Comerica (NYSE:CMA) Price Target Raised to $54.00

Comerica (NYSE:CMA) had its target price lifted by research analysts at Piper Sandler from $53.00 to $54.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target points to a potential upside of 4.61% from the stock’s previous close.

Several other equities research analysts have also recently commented on CMA. Jefferies Financial Group dropped their target price on shares of Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Morgan Stanley lifted their price target on shares of Comerica from $45.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of Comerica in a research note on Wednesday, April 10th. They issued a “hold” rating and a $59.00 price objective on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Comerica from $60.00 to $58.00 and set a “market perform” rating on the stock in a research note on Monday, January 22nd. Finally, Evercore ISI raised their price target on Comerica from $55.00 to $58.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $58.02.

Comerica Price Performance

Shares of NYSE CMA traded up $0.96 during mid-day trading on Friday, reaching $51.62. 1,301,345 shares of the company were exchanged, compared to its average volume of 2,107,970. The company’s 50 day moving average price is $51.38 and its 200 day moving average price is $49.15. Comerica has a 52 week low of $28.40 and a 52 week high of $57.39. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $6.84 billion, a PE ratio of 8.03 and a beta of 1.27.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16. Comerica had a return on equity of 19.41% and a net margin of 16.71%. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $807.57 million. During the same period last year, the firm earned $2.39 earnings per share. Sell-side analysts forecast that Comerica will post 5.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the sale, the executive vice president now directly owns 8,314 shares in the company, valued at $454,276.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of Comerica stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the sale, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Wendy Bridges sold 3,034 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the transaction, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Comerica

Several institutional investors have recently bought and sold shares of CMA. Quarry LP purchased a new stake in shares of Comerica during the 4th quarter worth $26,000. Spire Wealth Management increased its position in Comerica by 95.9% during the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 235 shares in the last quarter. Almanack Investment Partners LLC. acquired a new stake in shares of Comerica during the 3rd quarter worth about $38,000. Chilton Capital Management LLC purchased a new stake in shares of Comerica during the first quarter worth about $28,000. Finally, Turtle Creek Wealth Advisors LLC acquired a new position in shares of Comerica in the fourth quarter valued at approximately $36,000. 80.74% of the stock is owned by institutional investors and hedge funds.

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.