Comerica (NYSE:CMA) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Comerica (NYSE:CMA) had its target price raised by stock analysts at Robert W. Baird from $75.00 to $80.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Robert W. Baird’s price objective points to a potential upside of 19.64% from the company’s previous close.

Several other equities analysts also recently commented on the stock. DA Davidson dropped their price target on shares of Comerica from $71.00 to $67.00 and set a “neutral” rating for the company in a research note on Thursday, January 23rd. JPMorgan Chase & Co. dropped their price target on shares of Comerica from $73.00 to $70.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Truist Financial upgraded shares of Comerica to a “hold” rating in a research note on Monday, January 6th. UBS Group began coverage on shares of Comerica in a research note on Tuesday, December 17th. They issued a “sell” rating and a $64.00 price target for the company. Finally, Keefe, Bruyette & Woods dropped their price target on shares of Comerica from $82.00 to $77.00 and set an “outperform” rating for the company in a research note on Thursday, January 23rd. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $68.57.

Comerica Stock Down 0.3 %

Comerica stock opened at $66.87 on Tuesday. Comerica has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a 50 day moving average price of $64.47 and a 200 day moving average price of $62.08. The company has a market capitalization of $8.79 billion, a PE ratio of 13.32 and a beta of 1.25.

Comerica (NYSE:CMA) last posted its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.05). Comerica had a net margin of 13.98% and a return on equity of 12.04%. During the same quarter last year, the company posted $1.46 earnings per share. Research analysts expect that Comerica will post 5.34 earnings per share for the current year.

Comerica announced that its Board of Directors has authorized a share repurchase plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Comerica

A number of institutional investors and hedge funds have recently bought and sold shares of CMA. State Street Corp raised its holdings in shares of Comerica by 2.0% in the third quarter. State Street Corp now owns 4,977,670 shares of the financial services provider’s stock valued at $301,745,000 after buying an additional 96,084 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Comerica by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,431,556 shares of the financial services provider’s stock valued at $274,092,000 after buying an additional 125,514 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Comerica by 3.0% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 2,481,211 shares of the financial services provider’s stock valued at $153,462,000 after buying an additional 72,391 shares during the last quarter. Azora Capital LP raised its holdings in shares of Comerica by 7.8% in the third quarter. Azora Capital LP now owns 2,230,369 shares of the financial services provider’s stock valued at $133,621,000 after buying an additional 161,181 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Comerica by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 2,214,963 shares of the financial services provider’s stock valued at $137,039,000 after buying an additional 103,118 shares during the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

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.