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

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

Other equities analysts have also recently issued research reports about the stock. The Goldman Sachs Group lowered their target price on shares of Comerica from $69.00 to $62.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. Truist Financial raised their target price on shares of Comerica from $53.00 to $66.00 and gave the company a “hold” rating in a research note on Friday, September 20th. Stephens reaffirmed an “overweight” rating and issued a $58.00 price objective on shares of Comerica in a research note on Tuesday, September 10th. Robert W. Baird lowered their price objective on shares of Comerica from $72.00 to $68.00 and set an “outperform” rating on the stock in a research note on Thursday, June 20th. Finally, Keefe, Bruyette & Woods raised shares of Comerica from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $50.00 to $69.00 in a research note on Thursday, September 5th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $58.33.

Comerica Stock Performance

NYSE:CMA traded up $0.40 during mid-day trading on Monday, hitting $59.78. The stock had a trading volume of 448,830 shares, compared to its average volume of 2,174,401. The stock has a market capitalization of $7.93 billion, a price-to-earnings ratio of 11.88 and a beta of 1.23. The company has a 50 day simple moving average of $55.64 and a 200-day simple moving average of $52.93. Comerica has a 52 week low of $37.40 and a 52 week high of $61.84. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23.

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

Insider Buying and Selling

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the sale, 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 Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

Institutional Trading of Comerica

Institutional investors have recently added to or reduced their stakes in the business. Family Firm Inc. bought a new position in shares of Comerica in the second quarter valued at approximately $37,000. UMB Bank n.a. increased its position in Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 208 shares during the period. Versant Capital Management Inc increased its holdings in Comerica by 2,723.3% in the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after buying an additional 817 shares during the period. Abich Financial Wealth Management LLC increased its holdings in Comerica by 50.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after buying an additional 300 shares during the period. Finally, Summit Securities Group LLC increased its holdings in Comerica by 22.4% in the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after buying an additional 202 shares during the period. 80.74% of the stock is currently owned by institutional investors and hedge funds.

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.