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

Comerica (NYSE:CMA) had its target price upped by analysts at Royal Bank of Canada from $61.00 to $62.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 18.89% from the company’s previous close.

A number of other research firms have also weighed in on CMA. UBS Group cut their target price on shares of Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday. Raymond James lowered shares of Comerica from an “outperform” rating to a “market perform” rating in a research report on Monday, January 22nd. Jefferies Financial Group cut their target price on shares of Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Bank Of America (Bofa) boosted their price objective on shares of Comerica from $52.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, January 18th. Finally, DA Davidson restated a “neutral” rating and set a $56.00 price objective on shares of Comerica in a report on Wednesday, March 6th. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $57.54.

Comerica Stock Up 2.9 %

Shares of CMA stock traded up $1.49 on Friday, hitting $52.15. The company’s stock had a trading volume of 1,070,606 shares, compared to its average volume of 2,104,451. 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 has a fifty-two week low of $28.40 and a fifty-two week high of $57.39. The firm’s fifty day moving average price is $51.38 and its 200-day moving average price is $49.15. The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of 8.05 and a beta of 1.27.

Comerica (NYSE:CMA) last released its earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $807.57 million. Comerica had a net margin of 16.71% and a return on equity of 19.41%. During the same quarter in the previous year, the business earned $2.39 EPS. Research analysts anticipate that Comerica will post 5.09 EPS for the current year.

Insider Buying and Selling at Comerica

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

Hedge Funds Weigh In On Comerica

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in shares of Comerica by 4.2% during the 4th quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock worth $941,968,000 after buying an additional 676,959 shares in the last quarter. BlackRock Inc. lifted its position in shares of Comerica by 9.4% during the 1st quarter. BlackRock Inc. now owns 13,313,998 shares of the financial services provider’s stock worth $578,094,000 after buying an additional 1,145,951 shares in the last quarter. State Street Corp lifted its position in shares of Comerica by 3.9% during the 3rd quarter. State Street Corp now owns 7,675,947 shares of the financial services provider’s stock worth $550,764,000 after buying an additional 284,884 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Comerica by 1,192.2% during the 1st quarter. First Trust Advisors LP now owns 3,878,506 shares of the financial services provider’s stock worth $168,405,000 after buying an additional 3,578,355 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Comerica by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,343,131 shares of the financial services provider’s stock worth $186,580,000 after buying an additional 48,526 shares in the last quarter. Institutional investors own 80.74% of the company’s stock.

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.