Morgan Stanley Has Lowered Expectations for Comerica (NYSE:CMA) Stock Price

Comerica (NYSE:CMA) had its price target lowered by stock analysts at Morgan Stanley from $71.00 to $63.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 9.68% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. Barclays upped their price objective on shares of Comerica from $66.00 to $68.00 and gave the stock an “underweight” rating in a research report on Monday, January 6th. Royal Bank of Canada lowered their price objective on Comerica from $78.00 to $76.00 and set an “outperform” rating on the stock in a report on Thursday, January 23rd. JPMorgan Chase & Co. dropped their target price on Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Compass Point lifted their price target on Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, Piper Sandler increased their price objective on Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $68.29.

Comerica Stock Performance

NYSE CMA traded down $0.31 during trading on Thursday, reaching $57.44. The company’s stock had a trading volume of 505,354 shares, compared to its average volume of 2,127,818. Comerica has a twelve month low of $45.32 and a twelve month high of $73.45. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of 11.44 and a beta of 1.23. The business’s fifty day moving average price is $63.99 and its 200-day moving average price is $63.34. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97.

Comerica (NYSE:CMA) last announced its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.05). Comerica had a net margin of 13.98% and a return on equity of 12.04%. During the same period in the previous year, the company earned $1.46 earnings per share. As a group, analysts anticipate that Comerica will post 5.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CMA. JPMorgan Chase & Co. grew its position in shares of Comerica by 134.0% in the third quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock valued at $51,309,000 after purchasing an additional 490,468 shares during the period. Oppenheimer & Co. Inc. grew its holdings in Comerica by 158.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock valued at $1,218,000 after buying an additional 12,454 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Comerica by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock worth $257,975,000 after acquiring an additional 226,285 shares during the period. Citigroup Inc. boosted its position in shares of Comerica by 390.6% in the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after acquiring an additional 606,375 shares during the last quarter. Finally, Petiole USA ltd grew its holdings in Comerica by 164.7% in the third quarter. Petiole USA ltd now owns 57,855 shares of the financial services provider’s stock valued at $3,466,000 after purchasing an additional 36,000 shares during the period. 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.