Comerica (NYSE:CMA) Price Target Raised to $68.00 at DA Davidson

Comerica (NYSE:CMA) had its target price increased by DA Davidson from $64.00 to $68.00 in a research note released on Monday, Benzinga reports. DA Davidson currently has a neutral rating on the financial services provider’s stock. DA Davidson also issued estimates for Comerica’s Q4 2024 earnings at $1.31 EPS, FY2024 earnings at $5.41 EPS and FY2025 earnings at $5.68 EPS.

CMA has been the subject of a number of other reports. Wells Fargo & Company raised their price target on Comerica from $43.00 to $51.00 and gave the stock an “underweight” rating in a research note on Monday. Keefe, Bruyette & Woods upgraded Comerica from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $50.00 to $69.00 in a report on Thursday, September 5th. Royal Bank of Canada reduced their price objective on Comerica from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Piper Sandler raised their price objective on Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Finally, Morgan Stanley raised their price objective on Comerica from $61.00 to $63.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Comerica has an average rating of “Hold” and a consensus target price of $62.57.

Comerica Price Performance

Shares of CMA stock opened at $62.92 on Monday. Comerica has a 52-week low of $37.48 and a 52-week high of $66.06. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market capitalization of $8.34 billion, a P/E ratio of 12.51 and a beta of 1.23. The stock has a 50 day moving average price of $58.59 and a 200 day moving average price of $54.02.

Comerica (NYSE:CMA) last issued its quarterly 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 return on equity of 15.01% and a net margin of 12.15%. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $806.49 million. During the same period last year, the company earned $1.84 EPS. As a group, sell-side analysts predict that Comerica will post 5.12 earnings per share for the current year.

Insider Activity

In other news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the sale, the executive vice president now directly owns 27,910 shares in the company, valued at $1,605,104.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Bruce Mitchell sold 7,564 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the transaction, the executive vice president now directly owns 16,428 shares in the company, valued at approximately $1,021,821.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its holdings in Comerica by 51.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after acquiring an additional 1,370,886 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in Comerica by 1.1% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock worth $93,621,000 after purchasing an additional 19,068 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Comerica by 9.3% during the second quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock worth $78,288,000 after purchasing an additional 130,458 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in Comerica by 6.5% during the second quarter. Thrivent Financial for Lutherans now owns 1,431,750 shares of the financial services provider’s stock worth $73,077,000 after purchasing an additional 87,101 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Comerica by 21.0% during the first quarter. Jacobs Levy Equity Management Inc. now owns 923,009 shares of the financial services provider’s stock worth $50,756,000 after purchasing an additional 160,103 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

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.