DA Davidson Issues Positive Forecast for Comerica (NYSE:CMA) Stock Price

Comerica (NYSE:CMA) had its price target increased by analysts at DA Davidson from $56.00 to $60.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s price target points to a potential downside of 7.34% from the stock’s current price.

Several other equities research analysts have also recently commented on the company. Royal Bank Of Canada cut their price target on Comerica from $75.00 to $65.00 and set an “outperform” rating for the company in a report on Tuesday, April 22nd. Truist Financial set a $61.00 price objective on Comerica and gave the company a “hold” rating in a report on Friday, June 13th. Jefferies Financial Group initiated coverage on shares of Comerica in a report on Wednesday, May 21st. They issued an “underperform” rating and a $47.00 target price for the company. JPMorgan Chase & Co. raised their price objective on shares of Comerica from $52.00 to $60.00 and gave the stock an “underweight” rating in a report on Tuesday, July 1st. Finally, Wells Fargo & Company decreased their price objective on Comerica from $67.00 to $55.00 and set an “equal weight” rating for the company in a report on Tuesday, April 22nd. Six investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $62.65.

Comerica Price Performance

Shares of NYSE:CMA traded down $0.57 during trading on Monday, reaching $64.75. The stock had a trading volume of 1,037,265 shares, compared to its average volume of 1,986,603. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.96 and a current ratio of 0.96. The business has a fifty day moving average price of $59.00 and a 200-day moving average price of $59.55. The stock has a market cap of $8.51 billion, a PE ratio of 12.40 and a beta of 0.92. Comerica has a 1-year low of $48.12 and a 1-year high of $73.45.

Comerica (NYSE:CMA) last issued its quarterly 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. The firm had revenue of $849.00 million for the quarter, compared to analyst estimates of $844.39 million. Comerica had a return on equity of 10.92% and a net margin of 14.92%. During the same period in the previous year, the company posted $1.49 earnings per share. On average, equities analysts forecast that Comerica will post 5.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Comerica

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Primecap Management Co. CA increased its position in shares of 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 in the last quarter. Norges Bank purchased a new stake in shares of Comerica in the fourth quarter worth approximately $64,150,000. Azora Capital LP lifted its position in shares of 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 purchasing an additional 663,513 shares in the last quarter. Kodai Capital Management LP bought a new position in Comerica during the first quarter valued at approximately $32,864,000. Finally, North Reef Capital Management LP boosted its holdings in Comerica by 15.7% in the fourth 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 in the last quarter. 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.