Comerica (NYSE:CMA) Stock Rating Upgraded by Raymond James

Comerica (NYSE:CMA) was upgraded by analysts at Raymond James from a “market perform” rating to an “outperform” rating in a report released on Tuesday, Marketbeat reports. The firm presently has a $60.00 price target on the financial services provider’s stock. Raymond James’ target price points to a potential upside of 19.14% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Deutsche Bank Aktiengesellschaft initiated coverage on Comerica in a report on Wednesday, April 10th. They issued a “hold” rating and a $59.00 price target on the stock. Wells Fargo & Company reduced their price objective on Comerica from $48.00 to $45.00 and set an “underweight” rating on the stock in a report on Wednesday, June 12th. Truist Financial reduced their price objective on Comerica from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Thursday, June 13th. Piper Sandler raised their price objective on Comerica from $54.00 to $56.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. Finally, DA Davidson restated a “neutral” rating and set a $56.00 price objective on shares of Comerica in a report on Wednesday, March 6th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $56.04.

Comerica Price Performance

Shares of Comerica stock opened at $50.36 on Tuesday. Comerica has a 12 month low of $37.40 and a 12 month high of $57.39. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.26. The stock has a 50 day moving average of $50.56 and a 200 day moving average of $51.90. The firm has a market cap of $6.68 billion, a PE ratio of 10.01 and a beta of 1.25.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16. Comerica had a return on equity of 16.51% and a net margin of 13.11%. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $807.57 million. During the same period in the prior year, the business posted $2.39 earnings per share. On average, research analysts expect that Comerica will post 5.07 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of Comerica stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the sale, the executive vice president now directly owns 7,236 shares in the company, valued at approximately $380,541.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Pitcairn Co. lifted its holdings in Comerica by 2.9% in the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock valued at $374,000 after acquiring an additional 190 shares during the last quarter. Bison Wealth LLC grew its position in Comerica by 1.7% in the fourth quarter. Bison Wealth LLC now owns 11,653 shares of the financial services provider’s stock worth $650,000 after acquiring an additional 196 shares during the period. Fruth Investment Management grew its position in Comerica by 1.6% in the fourth quarter. Fruth Investment Management now owns 13,090 shares of the financial services provider’s stock worth $730,000 after acquiring an additional 200 shares during the period. Texas Permanent School Fund Corp grew its position in Comerica by 0.7% in the first quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock worth $1,498,000 after acquiring an additional 201 shares during the period. Finally, Yousif Capital Management LLC grew its position in Comerica by 2.8% in the fourth quarter. Yousif Capital Management LLC now owns 7,918 shares of the financial services provider’s stock worth $442,000 after acquiring an additional 219 shares during the period. 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.