Comerica (NYSE:CMA) Coverage Initiated by Analysts at TD Cowen

Key Points

• TD Cowen has initiated coverage on Comerica (NYSE:CMA) with a "hold" rating and a price target of $75.00, indicating an upside potential of 8.74% from the current price.
• Comerica recently reported $1.42 EPS for the quarter, exceeding analysts' estimates, with total revenue of $849 million.
• Insider trading activity included sales by key executives, with James Mcgregor Carr selling 4,000 shares at an average price of $67.28, reducing his position by 10.67%.

Equities researchers at TD Cowen began coverage on shares of Comerica (NYSE:CMA - Get Free Report) in a note issued to investors on Thursday. The firm set a "hold" rating and a $75.00 price target on the financial services provider's stock. TD Cowen's price target indicates a potential upside of 8.74% from the company's current price.

Several other analysts also recently issued reports on CMA. Raymond James Financial reiterated a "market perform" rating on shares of Comerica in a report on Tuesday, July 8th. Citigroup raised their target price on Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Piper Sandler increased their price target on shares of Comerica from $60.00 to $65.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. DA Davidson set a $60.00 target price on shares of Comerica and gave the stock a "neutral" rating in a report on Monday, July 21st. Finally, Jefferies Financial Group raised their target price on shares of Comerica from $70.00 to $75.00 and gave the stock a "hold" rating in a report on Wednesday, September 3rd. Four investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $65.10.

Comerica Trading Up 0.3%

Shares of CMA opened at $68.97 on Thursday. The company has a market capitalization of $8.86 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 12.35 and a beta of 0.97. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a fifty day moving average of $68.28 and a two-hundred day moving average of $60.94. Comerica has a fifty-two week low of $48.12 and a fifty-two week high of $73.45.

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

Insider Activity at Comerica

In other Comerica news, insider James Mcgregor Carr sold 4,000 shares of Comerica 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 transaction, the insider directly owned 33,471 shares in the company, valued at approximately $2,251,928.88. The trade was a 10.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Allysun C. Fleming sold 2,100 shares of Comerica stock in a transaction 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 sale, the executive vice president directly owned 9,424 shares of the company's stock, valued at $631,690.72. This trade represents a 18.22% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.19% of the company's stock.

Institutional Investors Weigh In On Comerica

Several institutional investors and hedge funds have recently modified their holdings of the business. Texas Permanent School Fund Corp grew its position in shares of Comerica by 12.7% in the second quarter. Texas Permanent School Fund Corp now owns 72,783 shares of the financial services provider's stock valued at $4,342,000 after purchasing an additional 8,189 shares during the last quarter. Osaic Holdings Inc. increased its stake in Comerica by 4.3% in the second quarter. Osaic Holdings Inc. now owns 17,251 shares of the financial services provider's stock valued at $1,031,000 after acquiring an additional 718 shares during the period. Centaurus Financial Inc. bought a new stake in Comerica in the second quarter valued at about $104,000. Orion Porfolio Solutions LLC bought a new stake in Comerica in the second quarter valued at about $228,000. Finally, Rexford Capital Inc. bought a new stake in Comerica in the second quarter valued at about $324,000. 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.

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