Cantor Fitzgerald Begins Coverage on Comerica (NYSE:CMA)

Key Points

• Cantor Fitzgerald has upgraded Comerica (NYSE:CMA) to a "hold" rating, reflecting the investment analysts' updated assessment of the stock's performance.
• Comerica's target price has been raised by various analysts, with Piper Sandler setting it at $65.00 and Keefe, Bruyette & Woods at $73.00, indicating positive sentiment among market experts.
• Recent earnings results show Comerica exceeding analysts' expectations with an earnings per share of $1.42 compared to the consensus estimate of $1.23, alongside a revenue of $849 million.

Analysts at Cantor Fitzgerald initiated coverage on shares of Comerica (NYSE:CMA - Get Free Report) in a report released on Tuesday, Marketbeat.com reports. The firm set a "neutral" rating and a $72.00 price target on the financial services provider's stock. Cantor Fitzgerald's target price would suggest a potential upside of 4.04% from the stock's previous close.

CMA has been the subject of several other reports. UBS Group set a $64.00 price objective on shares of Comerica and gave the company a "neutral" rating in a research note on Monday, July 21st. Raymond James Financial reaffirmed a "market perform" rating on shares of Comerica in a research note on Tuesday, July 8th. Piper Sandler upped their price objective on shares of Comerica from $60.00 to $65.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. JPMorgan Chase & Co. upped their price objective on shares of Comerica from $52.00 to $60.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. Finally, DA Davidson set a $60.00 price objective on shares of Comerica and gave the company a "neutral" rating in a research note on Monday, July 21st. Five research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $65.00.

Comerica Stock Performance

NYSE CMA opened at $69.21 on Tuesday. The company has a 50-day simple moving average of $67.03 and a two-hundred day simple moving average of $60.43. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84. Comerica has a 12-month low of $48.12 and a 12-month high of $73.45. The firm has a market cap of $8.89 billion, a price-to-earnings ratio of 13.26, a PEG ratio of 12.46 and a beta of 0.97.

Comerica (NYSE:CMA - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.19. Comerica had a net margin of 14.92% and a return on equity of 10.92%. The business had revenue of $849.00 million during the quarter, compared to analyst estimates of $844.39 million. During the same period in the prior year, the business posted $1.49 earnings per share. On average, equities analysts forecast that Comerica will post 5.28 EPS for the current year.

Insider Buying and Selling

In other Comerica news, insider James Mcgregor Carr sold 4,000 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $67.28, for a total transaction of $269,120.00. Following the completion of the transaction, the insider owned 33,471 shares of the company's stock, valued at approximately $2,251,928.88. This trade represents a 10.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Allysun C. Fleming sold 2,100 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $67.03, for a total transaction of $140,763.00. Following the transaction, the executive vice president directly owned 9,424 shares of the company's stock, valued at $631,690.72. This represents a 18.22% decrease in their position. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Comerica

Institutional investors and hedge funds have recently made changes to their positions in the company. MorganRosel Wealth Management LLC bought a new stake in shares of Comerica during the first quarter valued at approximately $33,000. Gen Wealth Partners Inc bought a new stake in shares of Comerica during the first quarter valued at approximately $34,000. Geneos Wealth Management Inc. increased its position in shares of Comerica by 41.8% during the first quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 176 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of Comerica during the second quarter valued at approximately $35,000. Finally, Employees Retirement System of Texas bought a new stake in shares of Comerica during the second quarter valued at approximately $48,000. Institutional investors 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.