Comerica (NYSE:CMA) Price Target Cut to $50.00 by Analysts at Morgan Stanley

Comerica (NYSE:CMA) had its target price reduced by Morgan Stanley from $53.00 to $50.00 in a report released on Monday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.

Several other equities analysts have also recently issued reports on CMA. Stephens reaffirmed an overweight rating and issued a $64.00 price objective on shares of Comerica in a research note on Tuesday, June 11th. Evercore ISI dropped their target price on shares of Comerica from $58.00 to $54.00 and set an in-line rating on the stock in a research report on Tuesday, June 25th. Piper Sandler lifted their target price on shares of Comerica from $51.00 to $52.00 and gave the stock a neutral rating in a research report on Monday. Truist Financial downgraded shares of Comerica from a buy rating to a hold rating and dropped their target price for the stock from $55.00 to $53.00 in a research report on Monday. Finally, Citigroup downgraded shares of Comerica from a buy rating to a neutral rating and dropped their target price for the stock from $60.00 to $56.00 in a research report on Monday, May 6th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $54.95.

Comerica Stock Down 1.6 %

CMA stock opened at $51.28 on Monday. Comerica has a 52 week low of $37.40 and a 52 week high of $58.50. The company has a market capitalization of $6.80 billion, a price-to-earnings ratio of 10.19 and a beta of 1.25. The firm’s 50-day moving average is $50.66 and its two-hundred day moving average is $51.66. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. During the same period in the previous year, the firm earned $2.01 EPS. On average, analysts forecast that Comerica will post 4.98 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.54%. The ex-dividend date is Friday, September 13th. Comerica’s payout ratio is 56.46%.

Institutional Trading of Comerica

A number of institutional investors and hedge funds have recently modified their holdings of the company. Family Firm Inc. acquired a new stake in shares of Comerica in the second quarter worth $37,000. New York State Teachers Retirement System increased its position in Comerica by 7.3% during the second quarter. New York State Teachers Retirement System now owns 169,671 shares of the financial services provider’s stock worth $8,660,000 after acquiring an additional 11,564 shares during the period. Louisiana State Employees Retirement System increased its position in Comerica by 766.2% during the second quarter. Louisiana State Employees Retirement System now owns 66,700 shares of the financial services provider’s stock worth $3,404,000 after acquiring an additional 59,000 shares during the period. LaFleur & Godfrey LLC increased its position in Comerica by 13.4% during the second quarter. LaFleur & Godfrey LLC now owns 63,537 shares of the financial services provider’s stock worth $3,243,000 after acquiring an additional 7,496 shares during the period. Finally, Busey Bank increased its position in Comerica by 4.5% during the second quarter. Busey Bank now owns 7,305 shares of the financial services provider’s stock worth $373,000 after acquiring an additional 313 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.