Morgan Stanley Issues Pessimistic Forecast for Comerica (NYSE:CMA) Stock Price

Comerica (NYSE:CMA) had its target price reduced by Morgan Stanley from $71.00 to $63.00 in a report issued on Thursday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

A number of other research analysts have also recently issued reports on CMA. Truist Financial raised Comerica to a “hold” rating in a report on Monday, January 6th. UBS Group assumed coverage on Comerica in a report on Tuesday, December 17th. They issued a “sell” rating and a $64.00 price target for the company. The Goldman Sachs Group cut Comerica from a “buy” rating to a “neutral” rating and cut their price target for the company from $85.00 to $71.00 in a report on Tuesday, January 7th. DA Davidson cut their price target on Comerica from $71.00 to $67.00 and set a “neutral” rating for the company in a report on Thursday, January 23rd. Finally, Argus raised Comerica to a “hold” rating in a report on Friday, January 31st. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $68.29.

Comerica Stock Up 1.2 %

CMA opened at $57.75 on Thursday. Comerica has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97. The firm’s fifty day moving average price is $63.81 and its two-hundred day moving average price is $63.35. The company has a market capitalization of $7.58 billion, a P/E ratio of 11.50 and a beta of 1.23.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share 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 last year, the company posted $1.46 EPS. On average, analysts anticipate that Comerica will post 5.28 EPS for the current year.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be given a $0.71 dividend. The ex-dividend date is Friday, March 14th. This represents a $2.84 annualized dividend and a dividend yield of 4.92%. Comerica’s dividend payout ratio is presently 56.57%.

Hedge Funds Weigh In On Comerica

Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its position in Comerica by 134.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after acquiring an additional 490,468 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in Comerica by 158.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock worth $1,218,000 after acquiring an additional 12,454 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in Comerica by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock worth $257,975,000 after acquiring an additional 226,285 shares during the last quarter. Citigroup Inc. boosted its position in Comerica by 390.6% during the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after acquiring an additional 606,375 shares during the last quarter. Finally, Petiole USA ltd boosted its position in Comerica by 164.7% during the 3rd quarter. Petiole USA ltd now owns 57,855 shares of the financial services provider’s stock worth $3,466,000 after acquiring an additional 36,000 shares during the last quarter. 80.74% of the stock is currently 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.