Comerica (NYSE:CMA) Given New $56.00 Price Target at Piper Sandler

Comerica (NYSE:CMA) had its price target boosted by stock analysts at Piper Sandler from $54.00 to $56.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 7.55% from the company’s previous close.

Other analysts also recently issued research reports about the company. Morgan Stanley reiterated an “equal weight” rating and set a $53.00 target price on shares of Comerica in a report on Monday, April 22nd. Deutsche Bank Aktiengesellschaft started coverage on Comerica in a report on Wednesday, April 10th. They set a “hold” rating and a $59.00 price objective on the stock. Argus lowered Comerica from a “buy” rating to a “hold” rating in a research report on Monday, January 29th. Bank Of America (Bofa) raised their target price on shares of Comerica from $52.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, January 18th. Finally, Truist Financial reduced their price target on shares of Comerica from $62.00 to $60.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Comerica presently has a consensus rating of “Hold” and a consensus price target of $56.98.

Comerica Stock Performance

Shares of NYSE:CMA opened at $52.07 on Friday. The company has a market capitalization of $6.90 billion, a price-to-earnings ratio of 10.35 and a beta of 1.27. The firm’s 50 day simple moving average is $51.54 and its 200 day simple moving average is $49.72. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.94. Comerica has a fifty-two week low of $28.40 and a fifty-two week high of $57.39.

Comerica (NYSE:CMA) last posted its earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.16. The company 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 business posted $2.39 earnings per share. As a group, sell-side analysts forecast that Comerica will post 5.16 earnings per share for the current year.

Insider Buying and Selling

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the completion of the transaction, the executive vice president now directly owns 7,236 shares in the company, valued at $380,541.24. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Cassandra M. Mckinney sold 1,616 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the transaction, the executive vice president now directly owns 8,314 shares in the company, valued at approximately $454,276.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Cassandra M. Mckinney sold 7,271 shares of the company’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total transaction of $382,381.89. Following the completion of the sale, the executive vice president now directly owns 7,236 shares in the company, valued at $380,541.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,921 shares of company stock worth $630,693. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Spire Wealth Management raised its stake in Comerica by 95.9% in the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after buying an additional 235 shares during the period. Turtle Creek Wealth Advisors LLC bought a new position in shares of Comerica during the 4th quarter worth approximately $36,000. Fortitude Family Office LLC acquired a new position in shares of Comerica during the 4th quarter worth approximately $36,000. FNY Investment Advisers LLC bought a new stake in Comerica in the 4th quarter valued at $50,000. Finally, Cullen Frost Bankers Inc. acquired a new stake in Comerica during the 4th quarter valued at $51,000. Institutional investors own 80.74% of the company’s stock.

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.