Barclays Raises Comerica (NYSE:CMA) Price Target to $66.00

Comerica (NYSE:CMA) had its target price raised by Barclays from $56.00 to $66.00 in a report issued on Monday morning, Benzinga reports. The brokerage currently has an underweight rating on the financial services provider’s stock.

A number of other research firms also recently weighed in on CMA. StockNews.com downgraded shares of Comerica from a “hold” rating to a “sell” rating in a research note on Friday, October 11th. Stephens reissued an “overweight” rating and issued a $58.00 price target on shares of Comerica in a research report on Tuesday, September 10th. Evercore ISI lifted their price objective on Comerica from $58.00 to $64.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. Bank of America cut Comerica from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $55.00 to $52.00 in a report on Monday, October 7th. Finally, JPMorgan Chase & Co. boosted their price target on Comerica from $57.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $62.19.

Comerica Stock Down 4.5 %

Shares of CMA opened at $62.02 on Monday. Comerica has a 52 week low of $37.40 and a 52 week high of $66.06. The firm has a market capitalization of $8.22 billion, a P/E ratio of 12.33 and a beta of 1.23. The company has a 50-day simple moving average of $57.96 and a 200-day simple moving average of $53.77. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.16. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same quarter last year, the company earned $1.84 EPS. On average, equities research analysts expect that Comerica will post 5.12 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Christine M. Moore sold 2,545 shares of Comerica 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 sale, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

A number of hedge funds and other institutional investors have recently bought and sold shares of CMA. Price T Rowe Associates Inc. MD lifted its stake in shares of Comerica by 105.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock valued at $10,031,000 after purchasing an additional 3,595,036 shares during the period. Dimensional Fund Advisors LP lifted its stake in Comerica by 51.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after buying an additional 1,370,886 shares during the period. Samlyn Capital LLC bought a new position in Comerica during the second quarter worth about $35,375,000. Principal Financial Group Inc. boosted its holdings in Comerica by 311.2% during the second quarter. Principal Financial Group Inc. now owns 663,100 shares of the financial services provider’s stock worth $33,845,000 after buying an additional 501,857 shares during the last quarter. Finally, Hsbc Holdings PLC grew its position in shares of Comerica by 183.5% during the 2nd quarter. Hsbc Holdings PLC now owns 548,786 shares of the financial services provider’s stock worth $27,608,000 after buying an additional 355,229 shares during the period. 80.74% of the stock is owned by institutional investors.

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.