Stephens Increases Comerica (NYSE:CMA) Price Target to $70.00

Comerica (NYSE:CMA) had its target price increased by equities researchers at Stephens from $64.00 to $70.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. Stephens’ price target indicates a potential upside of 12.36% from the company’s previous close.

CMA has been the subject of several other research reports. Evercore ISI boosted their price target on Comerica from $58.00 to $64.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Truist Financial boosted their target price on shares of Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research note on Monday. Morgan Stanley raised their price target on shares of Comerica from $61.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Monday, September 30th. Raymond James raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a research report on Tuesday, July 2nd. Finally, DA Davidson restated a “neutral” rating and set a $55.00 target price on shares of Comerica in a research report on Tuesday, September 10th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Comerica has an average rating of “Hold” and an average price target of $62.57.

Comerica Price Performance

Comerica stock opened at $62.30 on Monday. The firm has a market capitalization of $8.26 billion, a PE ratio of 12.39 and a beta of 1.23. Comerica has a 52 week low of $37.40 and a 52 week high of $66.06. The firm’s 50-day simple moving average is $58.13 and its 200 day simple moving average is $53.83. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.16. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $806.49 million. During the same quarter in the prior year, the firm earned $1.84 earnings per share. On average, equities research analysts predict that Comerica will post 5.12 EPS for the current fiscal year.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of the company’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 sale, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Several institutional investors and hedge funds have recently modified their holdings of CMA. Pitcairn Co. raised its stake in shares of Comerica by 2.9% during the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock valued at $374,000 after purchasing an additional 190 shares during the period. EverSource Wealth Advisors LLC increased its stake in Comerica by 19.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after buying an additional 199 shares during the period. Texas Permanent School Fund Corp lifted its holdings in Comerica by 0.7% in the 1st quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock worth $1,498,000 after buying an additional 201 shares in the last quarter. Summit Securities Group LLC boosted its position 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 valued at $56,000 after buying an additional 202 shares during the last quarter. Finally, UMB Bank n.a. grew its stake in shares of Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 208 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

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.