Truist Financial Raises Comerica (NYSE:CMA) Price Target to $70.00

Comerica (NYSE:CMA) had its price objective upped by research analysts at Truist Financial from $66.00 to $70.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “hold” rating on the financial services provider’s stock. Truist Financial’s price objective would suggest a potential upside of 10.27% from the stock’s previous close.

A number of other research analysts have also issued reports on the company. Piper Sandler boosted their price target on Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Keefe, Bruyette & Woods upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $50.00 to $69.00 in a report on Thursday, September 5th. Bank of America downgraded Comerica from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $55.00 to $52.00 in a research report on Monday, October 7th. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $52.00 to $75.00 in a research note on Tuesday, September 24th. Finally, Evercore ISI upped their price target on shares of Comerica from $58.00 to $64.00 and gave the company an “in-line” rating in a research report on Wednesday, October 2nd. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Comerica has an average rating of “Hold” and an average target price of $61.38.

Comerica Stock Down 2.2 %

CMA stock traded down $1.46 during midday trading on Monday, hitting $63.48. 484,999 shares of the company’s stock were exchanged, compared to its average volume of 2,151,026. Comerica has a 12-month low of $37.40 and a 12-month high of $66.06. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23. The stock has a market capitalization of $8.42 billion, a price-to-earnings ratio of 12.62 and a beta of 1.23. The firm has a 50 day moving average price of $57.96 and a 200-day moving average price of $53.77.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.16. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same period in the prior year, the firm earned $1.84 EPS. On average, analysts anticipate that Comerica will post 5.12 EPS for the current year.

Insiders Place Their Bets

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 transaction, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CMA. Dimensional Fund Advisors LP increased its stake in shares of Comerica by 51.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after buying an additional 1,370,886 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in Comerica by 1.1% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock worth $93,621,000 after buying an additional 19,068 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Comerica by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock valued at $78,288,000 after buying an additional 130,458 shares during the period. Thrivent Financial for Lutherans grew its holdings in Comerica by 6.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,431,750 shares of the financial services provider’s stock worth $73,077,000 after acquiring an additional 87,101 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its position in shares of Comerica by 21.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 923,009 shares of the financial services provider’s stock valued at $50,756,000 after purchasing an additional 160,103 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

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.