Morgan Stanley Reiterates Equal Weight Rating for Comerica (NYSE:CMA)

Comerica (NYSE:CMA)‘s stock had its “equal weight” rating reiterated by analysts at Morgan Stanley in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $53.00 target price on the financial services provider’s stock. Morgan Stanley’s price target would suggest a potential upside of 0.68% from the company’s previous close.

CMA has been the topic of several other reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Comerica in a research note on Wednesday, April 10th. They issued a “hold” rating and a $59.00 price objective on the stock. Barclays increased their price target on shares of Comerica from $49.00 to $59.00 and gave the stock an “underweight” rating in a report on Tuesday, January 2nd. Bank Of America (Bofa) lifted their price objective on Comerica from $52.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, January 18th. Royal Bank of Canada boosted their target price on Comerica from $61.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, April 19th. Finally, Jefferies Financial Group reduced their price target on Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a report on Monday, April 8th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $56.89.

Comerica Stock Performance

NYSE CMA opened at $52.64 on Monday. The firm has a market cap of $6.97 billion, a P/E ratio of 10.47 and a beta of 1.27. Comerica has a 52-week low of $28.40 and a 52-week high of $57.39. The business’s 50-day moving average price is $51.44 and its 200 day moving average price is $49.54. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.26.

Comerica (NYSE:CMA) last announced its earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $807.57 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same period last year, the business posted $2.39 EPS. On average, equities research analysts expect that Comerica will post 5.09 earnings per share for the current year.

Insider Activity

In related news, EVP Cassandra M. Mckinney sold 1,616 shares of Comerica stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the sale, the executive vice president now owns 8,314 shares in the company, valued at approximately $454,276.96. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Comerica news, EVP Wendy Bridges sold 3,034 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $52.74, for a total transaction of $160,013.16. Following the transaction, the executive vice president now owns 17,460 shares of the company’s stock, valued at approximately $920,840.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Cassandra M. Mckinney sold 1,616 shares of Comerica stock in a transaction on Monday, January 29th. The shares were sold at an average price of $54.64, for a total value of $88,298.24. Following the completion of the sale, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

Several large investors have recently added to or reduced their stakes in the business. Fishman Jay A Ltd. MI increased its stake in shares of Comerica by 3.2% during the 1st quarter. Fishman Jay A Ltd. MI now owns 289,730 shares of the financial services provider’s stock valued at $15,932,000 after acquiring an additional 8,975 shares during the last quarter. Fifth Third Bancorp increased its position in Comerica by 2.6% during the first quarter. Fifth Third Bancorp now owns 17,414 shares of the financial services provider’s stock worth $958,000 after purchasing an additional 440 shares during the last quarter. Oakworth Capital Inc. raised its stake in Comerica by 3.2% during the first quarter. Oakworth Capital Inc. now owns 238,228 shares of the financial services provider’s stock worth $13,100,000 after purchasing an additional 7,365 shares during the period. Lloyd Advisory Services LLC. boosted its holdings in shares of Comerica by 293.0% in the 1st quarter. Lloyd Advisory Services LLC. now owns 30,795 shares of the financial services provider’s stock valued at $1,693,000 after purchasing an additional 22,960 shares during the last quarter. Finally, Contravisory Investment Management Inc. purchased a new stake in shares of Comerica during the 1st quarter valued at $497,000. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

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.