Comerica (NYSE:CMA) PT Raised to $64.00

Comerica (NYSE:CMA) had its target price increased by equities researchers at Evercore ISI from $58.00 to $64.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an “in-line” rating on the financial services provider’s stock. Evercore ISI’s price target points to a potential upside of 9.08% from the stock’s current price.

Several other research analysts have also recently issued reports on CMA. Wells Fargo & Company lowered their price objective on Comerica from $48.00 to $45.00 and set an “underweight” rating for the company in a research report on Wednesday, June 12th. StockNews.com downgraded shares of Comerica from a “hold” rating to a “sell” rating in a research report on Tuesday, September 24th. 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 research note on Monday. The Goldman Sachs Group decreased their price objective on shares of Comerica from $69.00 to $62.00 and set a “buy” rating for the company in a research note on Tuesday, June 4th. Finally, Royal Bank of Canada cut their target price on Comerica from $58.00 to $56.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $58.81.

Comerica Stock Up 0.6 %

CMA stock traded up $0.34 during midday trading on Wednesday, hitting $58.67. The company’s stock had a trading volume of 14,970 shares, compared to its average volume of 2,164,306. Comerica has a 52-week low of $37.40 and a 52-week high of $61.84. The firm has a 50-day simple moving average of $55.94 and a 200-day simple moving average of $53.07. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. The firm has a market capitalization of $7.78 billion, a P/E ratio of 11.73 and a beta of 1.23.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, topping the consensus estimate of $1.19 by $0.30. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same quarter in the previous year, the business posted $2.01 EPS. As a group, equities analysts forecast that Comerica will post 5.06 EPS for the current year.

Insider Activity

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CMA. OLD National Bancorp IN boosted its position in shares of Comerica by 4.9% in the second quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock worth $12,130,000 after buying an additional 11,049 shares during the period. Entropy Technologies LP acquired a new stake in Comerica during the 1st quarter worth about $1,764,000. SG Americas Securities LLC grew its stake in Comerica by 66.2% during the 2nd quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock valued at $3,209,000 after acquiring an additional 25,040 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Comerica by 39.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after purchasing an additional 62,269 shares during the period. Finally, LSV Asset Management lifted its position in shares of Comerica by 13.6% in the first quarter. LSV Asset Management now owns 835,389 shares of the financial services provider’s stock worth $45,938,000 after purchasing an additional 100,189 shares in the last quarter. 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.