Piper Sandler Lowers Comerica (NYSE:CMA) Price Target to $90.00

Comerica (NYSE:CMAGet Rating) had its price objective cut by stock analysts at Piper Sandler to $90.00 in a research note issued to investors on Friday, Stock Target Advisor reports. Piper Sandler’s price objective would indicate a potential upside of 15.38% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Citigroup raised their target price on Comerica to $95.00 in a research report on Friday. Wedbush raised their target price on Comerica from $89.00 to $94.00 and gave the stock an “outperform” rating in a research report on Thursday. Evercore ISI raised their target price on Comerica to $86.00 in a research report on Friday. Truist Financial reduced their price objective on Comerica from $103.00 to $98.00 and set a “buy” rating for the company in a research report on Wednesday, June 15th. Finally, JPMorgan Chase & Co. reduced their price objective on Comerica from $108.00 to $97.00 and set an “overweight” rating for the company in a research report on Friday, July 1st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $94.71.

Comerica Stock Performance

Shares of NYSE CMA opened at $78.00 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.84 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $10.20 billion, a price-to-earnings ratio of 11.39, a PEG ratio of 1.55 and a beta of 1.33. The stock’s fifty day simple moving average is $76.73 and its 200 day simple moving average is $86.18. Comerica has a 52-week low of $66.36 and a 52-week high of $102.09.

Comerica (NYSE:CMAGet Rating) last issued its earnings results on Wednesday, July 20th. The financial services provider reported $1.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.15. Comerica had a return on equity of 13.63% and a net margin of 30.42%. During the same period in the previous year, the business posted $2.32 EPS. As a group, sell-side analysts forecast that Comerica will post 8.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Comerica

A number of institutional investors have recently made changes to their positions in CMA. Bank of New York Mellon Corp increased its stake in Comerica by 59.8% during the first quarter. Bank of New York Mellon Corp now owns 4,758,239 shares of the financial services provider’s stock valued at $430,288,000 after acquiring an additional 1,780,121 shares during the period. Scout Investments Inc. bought a new position in Comerica during the first quarter valued at about $42,201,000. American Century Companies Inc. increased its stake in Comerica by 241.2% during the first quarter. American Century Companies Inc. now owns 574,658 shares of the financial services provider’s stock valued at $51,966,000 after acquiring an additional 406,258 shares during the period. BlackRock Inc. increased its stake in Comerica by 3.3% during the fourth quarter. BlackRock Inc. now owns 12,617,507 shares of the financial services provider’s stock valued at $1,097,721,000 after acquiring an additional 397,735 shares during the period. Finally, Vanguard Group Inc. increased its stake in Comerica by 2.4% during the first quarter. Vanguard Group Inc. now owns 15,871,102 shares of the financial services provider’s stock valued at $1,435,224,000 after acquiring an additional 366,188 shares during the period. 80.14% of the stock is currently owned by institutional investors.

Comerica Company Profile

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Comerica Incorporated, through its subsidiaries, provides various financial products and services. It 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, 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.

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