Royal Bank of Canada Lowers Comerica (NYSE:CMA) Price Target to $76.00

Comerica (NYSE:CMA) had its price target reduced by equities researchers at Royal Bank of Canada from $78.00 to $76.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price objective points to a potential upside of 20.49% from the company’s previous close.

A number of other equities analysts have also weighed in on CMA. Barclays lifted their price objective on Comerica from $66.00 to $68.00 and gave the company an “underweight” rating in a research note on Monday, January 6th. Robert W. Baird lowered their price objective on Comerica from $80.00 to $75.00 and set an “outperform” rating on the stock in a report on Thursday. DA Davidson decreased their price target on shares of Comerica from $71.00 to $67.00 and set a “neutral” rating on the stock in a research note on Thursday. Compass Point boosted their price target on shares of Comerica from $64.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Finally, Evercore ISI raised their target price on shares of Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Comerica has a consensus rating of “Hold” and a consensus target price of $68.33.

Comerica Stock Up 0.6 %

Shares of NYSE:CMA traded up $0.39 during trading on Thursday, reaching $63.08. The stock had a trading volume of 611,489 shares, compared to its average volume of 1,900,577. The firm’s 50-day simple moving average is $65.83 and its 200 day simple moving average is $60.78. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. Comerica has a one year low of $45.32 and a one year high of $73.45. The company has a market capitalization of $8.29 billion, a P/E ratio of 15.83 and a beta of 1.26.

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 analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same quarter last year, the business posted $1.46 EPS. As a group, research analysts expect that Comerica will post 5.38 EPS for the current fiscal year.

Comerica announced that its board has authorized a share buyback plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Allysun C. Fleming sold 1,392 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $68.83, for a total value of $95,811.36. Following the completion of the sale, the executive vice president now directly owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. The trade was a 13.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.19% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Trust Co. of Vermont raised its stake in shares of Comerica by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider’s stock worth $26,000 after buying an additional 321 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Comerica during the 3rd quarter worth approximately $36,000. MCF Advisors LLC boosted its stake in shares of Comerica by 56.3% during the fourth quarter. MCF Advisors LLC now owns 633 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 228 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Comerica during the 3rd quarter worth about $42,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Comerica by 19.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after buying an additional 199 shares in the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

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.