Comerica (NYSE:CMA) Upgraded by Wedbush to “Outperform”

Comerica (NYSE:CMA) was upgraded by equities researchers at Wedbush from a “neutral” rating to an “outperform” rating in a report released on Tuesday, MarketBeat reports. The brokerage presently has a $75.00 target price on the financial services provider’s stock, up from their prior target price of $52.00. Wedbush’s price target would indicate a potential upside of 24.61% from the stock’s current price.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. lowered their target price on Comerica from $62.00 to $57.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Evercore ISI decreased their price objective on Comerica from $58.00 to $54.00 and set an “in-line” rating for the company in a research note on Tuesday, June 25th. Piper Sandler lifted their target price on Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Barclays decreased their price target on shares of Comerica from $59.00 to $56.00 and set an “underweight” rating for the company in a research report on Monday, July 22nd. Finally, StockNews.com cut shares of Comerica from a “hold” rating to a “sell” rating in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $57.68.

Comerica Stock Performance

Shares of Comerica stock opened at $60.19 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23. The stock’s fifty day moving average price is $55.31 and its 200-day moving average price is $52.72. The firm has a market cap of $7.98 billion, a P/E ratio of 11.97 and a beta of 1.23. Comerica has a 12 month low of $37.40 and a 12 month high of $61.84.

Comerica (NYSE:CMA) last posted its earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. During the same quarter last year, the firm posted $2.01 EPS. On average, equities research analysts expect that Comerica will post 5.05 earnings per share for the current fiscal year.

Insider Activity at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the transaction, the executive vice president now directly owns 27,910 shares in the company, valued at $1,605,104.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Family Firm Inc. purchased a new position in shares of Comerica during the 2nd quarter valued at approximately $37,000. UMB Bank n.a. boosted its stake in shares of Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 208 shares in the last quarter. Versant Capital Management Inc boosted its stake in shares of Comerica by 2,723.3% during the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 817 shares in the last quarter. Abich Financial Wealth Management LLC grew its position in shares of Comerica by 50.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 300 shares during the period. Finally, Summit Securities Group LLC raised its holdings in Comerica by 22.4% in the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 202 shares during the period. 80.74% of the stock is owned by institutional investors and hedge funds.

Comerica Company Profile

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.