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

Comerica (NYSE:CMA) had its price objective hoisted by equities research analysts at Robert W. Baird from $75.00 to $80.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Robert W. Baird’s price objective suggests a potential upside of 20.78% from the stock’s current price.

A number of other equities analysts have also weighed in on CMA. Wells Fargo & Company upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $51.00 to $73.00 in a research report on Friday, November 15th. UBS Group started coverage on shares of Comerica in a research report on Tuesday, December 17th. They set a “sell” rating and a $64.00 target price for the company. Evercore ISI upped their price target on shares of Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Royal Bank of Canada decreased their price target on shares of Comerica from $78.00 to $76.00 and set an “outperform” rating on the stock in a research note on Thursday, January 23rd. Finally, Stephens raised their target price on shares of Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Three 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.com, the company currently has a consensus rating of “Hold” and a consensus price target of $68.57.

Comerica Stock Performance

Shares of NYSE CMA opened at $66.24 on Tuesday. The firm has a 50 day moving average of $64.62 and a 200 day moving average of $61.95. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $8.71 billion, a price-to-earnings ratio of 13.19 and a beta of 1.25. Comerica has a 12-month low of $45.32 and a 12-month high of $73.45.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a return on equity of 12.04% and a net margin of 13.98%. During the same quarter in the prior year, the business earned $1.46 earnings per share. On average, research analysts anticipate that Comerica will post 5.34 earnings per share for the current year.

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

Institutional Trading of Comerica

Several institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. lifted its stake in shares of Comerica by 134.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock valued at $51,309,000 after purchasing an additional 490,468 shares during the period. Oppenheimer & Co. Inc. grew its holdings in shares of Comerica by 158.2% during the third quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock worth $1,218,000 after buying an additional 12,454 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Comerica by 5.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock worth $257,975,000 after buying an additional 226,285 shares in the last quarter. Citigroup Inc. grew its holdings in shares of Comerica by 390.6% in the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock valued at $45,628,000 after purchasing an additional 606,375 shares during the period. Finally, Wolverine Asset Management LLC purchased a new stake in shares of Comerica in the third quarter valued at about $1,905,000. 80.74% of the stock is currently 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.