Keefe, Bruyette & Woods Cuts Comerica (NYSE:CMA) Price Target to $77.00

Comerica (NYSE:CMA) had its price target reduced by investment analysts at Keefe, Bruyette & Woods from $82.00 to $77.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 22.74% from the company’s previous close.

Other analysts also recently issued research reports about the company. JPMorgan Chase & Co. lowered their target price on Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Barclays boosted their price target on Comerica from $66.00 to $68.00 and gave the stock an “underweight” rating in a research report on Monday, January 6th. UBS Group initiated coverage on Comerica in a research report on Tuesday, December 17th. They set a “sell” rating and a $64.00 price target on the stock. StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Finally, Truist Financial raised Comerica to a “hold” rating in a research report on Monday, January 6th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $67.24.

Comerica Price Performance

NYSE:CMA opened at $62.73 on Thursday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The stock’s 50-day simple moving average is $65.83 and its 200 day simple moving average is $60.78. The company has a market cap of $8.25 billion, a P/E ratio of 15.68 and a beta of 1.26. Comerica has a 52-week low of $45.32 and a 52-week high of $73.45.

Comerica (NYSE:CMA) last released its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same period last year, the company posted $1.46 earnings per share. As a group, sell-side analysts forecast that Comerica will post 5.38 EPS for the current fiscal year.

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

Insider Activity at Comerica

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction of $95,811.36. Following the completion of the sale, the executive vice president now directly owns 8,730 shares in the company, valued at $600,885.90. This represents a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Comerica

Several institutional investors and hedge funds have recently added to or reduced their stakes in CMA. Trust Co. of Vermont lifted its stake in Comerica by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 321 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in Comerica during the third quarter worth $36,000. MCF Advisors LLC lifted its stake in Comerica by 56.3% during the fourth quarter. MCF Advisors LLC now owns 633 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 228 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Comerica during the third quarter worth $42,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Comerica by 19.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 199 shares during the last quarter. 80.74% of the stock is currently owned by 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.