Stephens Reiterates “Overweight” Rating for Comerica (NYSE:CMA)

Comerica (NYSE:CMA)‘s stock had its “overweight” rating reissued by equities research analysts at Stephens in a note issued to investors on Tuesday, Benzinga reports. They presently have a $58.00 target price on the financial services provider’s stock. Stephens’ price target would indicate a potential upside of 2.80% from the stock’s previous close.

A number of other brokerages have also recently commented on CMA. Truist Financial cut shares of Comerica from a “buy” rating to a “hold” rating and reduced their target price for the company from $55.00 to $53.00 in a report on Monday, July 22nd. Robert W. Baird reduced their price objective on Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Thursday, June 20th. Evercore ISI lowered their target price on Comerica from $58.00 to $54.00 and set an “in-line” rating on the stock in a research note on Tuesday, June 25th. Morgan Stanley upped their price target on Comerica from $50.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, Keefe, Bruyette & Woods upgraded shares of 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 report on Thursday, September 5th. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Comerica currently has an average rating of “Hold” and an average price target of $55.73.

Comerica Stock Down 1.7 %

Shares of NYSE CMA opened at $56.42 on Tuesday. The stock has a market cap of $7.48 billion, a PE ratio of 11.22 and a beta of 1.23. Comerica has a 52-week low of $37.40 and a 52-week high of $58.50. The business has a 50-day moving average price of $54.28 and a 200 day moving average price of $52.20. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last announced its earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. During the same period last year, the firm posted $2.01 earnings per share. Equities research analysts forecast that Comerica will post 5.05 earnings per share for the current year.

Insider Buying and Selling at Comerica

In other news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the transaction, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CMA. Bluefin Capital Management LLC acquired a new position in Comerica during the second quarter worth approximately $245,000. Sanctuary Advisors LLC acquired a new stake in shares of Comerica during the 2nd quarter worth $449,000. Teachers Retirement System of The State of Kentucky raised its position in shares of Comerica by 200.9% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 32,400 shares of the financial services provider’s stock worth $1,654,000 after buying an additional 21,631 shares during the period. LHM Inc. boosted its holdings in Comerica by 45.3% in the second quarter. LHM Inc. now owns 43,740 shares of the financial services provider’s stock valued at $2,264,000 after acquiring an additional 13,640 shares during the last quarter. Finally, Truist Financial Corp purchased a new stake in Comerica during the second quarter valued at about $318,000. Institutional investors and hedge funds 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.