Wells Fargo & Company Raises Comerica (NYSE:CMA) Price Target to $51.00

Comerica (NYSE:CMA) had its price objective hoisted by Wells Fargo & Company from $43.00 to $51.00 in a research report released on Monday morning, Benzinga reports. Wells Fargo & Company currently has an underweight rating on the financial services provider’s stock.

A number of other equities analysts have also recently issued reports on CMA. 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. Bank of America downgraded Comerica from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $55.00 to $52.00 in a report on Monday, October 7th. Raymond James upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 target price for the company in a report on Tuesday, July 2nd. JPMorgan Chase & Co. boosted their price target on shares of Comerica from $57.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, October 9th. Finally, Piper Sandler raised their price objective on shares of Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $62.57.

Comerica Stock Performance

CMA opened at $62.00 on Monday. Comerica has a 1-year low of $37.48 and a 1-year high of $66.06. The company has a market capitalization of $8.22 billion, a price-to-earnings ratio of 12.33 and a beta of 1.23. The business has a 50 day moving average price of $58.28 and a two-hundred day moving average price of $53.90. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96.

Comerica (NYSE:CMA) last released its earnings results 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 business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $806.49 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same period in the prior year, the business earned $1.84 earnings per share. Research analysts predict that Comerica will post 5.12 EPS for the current fiscal year.

Insider Activity at Comerica

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the transaction, the executive vice president now directly owns 27,910 shares in the company, valued at $1,605,104.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CMA. OLD National Bancorp IN raised its position in shares of Comerica by 4.9% in the second quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock valued at $12,130,000 after purchasing an additional 11,049 shares during the period. Entropy Technologies LP bought a new position in Comerica in the 1st quarter worth $1,764,000. SG Americas Securities LLC lifted its position in Comerica by 66.2% during the 2nd quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock worth $3,209,000 after acquiring an additional 25,040 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Comerica by 39.3% during the second quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after acquiring an additional 62,269 shares during the period. Finally, LSV Asset Management grew its position in shares of Comerica by 13.6% in the first quarter. LSV Asset Management now owns 835,389 shares of the financial services provider’s stock valued at $45,938,000 after purchasing an additional 100,189 shares during the last quarter. 80.74% of the stock is owned by 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.