Comerica (NYSE:CMA) Raised to "Hold" at Jefferies Financial Group

Key Points

• Comerica has been upgraded from an "underperform" to a "hold" rating by Jefferies Financial Group, with a target price of $70.00 indicating a potential upside of 3.63% from the previous close.
• Comerica reported $1.42 EPS in its latest quarterly earnings, surpassing analyst expectations by $0.19 and achieving a revenue of $849 million.
• Analyst ratings for Comerica are mixed, with 12 holding, 5 buying, and 5 selling, indicating a general consensus of a "hold" rating based on an average target price of $64.40.

Comerica (NYSE:CMA - Get Free Report) was upgraded by investment analysts at Jefferies Financial Group from an "underperform" rating to a "hold" rating in a report issued on Wednesday, MarketBeat Ratings reports. The firm currently has a $70.00 price target on the financial services provider's stock, up from their prior price target of $50.00. Jefferies Financial Group's price target points to a potential upside of 4.79% from the company's previous close.

Several other research analysts have also issued reports on CMA. Raymond James Financial reissued a "market perform" rating on shares of Comerica in a research report on Tuesday, July 8th. Piper Sandler upped their price target on Comerica from $60.00 to $65.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. JPMorgan Chase & Co. upped their price target on Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Robert W. Baird cut their price target on Comerica from $80.00 to $75.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Finally, Keefe, Bruyette & Woods upped their price target on Comerica from $69.00 to $73.00 and gave the stock an "outperform" rating in a research note on Monday, July 21st. Five investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $64.40.

Comerica Stock Up 1.2%

Shares of NYSE:CMA traded up $0.79 during trading on Wednesday, hitting $66.80. The stock had a trading volume of 1,249,938 shares, compared to its average volume of 2,893,904. Comerica has a 12 month low of $48.12 and a 12 month high of $73.45. The company has a market capitalization of $8.59 billion, a PE ratio of 12.80, a PEG ratio of 11.91 and a beta of 0.94. The firm's fifty day moving average is $61.87 and its 200 day moving average is $59.98. 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 (NYSE:CMA - Get Free Report) last announced its earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.19. Comerica had a return on equity of 10.92% and a net margin of 14.92%. The firm had revenue of $849.00 million during the quarter, compared to analyst estimates of $844.39 million. During the same quarter in the prior year, the company earned $1.49 EPS. Analysts anticipate that Comerica will post 5.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Comerica

A number of institutional investors and hedge funds have recently modified their holdings of CMA. MorganRosel Wealth Management LLC bought a new position in Comerica in the 1st quarter worth $33,000. Gen Wealth Partners Inc bought a new position in Comerica in the 1st quarter worth $34,000. FNY Investment Advisers LLC bought a new position in Comerica in the 2nd quarter worth $35,000. Geneos Wealth Management Inc. raised its holdings in Comerica by 41.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider's stock worth $35,000 after purchasing an additional 176 shares during the period. Finally, Quarry LP raised its holdings in Comerica by 152.0% during the fourth quarter. Quarry LP now owns 867 shares of the financial services provider's stock valued at $54,000 after acquiring an additional 523 shares during the period. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

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.