Comerica (NYSE:CMA) Price Target Raised to $51.00

Comerica (NYSE:CMA) had its price objective hoisted by Wells Fargo & Company from $43.00 to $51.00 in a research note released on Monday morning, Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

CMA has been the topic of several other research reports. Wedbush upgraded shares of Comerica from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $52.00 to $75.00 in a report on Tuesday, September 24th. Barclays raised their price target on shares of Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a research report on Monday. Royal Bank of Canada decreased their price objective on Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. The Goldman Sachs Group lifted their target price on Comerica from $55.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, October 7th. Finally, DA Davidson reissued a “neutral” rating and issued a $55.00 price target on shares of Comerica in a research report on Tuesday, September 10th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $62.57.

Comerica Price Performance

CMA stock opened at $62.92 on Monday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96. The company’s 50-day moving average is $58.59 and its 200-day moving average is $54.02. The stock has a market capitalization of $8.34 billion, a PE ratio of 12.51 and a beta of 1.23. Comerica has a 1 year low of $37.48 and a 1 year high of $66.06.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. During the same quarter last year, the firm posted $1.84 earnings per share. Equities research analysts expect that Comerica will post 5.12 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the sale, the executive vice president now directly owns 27,910 shares in the company, valued at approximately $1,605,104.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the sale, the executive vice president now owns 27,910 shares of the company’s stock, valued at $1,605,104.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Bruce Mitchell sold 7,564 shares of the firm’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 completion of the transaction, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at $1,021,821.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

A number of institutional investors and hedge funds have recently modified their holdings of CMA. V Square Quantitative Management LLC purchased a new position in Comerica during the third quarter valued at approximately $36,000. Family Firm Inc. bought a new position in Comerica in the 2nd quarter valued at $37,000. UMB Bank n.a. grew its position in shares of Comerica by 39.3% during 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 in the last quarter. Versant Capital Management Inc boosted its stake in 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 buying an additional 817 shares during the period. Finally, Abich Financial Wealth Management LLC grew its position in Comerica by 50.2% during the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after buying an additional 300 shares in the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

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.