Piper Sandler Forecasts Strong Price Appreciation for Comerica (NYSE:CMA) Stock

Comerica (NYSE:CMA) had its target price upped by analysts at Piper Sandler from $57.00 to $60.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective indicates a potential upside of 4.49% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on the company. JPMorgan Chase & Co. downgraded Comerica from a “neutral” rating to an “underweight” rating and reduced their price target for the stock from $64.00 to $52.00 in a research report on Tuesday, April 22nd. Keefe, Bruyette & Woods dropped their price target on Comerica from $77.00 to $68.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. Robert W. Baird lowered their target price on Comerica from $80.00 to $75.00 and set an “outperform” rating for the company in a research report on Tuesday, April 22nd. Jefferies Financial Group initiated coverage on Comerica in a research report on Wednesday, May 21st. They issued an “underperform” rating and a $47.00 price objective for the company. Finally, Royal Bank of Canada lowered their price objective on Comerica from $75.00 to $65.00 and set an “outperform” rating for the company in a research report on Tuesday, April 22nd. Six analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Comerica currently has an average rating of “Hold” and an average price target of $61.74.

Comerica Stock Down 0.9%

CMA stock opened at $57.42 on Wednesday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $7.55 billion, a P/E ratio of 11.44 and a beta of 0.92. The business has a 50-day moving average of $55.41 and a 200-day moving average of $60.67. Comerica has a fifty-two week low of $45.86 and a fifty-two week high of $73.45.

Comerica (NYSE:CMA) last released its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.11. Comerica had a return on equity of 12.04% and a net margin of 13.98%. The firm had revenue of $829.00 million for the quarter, compared to analyst estimates of $839.31 million. During the same quarter in the prior year, the company earned $1.29 earnings per share. On average, sell-side analysts anticipate that Comerica will post 5.28 earnings per share for the current fiscal year.

Institutional Trading of Comerica

A number of institutional investors have recently modified their holdings of CMA. MorganRosel Wealth Management LLC bought a new position in Comerica in the first quarter worth about $33,000. Gen Wealth Partners Inc purchased a new position in shares of Comerica during the 1st quarter worth $34,000. Geneos Wealth Management Inc. lifted its stake in shares of Comerica by 41.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider’s stock valued at $35,000 after buying an additional 176 shares in the last quarter. V Square Quantitative Management LLC increased its holdings in Comerica by 36.7% in the 4th quarter. V Square Quantitative Management LLC now owns 824 shares of the financial services provider’s stock valued at $51,000 after acquiring an additional 221 shares during the last quarter. Finally, Quarry LP increased its holdings in Comerica by 152.0% in the 4th quarter. Quarry LP now owns 867 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 523 shares during the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Company Profile

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.