Piper Sandler Raises Comerica (NYSE:CMA) Price Target to $56.00

Comerica (NYSE:CMA) had its target price boosted by equities research analysts at Piper Sandler from $54.00 to $56.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective would indicate a potential upside of 6.30% from the stock’s current price.

Several other analysts have also recently commented on CMA. Truist Financial dropped their target price on shares of Comerica from $62.00 to $60.00 and set a “buy” rating for the company in a research report on Monday. The Goldman Sachs Group raised Comerica from a “neutral” rating to a “buy” rating and set a $70.50 target price on the stock in a research note on Thursday, January 4th. Barclays boosted their target price on Comerica from $49.00 to $59.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 2nd. Bank Of America (Bofa) upped their price target on Comerica from $52.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. Finally, Jefferies Financial Group reduced their price objective on shares of Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $56.98.

Comerica Trading Up 1.0 %

CMA traded up $0.53 during mid-day trading on Friday, reaching $52.68. The stock had a trading volume of 83,841 shares, compared to its average volume of 2,080,379. The firm’s fifty day simple moving average is $51.51 and its two-hundred day simple moving average is $49.58. The stock has a market capitalization of $6.98 billion, a P/E ratio of 10.48 and a beta of 1.27. Comerica has a 52 week low of $28.40 and a 52 week high of $57.39. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.94 and a current ratio of 0.95.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.16. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $807.57 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same quarter last year, the business earned $2.39 earnings per share. On average, equities analysts predict that Comerica will post 5.15 EPS for the current year.

Insider Transactions at Comerica

In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the sale, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $52.74, for a total transaction of $160,013.16. Following the transaction, the executive vice president now directly owns 17,460 shares in the company, valued at $920,840.40. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the stock in a transaction on Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the sale, the executive vice president now owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. SG Americas Securities LLC bought a new stake in Comerica in the third quarter valued at approximately $756,000. Czech National Bank increased its holdings in shares of Comerica by 47.8% in the third quarter. Czech National Bank now owns 23,031 shares of the financial services provider’s stock valued at $957,000 after purchasing an additional 7,444 shares during the last quarter. Linden Thomas Advisory Services LLC bought a new position in shares of Comerica in the third quarter valued at about $1,274,000. Raymond James & Associates boosted its holdings in shares of Comerica by 34.0% during the 3rd quarter. Raymond James & Associates now owns 172,199 shares of the financial services provider’s stock worth $7,155,000 after buying an additional 43,679 shares during the period. Finally, 1834 Investment Advisors Co. grew its stake in Comerica by 3.8% in the 3rd quarter. 1834 Investment Advisors Co. now owns 102,776 shares of the financial services provider’s stock valued at $4,270,000 after buying an additional 3,798 shares during the last quarter. 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.