Citigroup Raises Comerica (NYSE:CMA) Price Target to $61.00

Comerica (NYSE:CMA) had its target price hoisted by research analysts at Citigroup from $54.00 to $61.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Citigroup’s price objective points to a potential downside of 4.36% from the stock’s current price.

A number of other equities analysts have also recently weighed in on the company. Morgan Stanley cut Comerica from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $63.00 to $55.00 in a report on Monday, April 7th. The Goldman Sachs Group decreased their target price on shares of Comerica from $66.00 to $57.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 22nd. Jefferies Financial Group started coverage on shares of Comerica in a research report on Wednesday, May 21st. They set an “underperform” rating and a $47.00 price target for the company. Royal Bank Of Canada decreased their price objective on shares of Comerica from $75.00 to $65.00 and set an “outperform” rating on the stock in a report on Tuesday, April 22nd. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Comerica from $77.00 to $68.00 and set an “outperform” rating for the company in a research report on Tuesday, April 22nd. Six equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $62.30.

Comerica Stock Performance

NYSE:CMA opened at $63.78 on Wednesday. The company’s 50-day moving average is $57.18 and its two-hundred day moving average is $59.49. Comerica has a 1-year low of $48.12 and a 1-year high of $73.45. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $8.38 billion, a price-to-earnings ratio of 12.06 and a beta of 0.92.

Comerica (NYSE:CMA) last released its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. The firm had revenue of $829.00 million for the quarter, compared to analysts’ expectations of $839.31 million. Comerica had a return on equity of 11.59% and a net margin of 14.89%. During the same period in the prior year, the firm posted $1.29 earnings per share. Analysts forecast that Comerica will post 5.28 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CMA. Jupiter Asset Management Ltd. acquired a new stake in Comerica in the 4th quarter valued at about $82,419,000. Primecap Management Co. CA increased its stake in shares of Comerica by 228.8% during the first quarter. Primecap Management Co. CA now owns 1,670,110 shares of the financial services provider’s stock worth $98,637,000 after buying an additional 1,162,110 shares during the period. Norges Bank acquired a new stake in Comerica in the fourth quarter valued at approximately $64,150,000. Azora Capital LP lifted its stake in Comerica by 53.7% in the first quarter. Azora Capital LP now owns 1,899,198 shares of the financial services provider’s stock worth $112,167,000 after acquiring an additional 663,513 shares during the last quarter. Finally, Kodai Capital Management LP acquired a new position in Comerica during the 1st quarter worth approximately $32,864,000. 80.74% of the stock is 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.