Piper Sandler Raises Comerica (NYSE:CMA) Price Target to $72.00

Comerica (NYSE:CMA) had its price objective boosted by equities researchers at Piper Sandler from $64.00 to $72.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 1.65% from the stock’s previous close.

Several other equities research analysts have also issued reports on CMA. Truist Financial lifted their price objective on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, October 21st. Robert W. Baird lifted their price objective on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, November 18th. DA Davidson lifted their price objective on Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $50.00 to $69.00 in a research note on Thursday, September 5th. Finally, Morgan Stanley lifted their price objective on Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Comerica currently has an average rating of “Hold” and an average target price of $66.67.

Comerica Price Performance

Shares of NYSE CMA opened at $70.83 on Tuesday. The stock has a market cap of $9.31 billion, a PE ratio of 17.43 and a beta of 1.23. Comerica has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a fifty day moving average of $64.80 and a 200-day moving average of $57.14.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.16. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same period in the previous year, the business earned $1.84 earnings per share. Equities research analysts anticipate that Comerica will post 5.37 earnings per share for the current year.

Comerica declared that its Board of Directors has initiated a share repurchase plan on Tuesday, November 5th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Comerica

In related news, EVP Bruce Mitchell sold 7,564 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the transaction, the executive vice president now owns 16,428 shares in the company, valued at $1,021,821.60. The trade was a 31.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Allysun C. Fleming sold 1,392 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the transaction, the executive vice president now owns 8,730 shares in the company, valued at approximately $600,885.90. This represents a 13.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,456 shares of company stock worth $977,287 in the last 90 days. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CMA. Cetera Advisors LLC purchased a new position in shares of Comerica during the 1st quarter worth approximately $259,000. GAMMA Investing LLC grew its holdings in shares of Comerica by 27.4% during the 2nd quarter. GAMMA Investing LLC now owns 4,128 shares of the financial services provider’s stock worth $211,000 after acquiring an additional 888 shares during the period. Mather Group LLC. grew its holdings in shares of Comerica by 30.6% during the 2nd quarter. Mather Group LLC. now owns 4,819 shares of the financial services provider’s stock worth $265,000 after acquiring an additional 1,128 shares during the period. CWM LLC grew its holdings in shares of Comerica by 5.9% during the 2nd quarter. CWM LLC now owns 18,046 shares of the financial services provider’s stock worth $921,000 after acquiring an additional 1,002 shares during the period. Finally, Linden Thomas Advisory Services LLC grew its holdings in shares of Comerica by 4.6% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 33,281 shares of the financial services provider’s stock worth $1,699,000 after acquiring an additional 1,476 shares during the period. 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.