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

Comerica (NYSE:CMA) had its price objective dropped by analysts at Wells Fargo & Company from $70.00 to $67.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 14.46% from the stock’s previous close.

A number of other brokerages have also recently weighed in on CMA. JPMorgan Chase & Co. dropped their price target on Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods cut their price target on shares of Comerica from $82.00 to $77.00 and set an “outperform” rating on the stock in a report on Thursday, January 23rd. Robert W. Baird raised their price objective on shares of Comerica from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 11th. DA Davidson reduced their price objective on Comerica from $71.00 to $67.00 and set a “neutral” rating for the company in a research note on Thursday, January 23rd. Finally, Argus raised Comerica to a “hold” rating in a research note on Friday, January 31st. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $68.00.

Comerica Price Performance

Comerica stock traded down $1.08 during midday trading on Friday, hitting $58.54. The company’s stock had a trading volume of 69,162 shares, compared to its average volume of 2,030,159. Comerica has a 12 month low of $45.32 and a 12 month 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 company has a market capitalization of $7.68 billion, a PE ratio of 11.65 and a beta of 1.23. The stock’s 50-day moving average price is $63.21 and its 200-day moving average price is $63.52.

Comerica (NYSE:CMA) last released its 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 company earned $1.46 earnings per share. Analysts anticipate that Comerica will post 5.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Comerica

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PL Capital Advisors LLC grew its stake in shares of Comerica by 6,085.0% during the fourth quarter. PL Capital Advisors LLC now owns 1,778,188 shares of the financial services provider’s stock valued at $109,981,000 after purchasing an additional 1,749,438 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in shares of Comerica during the fourth quarter valued at $82,419,000. Norges Bank bought a new position in Comerica in the fourth quarter valued at about $64,150,000. North Reef Capital Management LP raised its holdings in Comerica by 15.7% during the 4th quarter. North Reef Capital Management LP now owns 4,050,000 shares of the financial services provider’s stock worth $250,492,000 after purchasing an additional 550,000 shares during the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in Comerica by 548.9% during the 4th quarter. Canada Pension Plan Investment Board now owns 642,400 shares of the financial services provider’s stock valued at $39,732,000 after purchasing an additional 543,400 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

About Comerica

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.