Comerica (NYSE:CMA) Given New $51.00 Price Target at Wells Fargo & Company

Comerica (NYSE:CMA) had its price objective hoisted by analysts at Wells Fargo & Company from $43.00 to $51.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 19.66% from the company’s previous close.

Several other equities research analysts have also commented on CMA. StockNews.com lowered shares of Comerica from a “hold” rating to a “sell” rating in a research note on Friday, October 11th. Wedbush upgraded shares of Comerica from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $52.00 to $75.00 in a report on Tuesday, September 24th. Keefe, Bruyette & Woods upgraded Comerica from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $50.00 to $69.00 in a report on Thursday, September 5th. Evercore ISI upped their price target on shares of Comerica from $58.00 to $64.00 and gave the company an “in-line” rating in a research report on Wednesday, October 2nd. Finally, Piper Sandler boosted their target price on shares of Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Comerica currently has an average rating of “Hold” and a consensus price target of $61.38.

Comerica Stock Down 2.2 %

Comerica stock traded down $1.46 during midday trading on Monday, hitting $63.48. 484,999 shares of the stock were exchanged, compared to its average volume of 2,151,026. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96. The company has a 50 day moving average price of $57.96 and a two-hundred day moving average price of $53.77. The firm has a market cap of $8.42 billion, a P/E ratio of 12.62 and a beta of 1.23. Comerica has a 1 year low of $37.40 and a 1 year high of $66.06.

Comerica (NYSE:CMA) last posted its quarterly earnings results 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 firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same period in the prior year, the company posted $1.84 earnings per share. On average, sell-side analysts predict that Comerica will post 5.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the transaction, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at $1,605,104.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Comerica

Large investors have recently modified their holdings of the company. Principal Financial Group Inc. raised its position in shares of Comerica by 1.2% during the first quarter. Principal Financial Group Inc. now owns 161,243 shares of the financial services provider’s stock worth $8,867,000 after purchasing an additional 1,858 shares during the period. Commonwealth Equity Services LLC boosted its stake in Comerica by 3.1% during the 1st quarter. Commonwealth Equity Services LLC now owns 87,160 shares of the financial services provider’s stock valued at $4,793,000 after purchasing an additional 2,580 shares during the last quarter. HB Wealth Management LLC increased its holdings in Comerica by 7.5% during the 1st quarter. HB Wealth Management LLC now owns 5,128 shares of the financial services provider’s stock worth $282,000 after purchasing an additional 356 shares in the last quarter. Mission Wealth Management LP boosted its position in shares of Comerica by 11.3% during the first quarter. Mission Wealth Management LP now owns 6,322 shares of the financial services provider’s stock valued at $348,000 after buying an additional 644 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Comerica by 13.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 64,189 shares of the financial services provider’s stock valued at $3,375,000 after buying an additional 7,418 shares during the last quarter. 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.