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

Comerica (NYSE:CMA) had its price objective increased by investment analysts at Piper Sandler from $64.00 to $72.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target would suggest a potential upside of 1.35% from the stock’s current price.

Several other brokerages have also recently issued reports on CMA. StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a research note on Monday, October 21st. Barclays raised their target price on Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a research note on Monday, October 21st. Truist Financial raised their target price on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, October 21st. Wedbush upgraded shares of Comerica from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $52.00 to $75.00 in a research note on Tuesday, September 24th. Finally, Stephens lifted their price objective on shares of Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $66.05.

Comerica Price Performance

NYSE:CMA opened at $71.04 on Tuesday. The firm has a market cap of $9.34 billion, a price-to-earnings ratio of 17.76 and a beta of 1.23. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. The company’s 50-day moving average is $64.37 and its two-hundred day moving average is $56.91. Comerica has a 12-month low of $45.32 and a 12-month high of $73.45.

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

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

Insider Activity

In related news, EVP James Harry Weber sold 6,500 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the transaction, the executive vice president now directly owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. The trade was a 29.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Allysun C. Fleming sold 1,392 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total value of $95,811.36. Following the transaction, the executive vice president now directly owns 8,730 shares in the company, valued at $600,885.90. The trade was a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,456 shares of company stock worth $977,287 in the last 90 days. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

Large investors have recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new stake in Comerica in the third quarter worth approximately $36,000. Family Firm Inc. bought a new stake in Comerica in the second quarter worth approximately $37,000. UMB Bank n.a. increased its holdings in Comerica by 39.3% in the second 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 in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Comerica in the third quarter worth approximately $42,000. Finally, Summit Securities Group LLC increased its holdings in Comerica by 22.4% in the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 202 shares in the last quarter. 80.74% of the stock is currently 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.