Wells Fargo & Company Issues Pessimistic Forecast for Comerica (NYSE:CMA) Stock Price

Comerica (NYSE:CMA) had its price target reduced by research analysts at Wells Fargo & Company from $70.00 to $67.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 23.32% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. The Goldman Sachs Group cut Comerica from a “buy” rating to a “neutral” rating and reduced their target price for the company from $85.00 to $71.00 in a research note on Tuesday, January 7th. Barclays upped their price target on Comerica from $66.00 to $68.00 and gave the company an “underweight” rating in a research report on Monday, January 6th. UBS Group started coverage on Comerica in a research note on Tuesday, December 17th. They issued a “sell” rating and a $64.00 price target on the stock. Piper Sandler lifted their target price on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Finally, DA Davidson dropped their price target on shares of Comerica from $71.00 to $67.00 and set a “neutral” rating on the stock in a research note on Thursday, January 23rd. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $67.95.

Comerica Trading Down 8.3 %

CMA traded down $4.91 during midday trading on Friday, hitting $54.33. 1,074,667 shares of the company were exchanged, compared to its average volume of 2,155,562. Comerica has a 1-year low of $45.32 and a 1-year high of $73.45. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.09. The firm’s 50 day moving average price is $62.70 and its 200-day moving average price is $63.62. The firm has a market capitalization of $7.13 billion, a P/E ratio of 10.82 and a beta of 1.23.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 EPS for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a return on equity of 12.04% and a net margin of 13.98%. During the same quarter in the prior year, the firm posted $1.46 earnings per share. As a group, equities analysts forecast that Comerica will post 5.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP acquired a new stake in shares of Comerica in the 4th quarter worth $13,875,000. Wealth Enhancement Advisory Services LLC raised its position in Comerica by 18.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 11,067 shares of the financial services provider’s stock valued at $684,000 after purchasing an additional 1,732 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Comerica during the 4th quarter worth $4,178,000. Jefferies Financial Group Inc. lifted its position in Comerica by 27.2% in the fourth quarter. Jefferies Financial Group Inc. now owns 13,000 shares of the financial services provider’s stock valued at $804,000 after buying an additional 2,782 shares during the last quarter. Finally, LifeWealth Investments LLC purchased a new stake in shares of Comerica in the 4th quarter valued at approximately $224,000. Hedge funds and other institutional investors 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.