Comerica (NYSE:CMA) Upgraded 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 analysts at Jefferies Financial Group from an "underperform" rating to a "hold" rating in a research report issued to clients and investors on Wednesday, Marketbeat reports. The brokerage currently has a $70.00 target price on the financial services provider's stock, up from their prior target price of $50.00. Jefferies Financial Group's price target would suggest a potential upside of 4.79% from the company's current price.

CMA has been the topic of a number of other reports. Wells Fargo & Company dropped their price objective on shares of Comerica from $67.00 to $55.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. upped their price target on Comerica from $52.00 to $60.00 and gave the company an "underweight" rating in a research report on Tuesday, July 1st. The Goldman Sachs Group decreased their price target on shares of Comerica from $66.00 to $57.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd. Stephens reissued an "equal weight" rating on shares of Comerica in a research note on Monday, July 21st. Finally, Raymond James Financial restated a "market perform" rating on shares of Comerica in a report on Tuesday, July 8th. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $64.40.

Comerica Trading Up 1.2%

NYSE CMA traded up $0.79 during trading hours on Wednesday, hitting $66.80. The company's stock had a trading volume of 1,249,938 shares, compared to its average volume of 2,893,904. 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 twelve month low of $48.12 and a twelve month high of $73.45. The stock has a fifty day moving average of $61.87 and a 200 day moving average of $59.96. The firm has a market capitalization of $8.59 billion, a P/E ratio of 12.80, a PEG ratio of 12.06 and a beta of 0.94.

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 for the quarter, beating analysts' consensus estimates of $1.23 by $0.19. The business had revenue of $849.00 million for the quarter, compared to analysts' expectations of $844.39 million. Comerica had a return on equity of 10.92% and a net margin of 14.92%. During the same quarter in the prior year, the business earned $1.49 EPS. Equities research analysts forecast that Comerica will post 5.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Comerica

Large investors have recently bought and sold shares of the stock. Primecap Management Co. CA boosted its holdings in Comerica by 228.8% in the first quarter. Primecap Management Co. CA now owns 1,670,110 shares of the financial services provider's stock valued at $98,637,000 after purchasing an additional 1,162,110 shares during the last quarter. Azora Capital LP lifted its position in Comerica by 53.7% in the 1st quarter. Azora Capital LP now owns 1,899,198 shares of the financial services provider's stock valued at $112,167,000 after purchasing an additional 663,513 shares during the last quarter. Kodai Capital Management LP bought a new stake in Comerica during the 1st quarter valued at $32,864,000. North Reef Capital Management LP grew its position in Comerica by 15.7% in the 4th quarter. North Reef Capital Management LP now owns 4,050,000 shares of the financial services provider's stock valued at $250,492,000 after buying an additional 550,000 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in shares of Comerica by 548.9% in the 4th quarter. Canada Pension Plan Investment Board now owns 642,400 shares of the financial services provider's stock worth $39,732,000 after buying an additional 543,400 shares in the last quarter. Hedge funds and other 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.