Morgan Stanley Increases Comerica (NYSE:CMA) Price Target to $63.00

Comerica (NYSE:CMA) had its target price hoisted by Morgan Stanley from $61.00 to $63.00 in a report released on Monday, Benzinga reports. The firm currently has an equal weight rating on the financial services provider’s stock.

Several other equities analysts also recently commented on CMA. The Goldman Sachs Group lowered their price target on Comerica from $69.00 to $62.00 and set a buy rating on the stock in a report on Tuesday, June 4th. Robert W. Baird lowered their price target on Comerica from $72.00 to $68.00 and set an outperform rating on the stock in a report on Thursday, June 20th. Raymond James upgraded Comerica from a market perform rating to an outperform rating and set a $60.00 price target on the stock in a report on Tuesday, July 2nd. Royal Bank of Canada lowered their price objective on shares of Comerica from $58.00 to $56.00 and set an outperform rating on the stock in a research note on Monday, July 22nd. Finally, Evercore ISI lowered their price objective on shares of Comerica from $58.00 to $54.00 and set an in-line rating on the stock in a research note on Tuesday, June 25th. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Comerica currently has an average rating of Hold and a consensus price target of $58.81.

Comerica Trading Down 0.4 %

NYSE:CMA opened at $58.12 on Monday. The stock’s 50 day moving average price is $56.08 and its 200 day moving average price is $53.11. Comerica has a 52 week low of $37.40 and a 52 week high of $61.84. The company has a market capitalization of $7.71 billion, a P/E ratio of 11.55 and a beta of 1.23. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. During the same quarter last year, the company posted $2.01 earnings per share. On average, research analysts forecast that Comerica will post 5.06 EPS for the current fiscal year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $0.71 per share. The ex-dividend date was Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.89%. Comerica’s dividend payout ratio is currently 56.46%.

Insider Activity

In other news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the sale, the executive vice president now owns 27,910 shares in the company, valued at approximately $1,605,104.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Comerica

Several institutional investors and hedge funds have recently made changes to their positions in CMA. UBS Group AG lifted its position in Comerica by 46.8% during the 4th quarter. UBS Group AG now owns 164,987 shares of the financial services provider’s stock worth $9,208,000 after buying an additional 52,569 shares in the last quarter. Advisory Services Network LLC lifted its position in Comerica by 33.7% during the 4th quarter. Advisory Services Network LLC now owns 7,575 shares of the financial services provider’s stock worth $423,000 after buying an additional 1,908 shares in the last quarter. Allianz Asset Management GmbH acquired a new position in Comerica during the 4th quarter worth about $4,096,000. Treasurer of the State of North Carolina lifted its position in Comerica by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 58,359 shares of the financial services provider’s stock worth $3,257,000 after buying an additional 570 shares in the last quarter. Finally, Bank of Nova Scotia lifted its position in Comerica by 1,078.2% during the 4th quarter. Bank of Nova Scotia now owns 107,039 shares of the financial services provider’s stock worth $5,974,000 after buying an additional 97,954 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Company Profile

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.