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

Comerica (NYSE:CMA) had its target price raised by Barclays from $66.00 to $68.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. Barclays‘s price target would suggest a potential upside of 7.02% from the company’s previous close.

A number of other research analysts have also weighed in on CMA. Robert W. Baird raised their price objective on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, November 18th. Bank of America lowered shares of Comerica from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $55.00 to $52.00 in a research report on Monday, October 7th. Piper Sandler increased their price target on shares of Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Stephens boosted their price objective on Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Finally, Truist Financial lifted their target price on Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, October 21st. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $67.77.

Comerica Stock Performance

Comerica stock traded up $1.06 during midday trading on Monday, hitting $63.54. The stock had a trading volume of 428,338 shares, compared to its average volume of 898,536. Comerica has a 52-week low of $45.32 and a 52-week high of $73.45. The company has a market capitalization of $8.36 billion, a PE ratio of 15.89 and a beta of 1.26. The firm’s fifty day moving average is $66.53 and its two-hundred day moving average is $59.55. 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 (NYSE:CMA) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.17 by $0.16. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same period last year, the firm earned $1.84 EPS. On average, research analysts forecast that Comerica will post 5.37 EPS for the current year.

Comerica announced that its Board of Directors has authorized a stock repurchase program on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Comerica

In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the sale, the executive vice president now owns 16,428 shares in the company, valued at approximately $1,021,821.60. The trade was a 31.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Allysun C. Fleming sold 1,392 shares of the firm’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 transaction, the executive vice president now owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. The trade was a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,456 shares of company stock worth $977,287. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

A number of institutional investors have recently bought and sold shares of the business. V Square Quantitative Management LLC acquired a new stake in shares of Comerica in the third quarter worth $36,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Comerica during the 3rd quarter valued at about $42,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Comerica by 19.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after buying an additional 199 shares during the period. Cranbrook Wealth Management LLC purchased a new stake in shares of Comerica in the second quarter worth about $79,000. Finally, Sunbelt Securities Inc. grew its holdings in Comerica by 400.0% during the second quarter. Sunbelt Securities Inc. now owns 2,500 shares of the financial services provider’s stock worth $128,000 after acquiring an additional 2,000 shares during the period. 80.74% of the stock is owned by hedge funds and other institutional investors.

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.