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

Comerica (NYSE:CMA) had its price target increased by Morgan Stanley from $61.00 to $63.00 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 objective would indicate a potential upside of 8.01% from the company’s previous close.

A number of other equities research analysts also recently weighed in on CMA. Barclays cut their price target on Comerica from $59.00 to $56.00 and set an “underweight” rating for the company in a research note on Monday, July 22nd. Wedbush raised Comerica from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $52.00 to $75.00 in a research note on Tuesday, September 24th. Piper Sandler raised their price target on Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. DA Davidson reaffirmed a “neutral” rating and set a $55.00 price target on shares of Comerica in a research note on Tuesday, September 10th. Finally, Raymond James raised Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price target for the company in a research note on Tuesday, July 2nd. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $58.33.

Comerica Stock Down 2.6 %

Shares of Comerica stock opened at $58.33 on Monday. The stock has a 50-day moving average price of $55.94 and a 200 day moving average price of $53.07. The company has a market cap of $7.73 billion, a P/E ratio of 11.60 and a beta of 1.23. 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 1 year low of $37.40 and a 1 year high of $61.84.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $812.79 million. During the same period last year, the business earned $2.01 EPS. As a group, analysts expect that Comerica will post 5.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the transaction, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

Institutional investors and hedge funds have recently modified their holdings of the company. Pitcairn Co. boosted its stake in Comerica by 2.9% in the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after purchasing an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in Comerica by 19.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 199 shares in the last quarter. Texas Permanent School Fund Corp boosted its stake in Comerica by 0.7% in the first quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock worth $1,498,000 after purchasing an additional 201 shares in the last quarter. Summit Securities Group LLC boosted its stake in Comerica by 22.4% in the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 202 shares in the last quarter. Finally, UMB Bank n.a. boosted its stake in Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 208 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors.

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.