Comerica’s (CMA) “Equal Weight” Rating Reaffirmed at Morgan Stanley

Comerica (NYSE:CMA)‘s stock had its “equal weight” rating reaffirmed by equities research analysts at Morgan Stanley in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $53.00 price target on the financial services provider’s stock. Morgan Stanley’s price objective would indicate a potential upside of 0.68% from the company’s previous close.

Several other equities analysts have also weighed in on CMA. DA Davidson restated a “neutral” rating and issued a $56.00 price objective on shares of Comerica in a report on Wednesday, March 6th. Bank Of America (Bofa) lifted their target price on Comerica from $52.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, January 18th. Barclays boosted their price target on shares of Comerica from $49.00 to $59.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 2nd. Evercore ISI upped their price objective on Comerica from $55.00 to $58.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Finally, Argus downgraded shares of Comerica from a “buy” rating to a “hold” rating in a research note on Monday, January 29th. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $56.89.

Comerica Price Performance

Comerica stock opened at $52.64 on Monday. The company has a market capitalization of $6.97 billion, a PE ratio of 10.47 and a beta of 1.27. The business has a 50 day simple moving average of $51.44 and a 200 day simple moving average of $49.54. Comerica has a one year low of $28.40 and a one year high of $57.39. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.94.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $807.57 million. During the same quarter last year, the business posted $2.39 earnings per share. On average, sell-side analysts forecast that Comerica will post 5.09 EPS for the current fiscal year.

Insider Activity

In related news, EVP Cassandra M. Mckinney sold 1,616 shares of Comerica stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the sale, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Wendy Bridges sold 3,034 shares of Comerica stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $52.74, for a total transaction of $160,013.16. Following the sale, the executive vice president now directly owns 17,460 shares in the company, valued at approximately $920,840.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction of $88,298.24. Following the sale, the executive vice president now directly owns 8,314 shares in the company, valued at $454,276.96. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

Hedge funds have recently modified their holdings of the business. Raymond James & Associates lifted its holdings in Comerica by 18.1% during the 4th quarter. Raymond James & Associates now owns 203,324 shares of the financial services provider’s stock worth $11,348,000 after buying an additional 31,125 shares during the period. NewEdge Wealth LLC bought a new stake in Comerica in the fourth quarter valued at approximately $10,068,000. Mirae Asset Global Investments Co. Ltd. increased its position in Comerica by 73.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 56,771 shares of the financial services provider’s stock valued at $3,168,000 after purchasing an additional 23,947 shares during the period. LSV Asset Management raised its holdings in Comerica by 3.5% during the 3rd quarter. LSV Asset Management now owns 678,976 shares of the financial services provider’s stock worth $28,211,000 after purchasing an additional 22,800 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its position in shares of Comerica by 607.3% in the 3rd quarter. Mackenzie Financial Corp now owns 303,143 shares of the financial services provider’s stock worth $12,007,000 after purchasing an additional 260,286 shares during the period. Institutional investors and hedge funds 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.