Barclays Increases Comerica (NYSE:CMA) Price Target to $68.00

Comerica (NYSE:CMA) had its target price upped by stock analysts at Barclays from $66.00 to $68.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. Barclays‘s price target suggests a potential upside of 8.64% from the stock’s current price.

A number of other brokerages also recently issued reports on CMA. Keefe, Bruyette & Woods raised their price target on shares of Comerica from $72.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Piper Sandler raised their target price on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Robert W. Baird boosted their target price on shares of Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, November 18th. Compass Point increased their price target on Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. lifted their price objective on Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $67.14.

Comerica Price Performance

Shares of NYSE CMA opened at $62.59 on Monday. The firm has a market cap of $8.23 billion, a P/E ratio of 15.65 and a beta of 1.26. Comerica has a twelve month low of $45.32 and a twelve month high of $73.45. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. The company has a 50 day moving average of $66.54 and a 200 day moving average of $59.77.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.16. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. During the same quarter in the previous year, the business earned $1.84 earnings per share. As a group, research analysts expect that Comerica will post 5.37 EPS for the current fiscal year.

Comerica declared that its Board of Directors has approved a stock buyback plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Comerica

In other news, EVP Bruce Mitchell sold 7,564 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following the transaction, the executive vice president now owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. The trade was a 31.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP James Harry Weber sold 6,500 shares of the firm’s stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total transaction of $410,995.00. Following the transaction, the executive vice president now directly owns 15,773 shares of the company’s stock, valued at $997,326.79. The trade was a 29.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,456 shares of company stock valued at $977,287 over the last 90 days. Company insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

Hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its holdings in shares of Comerica by 134.0% in the third quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after purchasing an additional 490,468 shares during the last quarter. Point72 Europe London LLP bought a new stake in Comerica in the 2nd quarter worth approximately $4,767,000. Oppenheimer & Co. Inc. raised its holdings in shares of Comerica by 158.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock worth $1,218,000 after acquiring an additional 12,454 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Comerica by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock valued at $257,975,000 after acquiring an additional 226,285 shares during the last quarter. Finally, Citigroup Inc. grew its holdings in shares of Comerica by 390.6% in the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock valued at $45,628,000 after purchasing an additional 606,375 shares in the last quarter. Hedge funds and other institutional investors 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.