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

Comerica (NYSE:CMA) had its price objective increased by Robert W. Baird from $75.00 to $80.00 in a research note published on Tuesday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the financial services provider’s stock.

Other analysts have also issued research reports about the stock. Royal Bank of Canada decreased their target price on shares of Comerica from $78.00 to $76.00 and set an “outperform” rating on the stock in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods decreased their target price on shares of Comerica from $82.00 to $77.00 and set an “outperform” rating on the stock in a research report on Thursday, January 23rd. Stephens raised their target price on shares of Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. JPMorgan Chase & Co. decreased their price target on shares of Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Finally, DA Davidson decreased their price target on shares of Comerica from $71.00 to $67.00 and set a “neutral” rating on the stock in a report on Thursday, January 23rd. Three research 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’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $68.57.

Comerica Trading Down 0.1 %

Shares of CMA opened at $66.79 on Tuesday. Comerica has a 1-year low of $45.32 and a 1-year high of $73.45. The firm has a 50 day simple moving average of $64.41 and a 200-day simple moving average of $62.12. The stock has a market cap of $8.78 billion, a price-to-earnings ratio of 13.30 and a beta of 1.25. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97.

Comerica (NYSE:CMA) last announced 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 return on equity of 12.04% and a net margin of 13.98%. During the same quarter last year, the business posted $1.46 EPS. Equities analysts forecast that Comerica will post 5.34 EPS for the current fiscal year.

Comerica declared that its board has approved a stock buyback plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CMA. Truist Financial Corp acquired a new position in shares of Comerica in the 2nd quarter valued at about $318,000. Sanctuary Advisors LLC acquired a new position in shares of Comerica in the 2nd quarter valued at about $449,000. Fiduciary Alliance LLC acquired a new position in shares of Comerica in the 3rd quarter valued at about $506,000. CX Institutional acquired a new position in shares of Comerica in the 3rd quarter valued at about $213,000. Finally, Bleakley Financial Group LLC boosted its stake in Comerica by 8.5% during the 3rd quarter. Bleakley Financial Group LLC now owns 4,478 shares of the financial services provider’s stock valued at $268,000 after purchasing an additional 351 shares during the period. 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.