Comerica (NYSE:CMA) PT Raised to $56.00 at Piper Sandler

Comerica (NYSE:CMA) had its price target increased by investment analysts at Piper Sandler from $54.00 to $56.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price would indicate a potential upside of 7.55% from the company’s previous close.

CMA has been the subject of several other reports. The Goldman Sachs Group upgraded Comerica from a “neutral” rating to a “buy” rating and set a $70.50 price target for the company in a research report on Thursday, January 4th. Royal Bank of Canada increased their price target on shares of Comerica from $61.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, April 19th. Truist Financial dropped their price objective on shares of Comerica from $62.00 to $60.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Keefe, Bruyette & Woods decreased their price target on shares of Comerica from $60.00 to $58.00 and set a “market perform” rating for the company in a research report on Monday, January 22nd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $53.00 price objective on shares of Comerica in a research report on Monday, April 22nd. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $56.98.

Comerica Stock Performance

NYSE:CMA opened at $52.07 on Friday. The company has a market cap of $6.90 billion, a P/E ratio of 10.35 and a beta of 1.27. Comerica has a twelve month low of $28.40 and a twelve month high of $57.39. The company’s 50-day moving average price is $51.54 and its 200-day moving average price is $49.72. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 1.26.

Comerica (NYSE:CMA) last released its quarterly earnings data 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. Comerica had a return on equity of 16.51% and a net margin of 13.11%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. During the same quarter in the previous year, the company posted $2.39 earnings per share. On average, sell-side analysts forecast that Comerica will post 5.16 earnings per share for the current fiscal year.

Insider Activity at Comerica

In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which is available at this link. In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the business’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total value of $382,381.89. Following the sale, the executive vice president now directly owns 7,236 shares in the company, valued at $380,541.24. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 value of $88,298.24. Following 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. Insiders sold a total of 11,921 shares of company stock valued at $630,693 over the last three months. 0.19% of the stock is owned by insiders.

Institutional Trading of Comerica

Several hedge funds and other institutional investors have recently modified their holdings of the business. Spire Wealth Management lifted its stake in Comerica by 95.9% in the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 235 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in Comerica in the 4th quarter worth approximately $36,000. Fortitude Family Office LLC bought a new stake in Comerica during the fourth quarter worth approximately $36,000. FNY Investment Advisers LLC acquired a new position in Comerica during the fourth quarter valued at approximately $50,000. Finally, Cullen Frost Bankers Inc. bought a new position in shares of Comerica in the fourth quarter valued at approximately $51,000. Institutional investors and hedge funds 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.