Piper Sandler Forecasts Strong Price Appreciation for Comerica (NYSE:CMA) Stock

Comerica (NYSE:CMA - Get Free Report) had its target price upped by research analysts at Piper Sandler from $60.00 to $65.00 in a report issued on Monday,Benzinga reports. The firm presently has a "neutral" rating on the financial services provider's stock. Piper Sandler's target price would indicate a potential upside of 0.25% from the stock's current price.

Several other brokerages also recently weighed in on CMA. Morgan Stanley downgraded Comerica from an "equal weight" rating to an "underweight" rating and cut their target price for the company from $63.00 to $55.00 in a research note on Monday, April 7th. Citigroup lifted their price target on Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. UBS Group upgraded Comerica from a "sell" rating to a "neutral" rating and set a $59.00 price target on the stock in a research report on Thursday, April 10th. Robert W. Baird lowered their price target on Comerica from $80.00 to $75.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. lifted 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. Six equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $63.00.

Comerica Stock Performance

Shares of CMA traded down $0.48 during mid-day trading on Monday, hitting $64.84. The stock had a trading volume of 564,192 shares, compared to its average volume of 1,899,810. The company has a market cap of $8.52 billion, a PE ratio of 12.42 and a beta of 0.92. The company's fifty day simple moving average is $59.00 and its two-hundred day simple moving average is $59.55. 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 fifty-two week low of $48.12 and a fifty-two week high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly 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. The business had revenue of $849.00 million for 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 quarter last year, the business posted $1.49 EPS. On average, equities analysts expect that Comerica will post 5.28 earnings per share for the current year.

Institutional Investors Weigh In On Comerica

Several large investors have recently modified their holdings of CMA. Primecap Management Co. CA boosted its position in Comerica by 228.8% in the 1st quarter. Primecap Management Co. CA now owns 1,670,110 shares of the financial services provider's stock valued at $98,637,000 after buying an additional 1,162,110 shares during the last quarter. Norges Bank bought a new position in Comerica in the 4th quarter valued at $64,150,000. Azora Capital LP boosted 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 buying an additional 663,513 shares during the last quarter. Kodai Capital Management LP bought a new position in shares of Comerica in the 1st quarter worth $32,864,000. Finally, North Reef Capital Management LP boosted its position in shares of 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 worth $250,492,000 after purchasing an additional 550,000 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors.

Comerica Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.