Wedbush Upgrades Comerica (NYSE:CMA) to Outperform

Comerica (NYSE:CMA) was upgraded by Wedbush from a “neutral” rating to an “outperform” rating in a note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has a $75.00 price target on the financial services provider’s stock, up from their prior price target of $52.00. Wedbush’s price target indicates a potential upside of 27.72% from the company’s current price. Wedbush also issued estimates for Comerica’s Q4 2024 earnings at $1.07 EPS.

Several other research firms have also recently commented on CMA. Royal Bank of Canada lowered their target price on shares of Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Barclays dropped their target price on Comerica from $59.00 to $56.00 and set an “underweight” rating for the company in a research note on Monday, July 22nd. Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $50.00 to $69.00 in a research note on Thursday, September 5th. Robert W. Baird dropped their price objective on shares of Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a research note on Thursday, June 20th. Finally, Piper Sandler increased their price objective on shares of Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $57.68.

Comerica Stock Down 2.9 %

CMA opened at $58.72 on Tuesday. The firm has a market cap of $7.79 billion, a P/E ratio of 11.67 and a beta of 1.23. The business’s fifty day simple moving average is $55.40 and its 200 day simple moving average is $52.82. Comerica has a 52 week low of $37.40 and a 52 week high of $61.84. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.30. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same period last year, the company earned $2.01 EPS. As a group, equities research analysts anticipate that Comerica will post 5.06 EPS for the current fiscal year.

Insider Buying and Selling

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the sale, the executive vice president now owns 27,910 shares in the company, valued at approximately $1,605,104.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

A number of hedge funds have recently made changes to their positions in CMA. Pitcairn Co. grew its holdings in Comerica by 2.9% during the 1st quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after acquiring an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Comerica by 19.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after buying an additional 199 shares during the last quarter. Texas Permanent School Fund Corp increased its holdings in Comerica by 0.7% in the first quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock valued at $1,498,000 after buying an additional 201 shares during the last quarter. Summit Securities Group LLC lifted its holdings in Comerica by 22.4% during the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after buying an additional 202 shares during the last quarter. Finally, UMB Bank n.a. grew its position in shares of Comerica by 39.3% in the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 208 shares in the last quarter. 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.