Comerica (NYSE:CMA) Price Target Increased to $51.00 by Analysts at Wells Fargo & Company

Comerica (NYSE:CMA) had its target price raised by Wells Fargo & Company from $43.00 to $51.00 in a report published on Monday morning, Benzinga reports. The brokerage currently has an underweight rating on the financial services provider’s stock.

CMA has been the topic of a number of other reports. JPMorgan Chase & Co. raised their target price on shares of Comerica from $57.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, October 9th. Raymond James raised Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a research note on Tuesday, July 2nd. Bank of America lowered Comerica from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $55.00 to $52.00 in a research note on Monday, October 7th. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $52.00 to $75.00 in a research report on Tuesday, September 24th. Finally, Morgan Stanley boosted their target price on Comerica from $61.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Comerica presently has a consensus rating of “Hold” and an average price target of $62.19.

Comerica Stock Performance

Comerica stock opened at $62.02 on Monday. The firm’s 50 day simple moving average is $57.96 and its 200 day simple moving average is $53.77. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23. Comerica has a 1-year low of $37.40 and a 1-year high of $66.06. The firm has a market capitalization of $8.22 billion, a PE ratio of 12.33 and a beta of 1.23.

Comerica (NYSE:CMA) last released 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. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same quarter in the prior year, the firm posted $1.84 earnings per share. As a group, analysts expect that Comerica will post 5.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction 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 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 trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Comerica

A number of institutional investors and hedge funds have recently made changes to their positions in the business. V Square Quantitative Management LLC bought a new stake in shares of Comerica in the 3rd quarter worth approximately $36,000. Family Firm Inc. bought a new stake in Comerica in the second quarter worth $37,000. UMB Bank n.a. grew its stake in shares of Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 208 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Comerica by 2,723.3% during the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 817 shares in the last quarter. Finally, Abich Financial Wealth Management LLC raised its position in shares of Comerica by 50.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 300 shares during the last quarter. 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.