Comerica (NYSE:CMA) PT Lowered to $60.00

Comerica (NYSE:CMA) had its target price reduced by equities research analysts at Truist Financial from $62.00 to $60.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective indicates a potential upside of 13.98% from the stock’s previous close.

CMA has been the topic of a number of other research reports. Bank Of America (Bofa) increased their price target on Comerica from $52.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, January 18th. Keefe, Bruyette & Woods cut their price target on shares of Comerica from $60.00 to $58.00 and set a “market perform” rating for the company in a report on Monday, January 22nd. Argus cut shares of Comerica from a “buy” rating to a “hold” rating in a research report on Monday, January 29th. Morgan Stanley lifted their target price on shares of Comerica from $45.00 to $54.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Comerica in a research note on Wednesday, April 10th. They set a “hold” rating and a $59.00 target price for the company. Three analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $56.89.

Comerica Stock Performance

CMA opened at $52.64 on Monday. The firm has a fifty day moving average price of $51.44 and a 200 day moving average price of $49.54. Comerica has a 1 year low of $28.40 and a 1 year high of $57.39. The stock has a market cap of $6.97 billion, a P/E ratio of 10.47 and a beta of 1.27. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.94.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $807.57 million. During the same quarter in the prior year, the firm posted $2.39 earnings per share. Equities research analysts anticipate that Comerica will post 5.09 earnings per share for the current year.

Insider Activity

In other Comerica news, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $52.74, for a total transaction of $160,013.16. Following the completion of the sale, the executive vice president now owns 17,460 shares of the company’s stock, valued at $920,840.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of the company’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction of $88,298.24. Following the transaction, the executive vice president now directly owns 8,314 shares in the company, valued at $454,276.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the sale, the executive vice president now owns 17,460 shares in the company, valued at approximately $920,840.40. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

Institutional investors have recently bought and sold shares of the company. Spire Wealth Management grew its stake in shares of Comerica by 95.9% in the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 235 shares in the last quarter. Fortitude Family Office LLC acquired a new position in Comerica in the fourth quarter valued at approximately $36,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Comerica in the 4th quarter valued at $36,000. Authentikos Wealth Advisory LLC purchased a new position in shares of Comerica during the third quarter worth about $47,000. Finally, FNY Investment Advisers LLC acquired a new position in Comerica during the fourth quarter worth approximately $50,000. 80.74% of the stock is owned by institutional investors and hedge funds.

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.