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

Comerica (NYSE:CMA) had its price target hoisted by Morgan Stanley from $61.00 to $63.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target would suggest a potential upside of 8.01% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Raymond James upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a report on Tuesday, July 2nd. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $52.00 to $75.00 in a report on Tuesday, September 24th. Robert W. Baird dropped their price objective on Comerica from $72.00 to $68.00 and set an “outperform” rating for the company in a report on Thursday, June 20th. Keefe, Bruyette & Woods upgraded Comerica from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $50.00 to $69.00 in a report on Thursday, September 5th. Finally, Royal Bank of Canada dropped their price objective on Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $58.33.

Comerica Trading Down 2.6 %

Shares of CMA opened at $58.33 on Monday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. Comerica has a 12-month low of $37.40 and a 12-month high of $61.84. The firm has a market capitalization of $7.73 billion, a PE ratio of 11.60 and a beta of 1.23. The stock’s fifty day simple moving average is $55.94 and its 200-day simple moving average is $53.07.

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, beating the consensus estimate of $1.19 by $0.30. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same quarter in the prior year, the firm posted $2.01 earnings per share. As a group, research analysts predict that Comerica will post 5.06 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the transaction, the executive vice president now directly owns 27,910 shares in the company, valued at $1,605,104.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. OLD National Bancorp IN boosted its position in Comerica by 4.9% during the second quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock valued at $12,130,000 after purchasing an additional 11,049 shares during the last quarter. Entropy Technologies LP acquired a new position in Comerica during the first quarter valued at approximately $1,764,000. SG Americas Securities LLC boosted its position in Comerica by 66.2% during the second quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock valued at $3,209,000 after purchasing an additional 25,040 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in Comerica by 39.3% during the second quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after purchasing an additional 62,269 shares during the last quarter. Finally, LSV Asset Management boosted its position in Comerica by 13.6% during the first quarter. LSV Asset Management now owns 835,389 shares of the financial services provider’s stock valued at $45,938,000 after purchasing 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.