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

Comerica (NYSE:CMA) had its price target upped by DA Davidson from $64.00 to $68.00 in a report published on Monday, Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock. DA Davidson also issued estimates for Comerica’s Q4 2024 earnings at $1.31 EPS, FY2024 earnings at $5.41 EPS and FY2025 earnings at $5.68 EPS.

CMA has been the topic of several other reports. Bank of America cut Comerica from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $55.00 to $52.00 in a research note on Monday, October 7th. Truist Financial increased their target price on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a report on Monday. Wells Fargo & Company increased their target price on Comerica from $43.00 to $51.00 and gave the company an “underweight” rating in a report on Monday. Evercore ISI increased their target price on Comerica from $58.00 to $64.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. Finally, Raymond James raised Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Comerica presently has an average rating of “Hold” and a consensus price target of $62.57.

Comerica Stock Up 1.5 %

Shares of NYSE CMA opened at $62.92 on Monday. The stock has a market cap of $8.34 billion, a P/E ratio of 12.51 and a beta of 1.23. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23. Comerica has a 12-month low of $37.48 and a 12-month high of $66.06. The business’s fifty day simple moving average is $58.59 and its 200-day simple moving average is $54.02.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.16. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same period last year, the firm earned $1.84 earnings per share. As a group, equities analysts predict that Comerica will post 5.12 EPS for the current fiscal year.

Insider Activity at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the sale, the executive vice president now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP Bruce Mitchell sold 7,564 shares of Comerica stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction of $470,480.80. Following the completion of the sale, the executive vice president now directly owns 16,428 shares in the company, valued at approximately $1,021,821.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the sale, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.19% of the stock is owned by insiders.

Institutional Investors Weigh In On Comerica

A number of hedge funds and other institutional investors have recently modified their holdings of CMA. V Square Quantitative Management LLC acquired a new position in shares of Comerica during the 3rd quarter worth approximately $36,000. Family Firm Inc. purchased a new stake in Comerica in the 2nd quarter valued at approximately $37,000. UMB Bank n.a. lifted its stake in Comerica by 39.3% in the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after buying an additional 208 shares in the last quarter. Versant Capital Management Inc lifted its stake in Comerica by 2,723.3% in the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after buying an additional 817 shares in the last quarter. Finally, Abich Financial Wealth Management LLC lifted its stake in Comerica by 50.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after buying an additional 300 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

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.