Evercore ISI Issues Positive Forecast for Comerica (NYSE:CMA) Stock Price

Comerica (NYSE:CMA) had its price target upped by equities researchers at Evercore ISI from $64.00 to $69.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has an “in-line” rating on the financial services provider’s stock. Evercore ISI’s price objective points to a potential upside of 7.26% from the company’s previous close.

Other research analysts have also issued research reports about the company. Piper Sandler lifted their price target on Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Royal Bank of Canada dropped their target price on Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Wells Fargo & Company raised their price target on Comerica from $43.00 to $51.00 and gave the stock an “underweight” rating in a research report on Monday, October 21st. Raymond James upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a research report on Tuesday, July 2nd. Finally, JPMorgan Chase & Co. raised their target price on shares of Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $62.81.

Comerica Price Performance

Shares of NYSE CMA traded up $1.61 during midday trading on Wednesday, reaching $64.33. 545,348 shares of the stock traded hands, compared to its average volume of 2,148,565. The company’s 50 day moving average is $58.96 and its 200 day moving average is $54.25. Comerica has a one year low of $38.43 and a one year high of $66.06. 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 stock has a market capitalization of $8.53 billion, a PE ratio of 12.82 and a beta of 1.23.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $806.49 million. During the same quarter in the prior year, the firm earned $1.84 earnings per share. On average, equities research analysts anticipate that Comerica will post 5.12 earnings per share for the current year.

Insider Transactions at Comerica

In related news, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction of $470,480.80. Following the completion of the sale, the executive vice president now owns 16,428 shares of the company’s stock, valued at $1,021,821.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP James Harry Weber sold 6,500 shares of the business’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the sale, the executive vice president now owns 15,773 shares in the company, valued at approximately $997,326.79. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction of $470,480.80. Following the completion of the transaction, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at $1,021,821.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,609 shares of company stock valued at $1,027,839 in the last 90 days. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. V Square Quantitative Management LLC purchased a new stake in shares of Comerica during the third quarter valued at $36,000. Family Firm Inc. purchased a new stake in Comerica during the 2nd quarter valued at about $37,000. UMB Bank n.a. increased its holdings in shares of Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 208 shares during the period. Versant Capital Management Inc raised its stake in shares of Comerica by 2,723.3% in the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 817 shares during the last quarter. Finally, Abich Financial Wealth Management LLC lifted its holdings in shares of Comerica by 50.2% during the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 300 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

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.