Comerica (NYSE:CMA) Upgraded at Raymond James

Comerica (NYSE:CMA) was upgraded by equities research analysts at Raymond James from a “market perform” rating to an “outperform” rating in a note issued to investors on Tuesday, Briefing.com reports. The firm presently has a $60.00 price target on the financial services provider’s stock. Raymond James’ price target indicates a potential upside of 18.11% from the stock’s current price.

Several other equities analysts have also recently commented on the stock. The Goldman Sachs Group lowered their target price on shares of Comerica from $69.00 to $62.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. DA Davidson reiterated a “neutral” rating and set a $56.00 price target on shares of Comerica in a research report on Wednesday, March 6th. Truist Financial cut their price objective on Comerica from $60.00 to $55.00 and set a “buy” rating for the company in a report on Thursday, June 13th. Piper Sandler boosted their price target on shares of Comerica from $54.00 to $56.00 and gave the stock a “neutral” rating in a research report on Friday, April 26th. Finally, Jefferies Financial Group reduced their price objective 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. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $56.04.

Comerica Trading Down 0.5 %

Shares of NYSE CMA opened at $50.80 on Tuesday. The company has a market cap of $6.74 billion, a price-to-earnings ratio of 10.10 and a beta of 1.25. The stock’s 50 day simple moving average is $50.64 and its 200 day simple moving average is $51.95. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.26. Comerica has a 12-month low of $37.40 and a 12-month high of $57.39.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $807.57 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same period in the previous year, the firm posted $2.39 earnings per share. Equities research analysts expect that Comerica will post 5.08 EPS for the current year.

Insider Activity at Comerica

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total transaction of $382,381.89. Following the transaction, the executive vice president now directly owns 7,236 shares of the company’s stock, valued at $380,541.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On Comerica

A number of institutional investors have recently modified their holdings of the company. Abich Financial Wealth Management LLC grew its stake in Comerica by 50.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after buying an additional 300 shares during the last quarter. Cetera Advisors LLC bought a new stake in Comerica during the first quarter valued at about $259,000. Algebris UK Ltd acquired a new stake in shares of Comerica in the first quarter valued at about $11,872,000. iA Global Asset Management Inc. bought a new position in shares of Comerica in the first quarter worth about $244,000. Finally, Comerica Bank boosted its stake in Comerica by 2.1% during the 1st quarter. Comerica Bank now owns 150,608 shares of the financial services provider’s stock valued at $8,282,000 after purchasing an additional 3,076 shares during the period. 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.