Morgan Stanley Has Lowered Expectations for Comerica (NYSE:CMA) Stock Price

Comerica (NYSE:CMA) had its price objective reduced by stock analysts at Morgan Stanley from $76.00 to $71.00 in a report released on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price would suggest a potential upside of 12.56% from the company’s previous close.

Several other equities research analysts have also commented on CMA. Piper Sandler raised their price target on shares of Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group lowered Comerica from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $85.00 to $71.00 in a research report on Tuesday, January 7th. StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Wells Fargo & Company raised shares of Comerica from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $51.00 to $73.00 in a report on Friday, November 15th. Finally, Truist Financial raised shares of Comerica to a “hold” rating in a research note on Monday, January 6th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $68.33.

Comerica Stock Performance

Shares of NYSE:CMA traded up $0.39 during trading on Thursday, hitting $63.08. 611,489 shares of the company traded hands, compared to its average volume of 1,900,577. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. The business’s fifty day moving average is $65.83 and its 200-day moving average is $60.78. The stock has a market capitalization of $8.29 billion, a price-to-earnings ratio of 15.83 and a beta of 1.26. Comerica has a one year low of $45.32 and a one year high of $73.45.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 EPS for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same period in the prior year, the company earned $1.46 EPS. As a group, equities analysts predict that Comerica will post 5.38 earnings per share for the current fiscal year.

Comerica announced that its board has initiated a share repurchase program on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction of $95,811.36. Following the completion of the sale, the executive vice president now owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Comerica

Institutional investors have recently made changes to their positions in the company. Trust Co. of Vermont raised its position in Comerica by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 321 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in shares of Comerica in the 3rd quarter valued at $36,000. MCF Advisors LLC boosted its holdings in Comerica by 56.3% in the fourth quarter. MCF Advisors LLC now owns 633 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 228 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Comerica during the third quarter worth $42,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Comerica by 19.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after buying an additional 199 shares in the last quarter. 80.74% of the stock is currently 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.