Comerica (CMA) Price Target Lowered to $96.00 at Morgan Stanley

Comerica (NYSE:CMA) had its price objective trimmed by Morgan Stanley from $98.00 to $96.00 in a research note released on Tuesday. The brokerage currently has an overweight rating on the financial services provider’s stock.

A number of other equities research analysts have also recently issued reports on CMA. Zacks Investment Research cut shares of Comerica from a buy rating to a hold rating in a report on Tuesday, September 25th. Vining Sparks reiterated a buy rating and issued a $107.00 price objective on shares of Comerica in a report on Tuesday, October 9th. B. Riley set a $107.00 price objective on shares of Comerica and gave the stock a buy rating in a report on Monday, October 15th. Royal Bank of Canada upped their price objective on shares of Comerica to $100.00 and gave the stock an outperform rating in a report on Wednesday, October 17th. Finally, BMO Capital Markets decreased their price objective on shares of Comerica from $108.00 to $100.00 and set an outperform rating for the company in a report on Wednesday, October 17th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $98.09.

Shares of NYSE:CMA opened at $73.31 on Tuesday. The firm has a market capitalization of $11.84 billion, a P/E ratio of 15.50, a price-to-earnings-growth ratio of 0.46 and a beta of 1.38. Comerica has a 1 year low of $63.69 and a 1 year high of $102.66. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.03 and a quick ratio of 1.03.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Tuesday, October 16th. The financial services provider reported $1.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.81 by $0.05. The firm had revenue of $833.00 million during the quarter, compared to analysts’ expectations of $852.72 million. Comerica had a net margin of 29.54% and a return on equity of 14.41%. During the same period in the prior year, the company posted $1.26 earnings per share. As a group, equities analysts anticipate that Comerica will post 7.2 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 1st. Shareholders of record on Friday, December 14th were paid a $0.60 dividend. The ex-dividend date was Thursday, December 13th. This represents a $2.40 dividend on an annualized basis and a yield of 3.27%. Comerica’s payout ratio is presently 50.74%.

A number of hedge funds have recently made changes to their positions in CMA. Private Advisor Group LLC bought a new position in Comerica in the second quarter valued at approximately $254,000. FMR LLC boosted its stake in Comerica by 31.5% in the second quarter. FMR LLC now owns 1,074,432 shares of the financial services provider’s stock valued at $97,687,000 after acquiring an additional 257,581 shares during the last quarter. Commonwealth Bank of Australia boosted its stake in Comerica by 571.9% in the second quarter. Commonwealth Bank of Australia now owns 11,375 shares of the financial services provider’s stock valued at $1,030,000 after acquiring an additional 9,682 shares during the last quarter. AMP Capital Investors Ltd boosted its stake in Comerica by 0.9% in the second quarter. AMP Capital Investors Ltd now owns 129,086 shares of the financial services provider’s stock valued at $11,738,000 after acquiring an additional 1,099 shares during the last quarter. Finally, Tocqueville Asset Management L.P. bought a new position in Comerica in the second quarter valued at approximately $1,736,000. 84.55% 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 three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.

Read More: Differences Between Momentum Investing and Long Term Investing

Analyst Recommendations for Comerica (NYSE:CMA)

Receive News & Ratings for Comerica Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comerica and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit