Comerica (NYSE:CMA) Given New $62.00 Price Target at Royal Bank of Canada

Comerica (NYSE:CMA) had its price objective hoisted by Royal Bank of Canada from $61.00 to $62.00 in a report issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 18.89% from the stock’s current price.

Several other equities research analysts have also recently commented on the company. TheStreet raised Comerica from a “c+” rating to a “b-” rating in a research report on Tuesday, December 26th. Stephens reissued an “overweight” rating and issued a $64.00 target price on shares of Comerica in a report on Friday. 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 report on Thursday, January 4th. Deutsche Bank Aktiengesellschaft assumed coverage on Comerica in a report on Wednesday, April 10th. They issued a “hold” rating and a $59.00 target price on the stock. Finally, Argus downgraded Comerica from a “buy” rating to a “hold” rating in a research note on Monday, January 29th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Comerica has an average rating of “Hold” and an average price target of $57.54.

Comerica Stock Up 2.9 %

CMA stock traded up $1.49 during midday trading on Friday, hitting $52.15. The stock had a trading volume of 1,070,606 shares, compared to its average volume of 2,104,451. The firm has a market cap of $6.91 billion, a price-to-earnings ratio of 8.05 and a beta of 1.27. The business has a 50-day moving average of $51.38 and a two-hundred day moving average of $49.15. 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 1.03, a current ratio of 0.94 and a quick ratio of 0.94.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $807.57 million. Comerica had a return on equity of 19.41% and a net margin of 16.71%. During the same period in the prior year, the firm earned $2.39 earnings per share. As a group, equities research analysts forecast that Comerica will post 5.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Comerica

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

Institutional Investors Weigh In On Comerica

A number of institutional investors and hedge funds have recently bought and sold shares of CMA. Private Advisor Group LLC raised its position in Comerica by 9.3% during the 1st quarter. Private Advisor Group LLC now owns 6,692 shares of the financial services provider’s stock valued at $605,000 after purchasing an additional 568 shares in the last quarter. MetLife Investment Management LLC raised its position in shares of Comerica by 22.7% in the 1st quarter. MetLife Investment Management LLC now owns 35,565 shares of the financial services provider’s stock worth $3,216,000 after acquiring an additional 6,590 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Comerica by 6.2% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,486 shares of the financial services provider’s stock worth $1,581,000 after acquiring an additional 1,024 shares in the last quarter. Great West Life Assurance Co. Can raised its position in shares of Comerica by 8.4% in the 1st quarter. Great West Life Assurance Co. Can now owns 27,966 shares of the financial services provider’s stock worth $2,626,000 after acquiring an additional 2,163 shares in the last quarter. Finally, Yousif Capital Management LLC raised its position in shares of Comerica by 119.2% in the 1st quarter. Yousif Capital Management LLC now owns 7,659 shares of the financial services provider’s stock worth $693,000 after acquiring an additional 4,165 shares in the last quarter. 80.74% of the stock is owned by institutional investors.

Comerica Company Profile

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.