Comerica (NYSE:CMA) Price Target Raised to $68.00

Comerica (NYSE:CMA) had its price objective boosted by DA Davidson from $64.00 to $68.00 in a research note issued to investors on Monday morning, Benzinga reports. DA Davidson currently has a neutral rating on the financial services provider’s stock.

A number of other equities research analysts have also recently commented on the company. StockNews.com cut Comerica from a “hold” rating to a “sell” rating in a research note on Friday, October 11th. Barclays lifted their target price on shares of Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research note on Monday. Bank of America lowered shares of Comerica from a “neutral” rating to an “underperform” rating and cut their price target for the company from $55.00 to $52.00 in a research note on Monday, October 7th. Raymond James upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a research note on Tuesday, July 2nd. Finally, Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and upped their target price 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, twelve have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Comerica currently has a consensus rating of “Hold” and an average target price of $62.19.

Comerica Price Performance

NYSE 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’s 50 day moving average price is $57.96 and its 200-day moving average price is $53.77. The company has a market cap of $8.22 billion, a PE ratio of 12.33 and a beta of 1.23. 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 earnings results 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 business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same period in the previous year, the company posted $1.84 earnings per share. Sell-side analysts forecast that Comerica will post 5.12 EPS for the current fiscal year.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its position in shares of Comerica by 1.2% in the first quarter. Principal Financial Group Inc. now owns 161,243 shares of the financial services provider’s stock valued at $8,867,000 after purchasing an additional 1,858 shares during the period. Commonwealth Equity Services LLC boosted its holdings in Comerica by 3.1% in the 1st quarter. Commonwealth Equity Services LLC now owns 87,160 shares of the financial services provider’s stock worth $4,793,000 after buying an additional 2,580 shares during the last quarter. HB Wealth Management LLC increased its stake in Comerica by 7.5% during the 1st quarter. HB Wealth Management LLC now owns 5,128 shares of the financial services provider’s stock worth $282,000 after buying an additional 356 shares in the last quarter. Mission Wealth Management LP raised its holdings in shares of Comerica by 11.3% during the first quarter. Mission Wealth Management LP now owns 6,322 shares of the financial services provider’s stock valued at $348,000 after acquiring an additional 644 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Comerica by 13.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 64,189 shares of the financial services provider’s stock valued at $3,375,000 after acquiring an additional 7,418 shares in the last quarter. Hedge funds and other 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.