Comerica (NYSE:CMA) PT Raised to $61.00

Comerica (NYSE:CMA) had its target price lifted by analysts at Morgan Stanley from $50.00 to $61.00 in a report released on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price indicates a potential upside of 17.56% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Barclays reduced their price objective on Comerica from $59.00 to $56.00 and set an “underweight” rating for the company in a report on Monday, July 22nd. Jefferies Financial Group cut their price target on Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, April 8th. The Goldman Sachs Group cut their price target on Comerica from $69.00 to $62.00 and set a “buy” rating for the company in a report on Tuesday, June 4th. UBS Group cut their price target on Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Finally, JPMorgan Chase & Co. cut their price target on Comerica from $62.00 to $57.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Comerica currently has a consensus rating of “Hold” and an average target price of $55.45.

Comerica Price Performance

Shares of CMA traded down $0.16 during mid-day trading on Monday, hitting $51.89. The company’s stock had a trading volume of 1,642,704 shares, compared to its average volume of 2,267,633. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 1.23. The firm has a 50-day simple moving average of $50.70 and a 200 day simple moving average of $51.56. The firm has a market capitalization of $6.88 billion, a P/E ratio of 10.33 and a beta of 1.25. Comerica has a 1-year low of $37.40 and a 1-year high of $58.50.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.30. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same period in the previous year, the firm posted $2.01 earnings per share. Analysts predict that Comerica will post 5.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Comerica

Institutional investors and hedge funds have recently modified their holdings of the stock. Entropy Technologies LP acquired a new position in shares of Comerica in the first quarter worth about $1,764,000. Avaii Wealth Management LLC acquired a new position in shares of Comerica in the fourth quarter worth about $679,000. NewEdge Wealth LLC acquired a new position in shares of Comerica in the fourth quarter worth about $10,068,000. Aigen Investment Management LP acquired a new position in shares of Comerica in the fourth quarter worth about $891,000. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Comerica by 1.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 47,903 shares of the financial services provider’s stock worth $2,673,000 after acquiring an additional 501 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.