Truist Financial Issues Positive Forecast for Comerica (NYSE:CMA) Stock Price

Key Points

• Truist Financial raised its price target for Comerica (NYSE:CMA) from $68.00 to $70.00, indicating a potential downside of 0.85% based on the stock’s previous close.
• Comerica's share prices increased by $1.14 on Friday, reaching $70.60, with a significant trading volume of 856,293 shares.
• Five analysts recommend a Buy rating for Comerica's stock, while twelve suggest a Hold rating, leading to a consensus target price of $65.10.

Comerica (NYSE:CMA - Get Free Report) had its price objective raised by stock analysts at Truist Financial from $68.00 to $70.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "hold" rating on the financial services provider's stock. Truist Financial's price target would indicate a potential downside of 0.85% from the stock's previous close.

Several other analysts have also issued reports on CMA. Jefferies Financial Group increased their price target on shares of Comerica from $70.00 to $75.00 and gave the stock a "hold" rating in a research report on Wednesday, September 3rd. 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 price target on shares of Comerica and gave the stock a "neutral" rating in a research report on Monday, July 21st. Keefe, Bruyette & Woods increased their price target on shares of Comerica from $69.00 to $73.00 and gave the stock an "outperform" rating in a research report on Monday, July 21st. Finally, Stephens reiterated an "equal weight" rating on shares of Comerica in a research report on Monday, July 21st. Five analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $65.10.

Comerica Stock Performance

Shares of NYSE:CMA traded up $1.14 on Friday, reaching $70.60. 856,293 shares of the company's stock were exchanged, compared to its average volume of 1,961,951. The company has a fifty day moving average of $67.14 and a 200-day moving average of $60.46. Comerica has a twelve month low of $48.12 and a twelve month high of $73.45. The company has a market capitalization of $9.07 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 12.46 and a beta of 0.97. The company has a current ratio of 0.96, a quick 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 analysts' consensus estimates of $1.23 by $0.19. Comerica had a net margin of 14.92% and a return on equity of 10.92%. The firm had revenue of $849.00 million for the quarter, compared to analyst estimates of $844.39 million. During the same quarter in the prior year, the business posted $1.49 EPS. On average, research analysts predict that Comerica will post 5.28 EPS for the current fiscal year.

Insider Buying and Selling at Comerica

In other news, EVP Allysun C. Fleming sold 2,100 shares of the firm's 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 completion of the transaction, the executive vice president owned 9,424 shares of the company's stock, valued at approximately $631,690.72. This trade represents a 18.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Mcgregor Carr sold 4,000 shares of the firm's stock in a transaction 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 of the company's stock, valued at $2,251,928.88. The trade was a 10.67% 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 Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Norges Bank bought a new stake in Comerica in the second quarter worth about $97,138,000. Primecap Management Co. CA raised its position 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 worth $98,637,000 after acquiring an additional 1,162,110 shares during the period. Azora Capital LP raised its position in Comerica by 53.7% in the first quarter. Azora Capital LP now owns 1,899,198 shares of the financial services provider's stock worth $112,167,000 after acquiring an additional 663,513 shares during the period. Kodai Capital Management LP bought a new stake in Comerica in the first quarter worth about $32,864,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Comerica in the second quarter worth about $31,365,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

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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