DA Davidson Cuts Comerica (NYSE:CMA) Price Target to $67.00

Comerica (NYSE:CMA) had its target price reduced by stock analysts at DA Davidson from $71.00 to $67.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s target price would suggest a potential upside of 7.23% from the stock’s previous close.

Several other equities analysts also recently commented on CMA. Truist Financial upgraded shares of Comerica to a “hold” rating in a report on Monday, January 6th. StockNews.com raised shares of Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. The Goldman Sachs Group cut Comerica from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $85.00 to $71.00 in a report on Tuesday, January 7th. Morgan Stanley increased their target price on Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Finally, UBS Group initiated coverage on Comerica in a research note on Tuesday, December 17th. They issued a “sell” rating and a $64.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $67.19.

Comerica Stock Performance

NYSE:CMA traded down $0.21 during mid-day trading on Thursday, hitting $62.49. The stock had a trading volume of 303,615 shares, compared to its average volume of 1,872,949. Comerica has a twelve month low of $45.32 and a twelve month high of $73.45. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $8.22 billion, a price-to-earnings ratio of 15.66 and a beta of 1.26. The company’s 50 day simple moving average is $65.83 and its 200 day simple moving average is $60.78.

Comerica (NYSE:CMA) last released its quarterly earnings data 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 period last year, the firm earned $1.46 earnings per share. On average, equities research analysts forecast that Comerica will post 5.38 earnings per share for the current year.

Comerica announced that its Board of Directors has approved a stock repurchase program on Tuesday, November 5th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the transaction, the executive vice president now directly owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

Institutional investors and hedge funds have recently made changes to their positions in the business. Mutual of America Capital Management LLC lifted its stake in Comerica by 26.0% during the 2nd quarter. Mutual of America Capital Management LLC now owns 21,792 shares of the financial services provider’s stock valued at $1,112,000 after acquiring an additional 4,499 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of Comerica by 11.8% during the second quarter. Mercer Global Advisors Inc. ADV now owns 7,079 shares of the financial services provider’s stock valued at $361,000 after purchasing an additional 749 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in Comerica by 188.9% during the second quarter. Canada Pension Plan Investment Board now owns 91,000 shares of the financial services provider’s stock worth $4,645,000 after purchasing an additional 59,500 shares during the last quarter. Sei Investments Co. grew its position in Comerica by 198.4% in the 2nd quarter. Sei Investments Co. now owns 117,572 shares of the financial services provider’s stock worth $6,001,000 after purchasing an additional 78,176 shares in the last quarter. Finally, Ensign Peak Advisors Inc increased its stake in Comerica by 21.4% in the 2nd quarter. Ensign Peak Advisors Inc now owns 118,633 shares of the financial services provider’s stock valued at $6,055,000 after buying an additional 20,920 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

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.