Comerica (NYSE:CMA) Price Target Raised to $69.00

Comerica (NYSE:CMA) had its price target upped by Evercore ISI from $64.00 to $69.00 in a report published on Wednesday, Benzinga reports. The firm currently has an in-line rating on the financial services provider’s stock.

Other equities analysts have also issued research reports about the company. Piper Sandler raised their price objective on Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Wells Fargo & Company raised their price target on Comerica from $43.00 to $51.00 and gave the stock an “underweight” rating in a report on Monday, October 21st. Royal Bank of Canada lowered their price target on Comerica from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Finally, Wedbush raised Comerica from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $52.00 to $75.00 in a report on Tuesday, September 24th. Three research 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 currently has an average rating of “Hold” and a consensus target price of $62.81.

Comerica Stock Down 1.3 %

Shares of NYSE CMA opened at $62.89 on Wednesday. The stock has a market cap of $8.27 billion, a P/E ratio of 15.72 and a beta of 1.23. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.97. Comerica has a 12-month low of $39.94 and a 12-month high of $66.06. The business’s fifty day simple moving average is $59.43 and its 200-day simple moving average is $54.47.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $806.49 million. During the same period last year, the firm earned $1.84 earnings per share. As a group, equities analysts predict that Comerica will post 5.37 EPS for the current fiscal year.

Insider Buying and Selling

In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the transaction, the executive vice president now owns 16,428 shares in the company, valued at approximately $1,021,821.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction of $470,480.80. Following the completion of the sale, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at $1,021,821.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP James Harry Weber sold 6,500 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 16,609 shares of company stock worth $1,027,839 over the last quarter. 0.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On Comerica

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. OLD National Bancorp IN raised its holdings in Comerica by 4.9% in the 2nd quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock worth $12,130,000 after acquiring an additional 11,049 shares during the period. Entropy Technologies LP acquired a new stake in shares of Comerica during the 1st quarter valued at about $1,764,000. SG Americas Securities LLC boosted its position in shares of 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. boosted its position in shares of Comerica by 39.3% during 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 acquiring an additional 62,269 shares in the last quarter. Finally, LSV Asset Management boosted its position in shares of Comerica by 13.6% during the 1st quarter. LSV Asset Management now owns 835,389 shares of the financial services provider’s stock valued at $45,938,000 after acquiring an additional 100,189 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.