Keefe, Bruyette & Woods Increases Comerica (NYSE:CMA) Price Target to $82.00

Comerica (NYSE:CMA) had its price target hoisted by Keefe, Bruyette & Woods from $72.00 to $82.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 17.61% from the stock’s previous close.

Several other equities research analysts have also issued reports on CMA. JPMorgan Chase & Co. lifted their price target on shares of Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Monday, October 21st. The Goldman Sachs Group boosted their target price on shares of Comerica from $71.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Stephens increased their price target on Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Truist Financial boosted their price objective on Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, October 21st. Finally, Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and increased their target price for the company from $52.00 to $75.00 in a research report on Tuesday, September 24th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Comerica currently has a consensus rating of “Hold” and an average target price of $66.67.

Comerica Price Performance

CMA traded down $1.08 during trading on Wednesday, hitting $69.72. 231,504 shares of the stock traded hands, compared to its average volume of 2,095,985. The business has a 50 day moving average price of $64.80 and a 200 day moving average price of $57.14. The company has a market cap of $9.17 billion, a price-to-earnings ratio of 17.43 and a beta of 1.23. 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 current ratio of 0.97 and a quick ratio of 0.97.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.16. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. During the same period in the prior year, the company earned $1.84 EPS. Equities research analysts forecast that Comerica will post 5.37 earnings per share for the current fiscal year.

Comerica announced that its Board of Directors has authorized a share buyback program on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Comerica

In other news, EVP James Harry Weber sold 6,500 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the completion of the sale, the executive vice president now owns 15,773 shares in the company, valued at $997,326.79. The trade was a 29.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the transaction, the executive vice president now owns 16,428 shares in the company, valued at approximately $1,021,821.60. This represents a 31.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CMA. Franklin Resources Inc. lifted its position in Comerica by 9.3% in the 3rd quarter. Franklin Resources Inc. now owns 14,690 shares of the financial services provider’s stock valued at $901,000 after acquiring an additional 1,255 shares in the last quarter. Tidal Investments LLC raised its stake in shares of Comerica by 96.2% in the third quarter. Tidal Investments LLC now owns 32,138 shares of the financial services provider’s stock worth $1,925,000 after purchasing an additional 15,758 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Comerica in the third quarter valued at approximately $42,000. Sanctuary Advisors LLC boosted its position in shares of Comerica by 17.0% during the third quarter. Sanctuary Advisors LLC now owns 10,095 shares of the financial services provider’s stock valued at $605,000 after buying an additional 1,467 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its holdings in Comerica by 42.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 46,184 shares of the financial services provider’s stock worth $2,767,000 after buying an additional 13,784 shares in 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.