worth $50,000. 80.74% of the stock is owned by institutional investors and hedge funds.

About Comerica

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.