Morgan Stanley Trims Comerica (NYSE:CMA) Target Price to $50.00

Comerica (NYSE:CMA) had its price target cut by equities research analysts at Morgan Stanley from $53.00 to $50.00 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 price target indicates a potential downside of 1.92% from the stock’s current price.

Several other research analysts have also issued reports on the company. Keefe, Bruyette & Woods dropped their target price on Comerica from $58.00 to $56.00 and set a “market perform” rating for the company in a research report on Tuesday, July 9th. Barclays lowered their target price on shares of Comerica from $59.00 to $56.00 and set an “underweight” rating for the company in a research note on Monday. The Goldman Sachs Group decreased their price objective on shares of Comerica from $69.00 to $62.00 and set a “buy” rating for the company in a report on Tuesday, June 4th. Piper Sandler upped their target price on shares of Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Wells Fargo & Company lowered their price target on Comerica from $48.00 to $45.00 and set an “underweight” rating for the company in a report on Wednesday, June 12th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Comerica currently has a consensus rating of “Hold” and a consensus price target of $55.35.

Comerica Price Performance

Shares of CMA stock traded up $0.56 on Monday, reaching $50.98. The company’s stock had a trading volume of 1,732,679 shares, compared to its average volume of 2,267,106. The company has a market capitalization of $6.76 billion, a price-to-earnings ratio of 10.14 and a beta of 1.25. The stock’s fifty day simple moving average is $50.82 and its 200-day simple moving average is $51.72. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.26. Comerica has a 1 year low of $37.40 and a 1 year high of $58.50.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.30. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $812.79 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same period last year, the company earned $2.01 EPS. Analysts forecast that Comerica will post 5.01 earnings per share for the current fiscal year.

Insider Transactions at Comerica

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the completion of the transaction, the executive vice president now directly owns 7,236 shares of the company’s stock, valued at $380,541.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

Large investors have recently made changes to their positions in the company. Entropy Technologies LP acquired a new position in shares of Comerica during the 1st quarter worth approximately $1,764,000. Raymond James & Associates grew its holdings in Comerica by 18.1% in the 4th quarter. Raymond James & Associates now owns 203,324 shares of the financial services provider’s stock valued at $11,348,000 after buying an additional 31,125 shares in the last quarter. Avaii Wealth Management LLC acquired a new stake in shares of Comerica in the 4th quarter worth $679,000. NewEdge Wealth LLC acquired a new stake in shares of Comerica in the 4th quarter worth $10,068,000. Finally, Aigen Investment Management LP purchased a new position in shares of Comerica during the 4th quarter worth $891,000. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

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.