Comerica (NYSE:CMA) Price Target Cut to $84.00

Comerica (NYSE:CMAGet Rating) had its target price dropped by research analysts at Raymond James from $85.00 to $84.00 in a report released on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Raymond James’ price target would indicate a potential upside of 21.51% from the stock’s previous close.

CMA has been the subject of several other research reports. Citigroup cut their price target on Comerica from $90.00 to $80.00 and set a “buy” rating for the company in a report on Tuesday, December 6th. DA Davidson raised their price target on Comerica from $80.00 to $82.00 and gave the company a “buy” rating in a report on Friday. Wolfe Research raised their price target on Comerica from $79.00 to $80.00 in a report on Thursday, December 1st. Wedbush dropped their target price on Comerica from $95.00 to $84.00 and set an “outperform” rating for the company in a report on Thursday, October 20th. Finally, Morgan Stanley dropped their target price on Comerica from $89.00 to $85.00 and set an “equal weight” rating for the company in a report on Thursday, December 15th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $83.74.

Comerica Price Performance

NYSE:CMA opened at $69.13 on Friday. Comerica has a 1-year low of $62.83 and a 1-year high of $102.09. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The firm has a fifty day simple moving average of $67.91 and a 200 day simple moving average of $73.37. The stock has a market capitalization of $9.05 billion, a PE ratio of 9.16, a P/E/G ratio of 1.77 and a beta of 1.18.

Comerica (NYSE:CMAGet Rating) last released its earnings results on Thursday, January 19th. The financial services provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.56 by $0.02. Comerica had a net margin of 30.73% and a return on equity of 16.56%. During the same period in the previous year, the firm earned $1.66 earnings per share. On average, research analysts expect that Comerica will post 8.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Evoke Wealth LLC grew its position in Comerica by 38.0% in the second quarter. Evoke Wealth LLC now owns 494 shares of the financial services provider’s stock valued at $36,000 after acquiring an additional 136 shares during the last quarter. Affinity Investment Advisors LLC grew its position in Comerica by 1.1% in the third quarter. Affinity Investment Advisors LLC now owns 12,969 shares of the financial services provider’s stock valued at $922,000 after acquiring an additional 141 shares during the last quarter. Empirical Finance LLC grew its position in Comerica by 5.5% in the second quarter. Empirical Finance LLC now owns 2,803 shares of the financial services provider’s stock valued at $206,000 after acquiring an additional 145 shares during the last quarter. Baird Financial Group Inc. grew its holdings in shares of Comerica by 1.8% during the second quarter. Baird Financial Group Inc. now owns 8,760 shares of the financial services provider’s stock worth $643,000 after purchasing an additional 156 shares during the last quarter. Finally, CWM LLC grew its holdings in shares of Comerica by 4.9% during the second quarter. CWM LLC now owns 3,325 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 156 shares during the last quarter. Institutional investors own 81.91% of the company’s stock.

About Comerica

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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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