Comerica (NYSE:CMA) Stock Rating Upgraded by Raymond James

Comerica (NYSE:CMA) was upgraded by stock analysts at Raymond James from a “market perform” rating to an “outperform” rating in a research note issued to investors on Tuesday, Marketbeat reports. The firm currently has a $60.00 target price on the financial services provider’s stock. Raymond James’ price target indicates a potential upside of 19.14% from the stock’s previous close.

Several other research analysts also recently weighed in on the company. Jefferies Financial Group dropped their price target on Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Stephens restated an “overweight” rating and issued a $64.00 price target on shares of Comerica in a research note on Tuesday, June 11th. DA Davidson restated a “neutral” rating and issued a $56.00 price target on shares of Comerica in a research note on Wednesday, March 6th. Morgan Stanley reiterated an “equal weight” rating and set a $53.00 target price on shares of Comerica in a research report on Monday, April 22nd. Finally, Piper Sandler increased their target price on Comerica from $54.00 to $56.00 and gave the company a “neutral” rating in a research report on Friday, April 26th. Three equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $56.04.

Comerica Price Performance

NYSE CMA opened at $50.36 on Tuesday. Comerica has a 52 week low of $37.40 and a 52 week high of $57.39. The firm has a market capitalization of $6.68 billion, a P/E ratio of 10.01 and a beta of 1.25. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.26. The company has a 50-day moving average price of $50.56 and a 200-day moving average price of $51.90.

Comerica (NYSE:CMA) last released its earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.16. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $807.57 million. Comerica had a net margin of 13.11% and a return on equity of 16.51%. During the same period in the prior year, the firm posted $2.39 EPS. Equities research analysts anticipate that Comerica will post 5.07 earnings per share for the current year.

Insider Activity

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total transaction of $382,381.89. Following the sale, the executive vice president now owns 7,236 shares of the company’s stock, valued at $380,541.24. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Several institutional investors have recently added to or reduced their stakes in CMA. Spire Wealth Management lifted its holdings in shares of Comerica by 95.9% during the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 235 shares during the period. Fortitude Family Office LLC acquired a new stake in shares of Comerica during the fourth quarter worth about $36,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Comerica during the fourth quarter worth about $36,000. Abich Financial Wealth Management LLC lifted its holdings in shares of Comerica by 50.2% during the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 300 shares during the period. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Comerica during the fourth quarter worth about $50,000. Institutional investors and hedge funds 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.