UBS Group Lowers Comerica (NYSE:CMA) Price Target to $55.00

Comerica (NYSE:CMA) had its target price reduced by research analysts at UBS Group from $59.00 to $55.00 in a report released on Friday, Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. UBS Group’s price target would indicate a potential upside of 6.57% from the stock’s previous close.

CMA has been the subject of a number of other reports. Morgan Stanley boosted their price objective on shares of Comerica from $45.00 to $54.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Jefferies Financial Group decreased their price objective on Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, April 8th. Truist Financial increased their target price on Comerica from $60.00 to $62.00 and gave the company a “buy” rating in a report on Monday, April 1st. Deutsche Bank Aktiengesellschaft started coverage on Comerica in a research note on Wednesday, April 10th. They issued a “hold” rating and a $59.00 price target on the stock. Finally, TheStreet upgraded shares of Comerica from a “c+” rating to a “b-” rating in a report on Tuesday, December 26th. Three research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $57.50.

Comerica Price Performance

Shares of Comerica stock traded up $0.95 on Friday, hitting $51.61. 442,098 shares of the company traded hands, compared to its average volume of 2,096,262. Comerica has a 12-month low of $28.40 and a 12-month high of $57.39. The firm’s 50-day simple moving average is $51.38 and its 200 day simple moving average is $49.15. The company has a market cap of $6.84 billion, a P/E ratio of 8.01 and a beta of 1.27. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.03.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.16. Comerica had a return on equity of 19.41% and a net margin of 16.71%. During the same quarter last year, the company earned $2.39 earnings per share. Analysts expect that Comerica will post 5.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Wendy Bridges sold 3,034 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $52.74, for a total transaction of $160,013.16. Following the sale, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at $920,840.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Cassandra M. Mckinney sold 1,616 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $54.64, for a total value of $88,298.24. Following the sale, the executive vice president now owns 8,314 shares in the company, valued at $454,276.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the transaction, the executive vice president now owns 17,460 shares in the company, valued at $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. First Trust Advisors LP increased its holdings in Comerica by 1,192.2% during the first quarter. First Trust Advisors LP now owns 3,878,506 shares of the financial services provider’s stock valued at $168,405,000 after buying an additional 3,578,355 shares during the last quarter. Norges Bank purchased a new position in Comerica during the fourth quarter valued at $113,763,000. BlackRock Inc. grew its holdings in Comerica by 9.4% during the first quarter. BlackRock Inc. now owns 13,313,998 shares of the financial services provider’s stock valued at $578,094,000 after purchasing an additional 1,145,951 shares during the period. Azora Capital LP purchased a new stake in Comerica in the fourth quarter worth about $63,548,000. Finally, Vaughan Nelson Investment Management L.P. raised its stake in shares of Comerica by 129.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,930,045 shares of the financial services provider’s stock worth $107,716,000 after buying an additional 1,088,330 shares during the period. 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.