Royal Bank of Canada Issues Pessimistic Forecast for Comerica (NYSE:CMA) Stock Price

Comerica (NYSE:CMA) had its price objective lowered by equities research analysts at Royal Bank of Canada from $78.00 to $76.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 20.14% from the stock’s current price.

Several other equities research analysts have also commented on CMA. Wells Fargo & Company upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $51.00 to $73.00 in a research note on Friday, November 15th. DA Davidson decreased their price objective on shares of Comerica from $71.00 to $67.00 and set a “neutral” rating for the company in a research note on Thursday. Truist Financial raised shares of Comerica to a “hold” rating in a research report on Monday, January 6th. The Goldman Sachs Group downgraded shares of Comerica from a “buy” rating to a “neutral” rating and reduced their target price for the company from $85.00 to $71.00 in a research report on Tuesday, January 7th. Finally, Robert W. Baird cut their price objective on shares of Comerica from $80.00 to $75.00 and set an “outperform” rating for the company in a report on Thursday. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $68.33.

Comerica Price Performance

CMA stock opened at $63.26 on Thursday. The stock has a market capitalization of $8.32 billion, a PE ratio of 12.60 and a beta of 1.26. The company’s 50-day moving average is $65.56 and its 200-day moving average is $60.88. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97. Comerica has a 1 year low of $45.32 and a 1 year high of $73.45.

Comerica (NYSE:CMA) last posted its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a return on equity of 12.04% and a net margin of 13.98%. During the same quarter last year, the business posted $1.46 earnings per share. Equities research analysts expect that Comerica will post 5.36 EPS for the current fiscal year.

Comerica declared that its Board of Directors has approved a share repurchase program on Tuesday, November 5th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Comerica news, 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. The trade was a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Comerica

Hedge funds have recently modified their holdings of the company. Wedmont Private Capital boosted its stake in Comerica by 2.4% during the fourth quarter. Wedmont Private Capital now owns 7,870 shares of the financial services provider’s stock worth $474,000 after acquiring an additional 186 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Comerica by 19.7% in 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 during the last quarter. Blue Trust Inc. raised its holdings in shares of Comerica by 5.2% during the fourth quarter. Blue Trust Inc. now owns 4,040 shares of the financial services provider’s stock valued at $242,000 after purchasing an additional 200 shares during the last quarter. MCF Advisors LLC raised its holdings in shares of Comerica by 56.3% during the fourth quarter. MCF Advisors LLC now owns 633 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 228 shares during the last quarter. Finally, Centennial Wealth Advisory LLC increased its holdings in Comerica by 5.2% during the third quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock valued at $304,000 after buying an additional 252 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

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.