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

Comerica (NYSE:CMA) had its price objective hoisted by equities research analysts at Robert W. Baird from $75.00 to $80.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Robert W. Baird’s price objective would suggest a potential upside of 20.78% from the company’s current price.

CMA has been the topic of several other research reports. Compass Point raised their target price on shares of Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Royal Bank of Canada lowered 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. Stephens increased their price target on Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. The Goldman Sachs Group downgraded Comerica from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $85.00 to $71.00 in a report on Tuesday, January 7th. Finally, Truist Financial raised Comerica to a “hold” rating in a report on Monday, January 6th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Comerica currently has an average rating of “Hold” and an average target price of $68.57.

Comerica Trading Down 2.0 %

NYSE CMA opened at $66.24 on Tuesday. The stock has a market capitalization of $8.71 billion, a P/E ratio of 13.19 and a beta of 1.25. Comerica has a 12 month low of $45.32 and a 12 month high of $73.45. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97. The firm’s 50-day moving average is $64.62 and its two-hundred day moving average is $61.95.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm posted $1.46 EPS. On average, sell-side analysts anticipate that Comerica will post 5.34 earnings per share for the current year.

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

Institutional Trading of Comerica

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CMA. Truist Financial Corp purchased a new stake in 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 approximately $449,000. Fiduciary Alliance LLC acquired a new position in shares of Comerica in the 3rd quarter valued at approximately $506,000. CX Institutional acquired a new position in shares of Comerica in the 3rd quarter valued at approximately $213,000. Finally, Bleakley Financial Group LLC increased its holdings in shares of Comerica by 8.5% in the 3rd quarter. Bleakley Financial Group LLC now owns 4,478 shares of the financial services provider’s stock valued at $268,000 after acquiring an additional 351 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

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.