Piper Sandler Issues Positive Forecast for Comerica (NYSE:CMA) Stock Price

Comerica (NYSE:CMA) had its price target hoisted by investment analysts at Piper Sandler from $64.00 to $72.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective points to a potential upside of 1.35% from the stock’s previous close.

Several other research firms have also recently weighed in on CMA. Robert W. Baird boosted their price objective on Comerica from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, November 18th. DA Davidson boosted their price objective on Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. JPMorgan Chase & Co. boosted their target price on Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $52.00 to $75.00 in a research report on Tuesday, September 24th. Finally, Truist Financial upped their price objective on Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, October 21st. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $66.05.

Comerica Trading Down 1.7 %

Shares of Comerica stock opened at $71.04 on Tuesday. 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 52 week low of $45.32 and a 52 week high of $73.45. The stock has a 50 day moving average price of $64.37 and a two-hundred day moving average price of $56.91. The stock has a market capitalization of $9.34 billion, a PE ratio of 17.76 and a beta of 1.23.

Comerica (NYSE:CMA) last announced its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same quarter in the previous year, the firm earned $1.84 earnings per share. As a group, equities analysts anticipate that Comerica will post 5.37 earnings per share for the current fiscal year.

Comerica declared that its Board of Directors has initiated a share repurchase program on Tuesday, November 5th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Comerica

In other news, EVP Bruce Mitchell sold 7,564 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction of $470,480.80. Following the sale, 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 31.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP James Harry Weber sold 6,500 shares of the company’s stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total transaction of $410,995.00. Following the completion of the sale, the executive vice president now directly owns 15,773 shares in the company, valued at approximately $997,326.79. The trade was a 29.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,456 shares of company stock valued at $977,287. Corporate insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Several hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its stake in shares of 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 acquiring an additional 199 shares in the last quarter. Summit Securities Group LLC boosted its stake in shares of Comerica by 22.4% during the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 202 shares in the last quarter. UMB Bank n.a. raised 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 worth $38,000 after purchasing an additional 208 shares during the last quarter. Centennial Wealth Advisory LLC raised its holdings in 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 acquiring an additional 252 shares during the last quarter. Finally, Busey Bank raised its holdings in 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 acquiring an additional 313 shares during the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

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.