Wolfe Research Lowers Comerica (NYSE:CMA) Price Target to $85.00

Comerica (NYSE:CMAGet Rating) had its price target lowered by Wolfe Research from $124.00 to $85.00 in a research report issued on Thursday, The Fly reports. Wolfe Research’s price target would suggest a potential upside of 7.38% from the company’s previous close.

A number of other equities analysts also recently commented on the stock. Compass Point raised shares of Comerica from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $105.00 to $115.00 in a research note on Wednesday, February 16th. Citigroup began coverage on shares of Comerica in a report on Thursday, March 24th. They issued a “buy” rating for the company. TheStreet cut shares of Comerica from a “b” rating to a “c+” rating in a report on Friday, May 13th. The Goldman Sachs Group upgraded shares of Comerica from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $102.00 to $112.00 in a report on Friday, April 1st. Finally, Royal Bank of Canada reduced their price objective on shares of Comerica from $114.00 to $110.00 and set an “outperform” rating for the company in a research report on Thursday, April 21st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Comerica has a consensus rating of “Hold” and a consensus target price of $101.19.

Shares of CMA stock opened at $79.16 on Thursday. The company’s 50-day simple moving average is $85.33 and its two-hundred day simple moving average is $89.02. Comerica has a one year low of $63.07 and a one year high of $102.09. The company has a market capitalization of $10.35 billion, a P/E ratio of 10.92, a P/E/G ratio of 1.62 and a beta of 1.33. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.88 and a quick ratio of 0.88.

Comerica (NYSE:CMAGet Rating) last posted its quarterly earnings results on Wednesday, April 20th. The financial services provider reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.01). The company had revenue of $700.00 million during the quarter, compared to analysts’ expectations of $725.36 million. Comerica had a return on equity of 13.85% and a net margin of 33.48%. During the same period in the prior year, the business posted $2.43 EPS. On average, research analysts expect that Comerica will post 7.24 EPS for the current fiscal year.

In other Comerica news, EVP Wendy Bridges sold 1,100 shares of the company’s stock in a transaction dated Thursday, March 3rd. The shares were sold at an average price of $93.78, for a total value of $103,158.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.76% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in CMA. Bank of New York Mellon Corp lifted its holdings in shares of Comerica by 59.8% during the 1st quarter. Bank of New York Mellon Corp now owns 4,758,239 shares of the financial services provider’s stock worth $430,288,000 after acquiring an additional 1,780,121 shares during the period. Norges Bank purchased a new position in shares of Comerica during the 4th quarter worth about $145,451,000. Scout Investments Inc. purchased a new position in shares of Comerica during the 1st quarter worth about $42,201,000. American Century Companies Inc. lifted its holdings in shares of Comerica by 241.2% during the 1st quarter. American Century Companies Inc. now owns 574,658 shares of the financial services provider’s stock worth $51,966,000 after acquiring an additional 406,258 shares during the period. Finally, BlackRock Inc. lifted its holdings in shares of Comerica by 3.3% during the 4th quarter. BlackRock Inc. now owns 12,617,507 shares of the financial services provider’s stock worth $1,097,721,000 after acquiring an additional 397,735 shares during the period. Institutional investors and hedge funds own 80.14% of the company’s stock.

Comerica Company Profile (Get Rating)

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It 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, 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.

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