Comerica (NYSE:CMA) was upgraded by equities research analysts at Truist Securities from a “hold” rating to a “buy” rating in a report released on Monday, Benzinga reports. The brokerage currently has a $100.00 price objective on the financial services provider’s stock, up from their previous price objective of $72.00. Truist Securities’ target price suggests a potential upside of 26.15% from the stock’s current price.
Other equities analysts have also issued research reports about the company. Zacks Investment Research lowered Comerica from a “buy” rating to a “hold” rating and set a $76.00 price target for the company. in a research report on Tuesday, March 9th. Truist upgraded shares of Comerica from a “hold” rating to a “buy” rating and upped their target price for the stock from $72.00 to $100.00 in a research note on Tuesday, May 11th. Citigroup raised shares of Comerica from a “neutral” rating to a “buy” rating and raised their price target for the company from $65.00 to $90.00 in a research report on Thursday, April 29th. Stephens upped their price objective on Comerica from $74.00 to $82.00 and gave the company an “overweight” rating in a research report on Tuesday, March 30th. Finally, Morgan Stanley boosted their price target on Comerica from $73.00 to $79.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 5th. Five equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. Comerica currently has a consensus rating of “Hold” and an average price target of $69.24.
Shares of NYSE CMA opened at $79.27 on Monday. The company has a 50 day simple moving average of $72.65 and a two-hundred day simple moving average of $62.22. Comerica has a fifty-two week low of $29.89 and a fifty-two week high of $79.84. The company has a market capitalization of $11.07 billion, a price-to-earnings ratio of 21.88 and a beta of 1.67. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.97 and a current ratio of 0.97.
Comerica announced that its board has approved a stock repurchase program on Tuesday, April 27th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
In other Comerica news, EVP James Harry Weber sold 3,800 shares of the firm’s stock in a transaction that occurred on Thursday, April 29th. The shares were sold at an average price of $75.00, for a total transaction of $285,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Christine M. Moore sold 3,000 shares of Comerica stock in a transaction that occurred on Tuesday, February 23rd. The shares were sold at an average price of $68.67, for a total transaction of $206,010.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,600 shares of company stock worth $848,186. 0.55% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. lifted its stake in shares of Comerica by 2.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 813,929 shares of the financial services provider’s stock valued at $58,392,000 after buying an additional 17,510 shares in the last quarter. Gabelli Funds LLC bought a new stake in Comerica during the first quarter valued at about $230,000. Krane Funds Advisors LLC purchased a new position in shares of Comerica in the first quarter valued at about $452,000. AGF Investments LLC boosted its stake in shares of Comerica by 69.9% in the first quarter. AGF Investments LLC now owns 576 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 237 shares during the period. Finally, Public Employees Retirement System of Ohio grew its position in shares of Comerica by 5.8% during the first quarter. Public Employees Retirement System of Ohio now owns 79,924 shares of the financial services provider’s stock worth $5,734,000 after purchasing an additional 4,413 shares in the last quarter. 78.17% of the stock is owned by hedge funds and other institutional investors.
Comerica Company Profile
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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