Comerica (NYSE:CMA) Given New $67.00 Price Target at Morgan Stanley

Comerica (NYSE:CMA) had its target price upped by investment analysts at Morgan Stanley from $63.00 to $67.00 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 price objective points to a potential upside of 7.42% from the company’s current price.

Several other research analysts also recently commented on CMA. Truist Financial lifted their target price on shares of Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday. Raymond James upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a report on Tuesday, July 2nd. Wells Fargo & Company boosted their target price on shares of Comerica from $43.00 to $51.00 and gave the company an “underweight” rating in a report on Monday. Royal Bank of Canada dropped their price target 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, Bank of America lowered Comerica from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $55.00 to $52.00 in a research report on Monday, October 7th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $62.19.

Comerica Price Performance

Shares of CMA stock traded down $2.57 during trading hours on Monday, reaching $62.37. The stock had a trading volume of 1,179,997 shares, compared to its average volume of 2,154,450. The stock’s fifty day simple moving average is $57.96 and its 200 day simple moving average is $53.77. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23. Comerica has a 12 month low of $37.40 and a 12 month high of $66.06. The firm has a market capitalization of $8.27 billion, a PE ratio of 12.44 and a beta of 1.23.

Comerica (NYSE:CMA) last announced its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $806.49 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same period in the previous year, the business posted $1.84 earnings per share. On average, equities research analysts predict that Comerica will post 5.12 EPS for the current year.

Insider Activity at Comerica

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the sale, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Comerica

A number of institutional investors and hedge funds have recently modified their holdings of CMA. OLD National Bancorp IN raised its position in Comerica by 4.9% during the second quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock valued at $12,130,000 after acquiring an additional 11,049 shares in the last quarter. Entropy Technologies LP purchased a new position in Comerica during the first quarter valued at approximately $1,764,000. SG Americas Securities LLC raised its position in Comerica by 66.2% during the second quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock valued at $3,209,000 after acquiring an additional 25,040 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Comerica by 39.3% during the second quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after acquiring an additional 62,269 shares in the last quarter. Finally, LSV Asset Management raised its position in Comerica by 13.6% during the first quarter. LSV Asset Management now owns 835,389 shares of the financial services provider’s stock valued at $45,938,000 after acquiring an additional 100,189 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.