Comerica (NYSE:CMA) Price Target Raised to $80.00

Comerica (NYSE:CMA) had its price objective raised by Compass Point from $64.00 to $80.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Compass Point’s price objective suggests a potential upside of 18.13% from the stock’s current price.

A number of other brokerages have also weighed in on CMA. Keefe, Bruyette & Woods raised their price objective on Comerica from $72.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler lifted their target price on Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Evercore ISI lifted their target price on Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $52.00 to $75.00 in a research report on Tuesday, September 24th. Finally, DA Davidson raised their price target on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Comerica currently has a consensus rating of “Hold” and a consensus target price of $67.27.

Comerica Stock Up 0.0 %

Shares of CMA stock traded up $0.03 during trading hours on Tuesday, reaching $67.72. The company had a trading volume of 134,467 shares, compared to its average volume of 2,096,851. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. Comerica has a twelve month low of $45.32 and a twelve month high of $73.45. The company has a market capitalization of $8.91 billion, a P/E ratio of 16.93 and a beta of 1.23. The stock’s fifty day simple moving average is $65.60 and its 200 day simple moving average is $57.61.

Comerica (NYSE:CMA) last posted its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $806.49 million. During the same quarter last year, the firm earned $1.84 earnings per share. As a group, sell-side analysts expect that Comerica will post 5.37 earnings per share for the current fiscal year.

Comerica announced that its board has authorized a stock repurchase plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Activity

In related news, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction of $95,811.36. Following the sale, the executive vice president now directly owns 8,730 shares in the company, valued at $600,885.90. This represents a 13.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bruce Mitchell sold 7,564 shares of the company’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the transaction, the executive vice president now directly owns 16,428 shares in the company, valued at approximately $1,021,821.60. This represents a 31.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,456 shares of company stock worth $977,287. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its holdings in Comerica by 19.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after buying an additional 199 shares in the last quarter. Summit Securities Group LLC lifted its stake in shares of Comerica by 22.4% in the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 202 shares during the period. UMB Bank n.a. lifted its stake in shares of Comerica by 39.3% in the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 208 shares during the period. Centennial Wealth Advisory LLC lifted its stake in shares of Comerica by 5.2% in the 3rd quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock valued at $304,000 after purchasing an additional 252 shares during the period. Finally, Busey Bank lifted its stake in shares of Comerica by 4.5% in the 2nd quarter. Busey Bank now owns 7,305 shares of the financial services provider’s stock valued at $373,000 after purchasing an additional 313 shares during the period. Institutional investors and hedge funds 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.