Morgan Stanley Increases Comerica (NYSE:CMA) Price Target to $67.00

Comerica (NYSE:CMA) had its price objective increased by equities researchers at Morgan Stanley from $63.00 to $67.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 7.54% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. Truist Financial upped their price target on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a report on Monday. 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 report on Tuesday, July 2nd. The Goldman Sachs Group upped their price target on Comerica from $55.00 to $63.00 and gave the company a “buy” rating in a report on Monday, October 7th. JPMorgan Chase & Co. upped their price target on Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Monday. Finally, StockNews.com downgraded Comerica from a “hold” rating to a “sell” rating in a report on Friday, October 11th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $62.57.

Comerica Stock Up 0.4 %

CMA stock opened at $62.30 on Monday. The company’s 50 day moving average price is $58.13 and its 200 day moving average price is $53.83. 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 has a fifty-two week low of $37.40 and a fifty-two week high of $66.06. The firm has a market capitalization of $8.26 billion, a price-to-earnings ratio of 12.39 and a beta of 1.23.

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

Insiders Place Their Bets

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction 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 completion of the transaction, the executive vice president now owns 27,910 shares in the company, valued at approximately $1,605,104.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in shares of Comerica in the third quarter valued at $11,091,000. Plan Group Financial LLC increased its position in shares of Comerica by 15.6% in the third quarter. Plan Group Financial LLC now owns 12,886 shares of the financial services provider’s stock valued at $772,000 after buying an additional 1,739 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Comerica in the third quarter valued at $216,000. Everence Capital Management Inc. increased its position in shares of Comerica by 266.7% in the third quarter. Everence Capital Management Inc. now owns 16,430 shares of the financial services provider’s stock valued at $984,000 after buying an additional 11,950 shares in the last quarter. Finally, Vest Financial LLC increased its position in shares of Comerica by 6.6% in the third quarter. Vest Financial LLC now owns 24,716 shares of the financial services provider’s stock valued at $1,481,000 after buying an additional 1,523 shares in the last quarter. Hedge funds and other 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.