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

Comerica (NYSE:CMAGet Rating) had its target price decreased by analysts at Wolfe Research from $124.00 to $85.00 in a research report issued to clients and investors on Thursday, The Fly reports. Wolfe Research’s price objective indicates a potential upside of 7.38% from the company’s current price.

CMA has been the subject of several other reports. Robert W. Baird upgraded Comerica from a “neutral” rating to an “outperform” rating and set a $85.00 price target for the company in a report on Friday, May 20th. Citigroup initiated coverage on Comerica in a report on Thursday, March 24th. They set a “buy” rating for the company. The Goldman Sachs Group upgraded Comerica from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $102.00 to $112.00 in a report on Friday, April 1st. StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a report on Thursday, May 19th. Finally, Piper Sandler upgraded Comerica from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $90.00 to $94.00 in a report on Monday, May 2nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $101.19.

NYSE:CMA opened at $79.16 on Thursday. 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 has a fifty-two week low of $63.07 and a fifty-two week high of $102.09. The stock’s 50-day moving average is $85.33 and its two-hundred day moving average is $89.02. The stock has a market cap of $10.35 billion, a PE ratio of 10.92, a price-to-earnings-growth ratio of 1.62 and a beta of 1.33.

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

In other news, EVP Wendy Bridges sold 1,100 shares of the business’s stock in a transaction that occurred on Thursday, March 3rd. The stock was sold at an average price of $93.78, for a total transaction of $103,158.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.76% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. NorthCrest Asset Manangement LLC boosted its stake in Comerica by 0.3% in the first quarter. NorthCrest Asset Manangement LLC now owns 39,096 shares of the financial services provider’s stock worth $3,535,000 after purchasing an additional 125 shares in the last quarter. AdvisorNet Financial Inc boosted its stake in Comerica by 3.2% in the fourth quarter. AdvisorNet Financial Inc now owns 4,180 shares of the financial services provider’s stock worth $364,000 after purchasing an additional 129 shares in the last quarter. Intersect Capital LLC boosted its stake in Comerica by 1.9% in the first quarter. Intersect Capital LLC now owns 7,376 shares of the financial services provider’s stock worth $667,000 after purchasing an additional 140 shares in the last quarter. Bailard Inc. boosted its stake in Comerica by 3.6% in the fourth quarter. Bailard Inc. now owns 4,156 shares of the financial services provider’s stock worth $362,000 after purchasing an additional 146 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Comerica by 3.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,105 shares of the financial services provider’s stock valued at $357,000 after acquiring an additional 147 shares during the period. 80.14% of the stock is currently owned by institutional investors.

About Comerica (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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