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

Comerica (NYSE:CMA) had its price target raised by research analysts at Morgan Stanley from $61.00 to $63.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target would suggest a potential upside of 5.39% from the stock’s previous close.

A number of other brokerages have also recently commented on CMA. Barclays lowered 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. StockNews.com cut Comerica from a “hold” rating to a “sell” rating in a research note on Tuesday, September 24th. Evercore ISI lowered their target price on Comerica from $58.00 to $54.00 and set an “in-line” rating for the company in a research note on Tuesday, June 25th. DA Davidson reaffirmed a “neutral” rating and set a $55.00 price target on shares of Comerica in a research report on Tuesday, September 10th. Finally, Wells Fargo & Company cut their price objective 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, eleven have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Comerica currently has a consensus rating of “Hold” and a consensus price target of $58.33.

Comerica Price Performance

Shares of NYSE:CMA traded up $0.40 on Monday, hitting $59.78. The stock had a trading volume of 448,830 shares, compared to its average volume of 2,174,401. Comerica has a twelve month low of $37.40 and a twelve month high of $61.84. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96. The firm’s 50 day moving average price is $55.64 and its 200-day moving average price is $52.93. The company has a market capitalization of $7.93 billion, a price-to-earnings ratio of 11.88 and a beta of 1.23.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. During the same quarter in the prior year, the company earned $2.01 EPS. On average, equities research analysts predict that Comerica will post 5.06 earnings per share for the current year.

Insider Activity at Comerica

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

Hedge Funds Weigh In On Comerica

Institutional investors have recently modified their holdings of the company. OLD National Bancorp IN raised its position in shares of Comerica by 4.9% during the second quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock worth $12,130,000 after purchasing an additional 11,049 shares during the period. Entropy Technologies LP purchased a new stake in Comerica in the 1st quarter valued at $1,764,000. SG Americas Securities LLC raised its position in Comerica by 66.2% in the 2nd quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock valued at $3,209,000 after buying an additional 25,040 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Comerica by 39.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after buying an additional 62,269 shares during the last quarter. Finally, LSV Asset Management raised its position in Comerica by 13.6% in the 1st quarter. LSV Asset Management now owns 835,389 shares of the financial services provider’s stock valued at $45,938,000 after buying an additional 100,189 shares during the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.

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.