Jefferies Financial Group Initiates Coverage on Comerica (NYSE:CMA)

Investment analysts at Jefferies Financial Group assumed coverage on shares of Comerica (NYSE:CMA) in a research note issued on Wednesday, MarketBeat.com reports. The firm set an “underperform” rating and a $47.00 price target on the financial services provider’s stock. Jefferies Financial Group’s target price points to a potential downside of 16.49% from the company’s previous close.

CMA has been the topic of several other reports. Truist Financial dropped their price objective on shares of Comerica from $65.00 to $57.00 and set a “hold” rating on the stock in a report on Tuesday, April 22nd. Royal Bank of Canada dropped 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. The Goldman Sachs Group dropped their price objective on shares of Comerica from $66.00 to $57.00 and set a “neutral” rating on the stock in a report on Tuesday, April 22nd. Argus raised shares of Comerica to a “hold” rating in a report on Friday, January 31st. Finally, JPMorgan Chase & Co. downgraded shares of Comerica from a “neutral” rating to an “underweight” rating and dropped their price objective for the company from $64.00 to $52.00 in a report on Tuesday, April 22nd. Six equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Comerica presently has a consensus rating of “Hold” and an average price target of $62.37.

Comerica Price Performance

Shares of NYSE:CMA opened at $56.28 on Wednesday. The company’s 50-day moving average is $55.53 and its 200 day moving average is $61.88. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $7.40 billion, a P/E ratio of 11.21 and a beta of 0.92. Comerica has a fifty-two week low of $45.32 and a fifty-two week high of $73.45.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. The company had revenue of $829.00 million for the quarter, compared to the consensus estimate of $839.31 million. Comerica had a net margin of 13.98% and a return on equity of 12.04%. During the same period in the previous year, the firm earned $1.29 EPS. On average, equities research analysts forecast that Comerica will post 5.28 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. WBI Investments LLC bought a new position in shares of Comerica in the first quarter worth approximately $810,000. Geneos Wealth Management Inc. increased its position in shares of Comerica by 41.8% in the first quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 176 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Comerica by 2.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 483,992 shares of the financial services provider’s stock worth $28,585,000 after purchasing an additional 11,268 shares during the last quarter. Empowered Funds LLC increased its position in shares of Comerica by 12.6% in the first quarter. Empowered Funds LLC now owns 6,464 shares of the financial services provider’s stock worth $382,000 after purchasing an additional 724 shares during the last quarter. Finally, United Services Automobile Association bought a new position in shares of Comerica in the first quarter worth approximately $514,000. 80.74% of the stock is currently owned by institutional investors.

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.