Royal Bank of Canada Increases Comerica (NYSE:CMA) Price Target to $62.00

Comerica (NYSE:CMA) had its price objective increased by Royal Bank of Canada from $61.00 to $62.00 in a report released on Friday, Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Royal Bank of Canada’s price target suggests a potential upside of 20.25% from the company’s previous close.

A number of other equities analysts have also weighed in on the company. Evercore ISI boosted their price objective on Comerica from $55.00 to $58.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Stephens reissued an “overweight” rating and issued a $64.00 price objective on shares of Comerica in a report on Friday. Truist Financial lifted their target price on shares of Comerica from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Monday, April 1st. UBS Group dropped their price target on shares of Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a research note on Friday. Finally, Raymond James lowered shares of Comerica from an “outperform” rating to a “market perform” rating in a research report on Monday, January 22nd. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $58.02.

Comerica Price Performance

Shares of NYSE CMA opened at $51.56 on Friday. The firm has a 50-day simple moving average of $51.38 and a 200-day simple moving average of $49.30. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.26. The stock has a market capitalization of $6.83 billion, a price-to-earnings ratio of 10.25 and a beta of 1.27. Comerica has a 52 week low of $28.40 and a 52 week high of $57.39.

Comerica (NYSE:CMA) last released its earnings results 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. The business had revenue of $1.26 billion for 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 last year, the company posted $2.39 EPS. On average, equities analysts predict that Comerica will post 5.09 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Cassandra M. Mckinney sold 1,616 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Cassandra M. Mckinney sold 1,616 shares of Comerica stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $54.64, for a total value of $88,298.24. Following the completion of the transaction, the executive vice president now owns 8,314 shares in the company, valued at approximately $454,276.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Wendy Bridges sold 3,034 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $52.74, for a total transaction of $160,013.16. Following the sale, the executive vice president now owns 17,460 shares in the company, valued at $920,840.40. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

A number of hedge funds and other institutional investors have recently modified their holdings of CMA. First Trust Advisors LP grew its stake in shares of Comerica by 1,192.2% during the first quarter. First Trust Advisors LP now owns 3,878,506 shares of the financial services provider’s stock worth $168,405,000 after purchasing an additional 3,578,355 shares in the last quarter. Norges Bank purchased a new stake in Comerica during the 4th quarter worth about $113,763,000. BlackRock Inc. boosted its position in shares of Comerica by 9.4% during the 1st quarter. BlackRock Inc. now owns 13,313,998 shares of the financial services provider’s stock worth $578,094,000 after acquiring an additional 1,145,951 shares in the last quarter. Azora Capital LP purchased a new position in shares of Comerica in the 4th quarter valued at about $63,548,000. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Comerica by 129.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,930,045 shares of the financial services provider’s stock worth $107,716,000 after acquiring an additional 1,088,330 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.