Comerica (NYSE:CMA) PT Raised to $82.00 at DA Davidson

Comerica (NYSE:CMAGet Rating) had its price objective increased by DA Davidson from $80.00 to $82.00 in a note issued to investors on Friday, The Fly reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. DA Davidson’s price target would suggest a potential upside of 18.62% from the company’s previous close. DA Davidson also issued estimates for Comerica’s FY2023 earnings at $9.59 EPS.

Several other research analysts also recently weighed in on CMA. Citigroup cut their price target on Comerica from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, December 6th. Barclays dropped their price objective on Comerica from $87.00 to $85.00 and set an “underweight” rating on the stock in a report on Tuesday, January 3rd. Keefe, Bruyette & Woods cut Comerica from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $105.00 to $80.00 in a report on Monday, December 12th. Raymond James raised Comerica from a “market perform” rating to an “outperform” rating and set a $85.00 price target on the stock in a report on Monday, November 21st. Finally, JPMorgan Chase & Co. lowered their price target on Comerica from $80.00 to $72.00 and set an “overweight” rating on the stock in a report on Tuesday, December 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $83.74.

Comerica Trading Down 1.0 %

NYSE CMA opened at $69.13 on Friday. The firm has a market capitalization of $9.05 billion, a P/E ratio of 9.16, a PEG ratio of 1.77 and a beta of 1.18. The business has a fifty day simple moving average of $67.91 and a 200 day simple moving average of $73.37. Comerica has a 12 month low of $62.83 and a 12 month high of $102.09. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65.

Comerica (NYSE:CMAGet Rating) last announced its quarterly earnings data on Thursday, January 19th. The financial services provider reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.56 by $0.02. Comerica had a return on equity of 16.56% and a net margin of 30.73%. During the same period in the prior year, the firm posted $1.66 earnings per share. On average, analysts predict that Comerica will post 8.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Comerica

Hedge funds and other institutional investors have recently modified their holdings of the business. Assenagon Asset Management S.A. grew its stake in Comerica by 152.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 894,604 shares of the financial services provider’s stock worth $59,804,000 after purchasing an additional 539,649 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Comerica by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 15,871,102 shares of the financial services provider’s stock valued at $1,435,224,000 after purchasing an additional 366,188 shares during the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Comerica during the 3rd quarter valued at $23,743,000. Cubist Systematic Strategies LLC raised its stake in Comerica by 1,977.2% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 307,091 shares of the financial services provider’s stock worth $21,834,000 after acquiring an additional 292,307 shares during the last quarter. Finally, State Street Corp raised its stake in Comerica by 3.9% in the 3rd quarter. State Street Corp now owns 7,675,947 shares of the financial services provider’s stock worth $550,764,000 after acquiring an additional 284,884 shares during the last quarter. 81.91% of the stock is currently owned by hedge funds and other 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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