Truist Financial Lowers Comerica (NYSE:CMA) Price Target to $60.00

Comerica (NYSE:CMA) had its price target cut by equities researchers at Truist Financial from $62.00 to $60.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective indicates a potential upside of 16.37% from the stock’s previous close.

Several other equities research analysts also recently weighed in on CMA. Bank Of America (Bofa) raised their price target on Comerica from $52.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, January 18th. UBS Group lowered their price target on Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a report on Friday. DA Davidson reissued a “neutral” rating and issued a $56.00 price target on shares of Comerica in a report on Wednesday, March 6th. Royal Bank of Canada raised their price target on Comerica from $61.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Barclays lifted their target price on Comerica from $49.00 to $59.00 and gave the stock an “underweight” rating in a report on Tuesday, January 2nd. Three analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Comerica presently has a consensus rating of “Hold” and an average target price of $56.93.

Comerica Price Performance

CMA opened at $51.56 on Monday. The business’s 50-day moving average is $51.38 and its two-hundred day moving average is $49.36. Comerica has a 1 year low of $28.40 and a 1 year high of $57.39. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.94. The firm has a market capitalization of $6.83 billion, a PE ratio of 10.25 and a beta of 1.27.

Comerica (NYSE:CMA) last posted its earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same quarter in the previous year, the firm earned $2.39 earnings per share. Research analysts anticipate that Comerica will post 5.09 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the sale, the executive vice president now directly owns 17,460 shares in the company, valued at $920,840.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the sale, the executive vice president now directly owns 17,460 shares in the company, valued at $920,840.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $54.64, for a total value of $88,298.24. Following the completion of the sale, the executive vice president now owns 8,314 shares of the company’s stock, valued at $454,276.96. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

Large investors have recently made changes to their positions in the company. Spire Wealth Management increased its position in shares of Comerica by 95.9% during the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 235 shares in the last quarter. Quarry LP purchased a new stake in shares of Comerica during the fourth quarter worth approximately $26,000. Chilton Capital Management LLC purchased a new stake in shares of Comerica during the first quarter worth approximately $28,000. Fortitude Family Office LLC purchased a new stake in shares of Comerica during the fourth quarter worth approximately $36,000. Finally, Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Comerica during the fourth quarter worth approximately $36,000. 80.74% of the stock is currently 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.