Comerica (NYSE:CMA) PT Raised to $61.00

Comerica (NYSE:CMA) had its target price hoisted by analysts at Morgan Stanley from $50.00 to $61.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price would suggest a potential upside of 17.56% from the stock’s current price.

Several other equities analysts also recently commented on the company. UBS Group dropped their target price on Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, April 19th. Piper Sandler increased their target price on Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Truist Financial cut Comerica from a “buy” rating to a “hold” rating and decreased their price target for the company from $55.00 to $53.00 in a research note on Monday, July 22nd. Jefferies Financial Group decreased their price target on Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, April 8th. Finally, Citigroup cut Comerica from a “buy” rating to a “neutral” rating and decreased their price target for the company from $60.00 to $56.00 in a research note on Monday, May 6th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $55.45.

Comerica Price Performance

Shares of CMA stock traded down $0.16 on Monday, hitting $51.89. 1,642,704 shares of the company’s stock were exchanged, compared to its average volume of 2,267,633. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.95. Comerica has a 12 month low of $37.40 and a 12 month high of $58.50. The stock has a market cap of $6.88 billion, a P/E ratio of 10.33 and a beta of 1.25. The company has a 50 day moving average of $50.70 and a 200 day moving average of $51.56.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.30. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate 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 prior year, the company earned $2.01 EPS. On average, equities research analysts predict that Comerica will post 5.05 EPS for the current year.

Institutional Investors Weigh In On Comerica

Hedge funds and other institutional investors have recently modified their holdings of the company. Spire Wealth Management increased its holdings in shares of Comerica by 95.9% during the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 235 shares in the last quarter. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Comerica during the fourth quarter valued at approximately $36,000. Family Firm Inc. purchased a new position in shares of Comerica during the second quarter valued at approximately $37,000. UMB Bank n.a. boosted its position in shares of Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after buying an additional 208 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in shares of Comerica by 2,723.3% during the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after buying an additional 817 shares during the last quarter. 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.