Comerica (NYSE:CMA) PT Raised to $70.00

Comerica (NYSE:CMA) had its target price boosted by equities researchers at Truist Financial from $66.00 to $70.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price objective suggests a potential upside of 12.36% from the company’s current price.

A number of other brokerages have also recently weighed in on CMA. Evercore ISI boosted their price objective on Comerica from $58.00 to $64.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. Raymond James upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price target for the company in a research report on Tuesday, July 2nd. Bank of America downgraded Comerica from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $55.00 to $52.00 in a research note on Monday, October 7th. Piper Sandler boosted their price target on Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Finally, Morgan Stanley lifted their price target on shares of Comerica from $61.00 to $63.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $62.57.

Comerica Price Performance

Shares of CMA stock opened at $62.30 on Monday. Comerica has a 12 month low of $37.40 and a 12 month high of $66.06. The firm’s 50-day moving average is $58.13 and its two-hundred day moving average is $53.83. The company has a market capitalization of $8.26 billion, a PE ratio of 12.39 and a beta of 1.23. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96.

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

Insider Transactions at Comerica

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the sale, the executive vice president now directly owns 27,910 shares in the company, valued at approximately $1,605,104.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Pitcairn Co. grew its holdings in shares of Comerica by 2.9% during the 1st quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock valued at $374,000 after acquiring an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Comerica by 19.7% during the second 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 in the last quarter. Texas Permanent School Fund Corp grew its stake in shares of 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 valued at $1,498,000 after purchasing an additional 201 shares during the period. Summit Securities Group LLC increased its position in shares of Comerica by 22.4% during 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 in the last quarter. Finally, UMB Bank n.a. boosted its stake in Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 208 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors.

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.