Morgan Stanley Cuts Comerica (NYSE:CMA) Price Target to $82.00

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Comerica (NYSE:CMA) had its price target trimmed by Morgan Stanley from $90.00 to $82.00 in a research report report published on Tuesday, BenzingaRatingsTable reports. The firm currently has an overweight rating on the financial services provider’s stock.

A number of other brokerages have also issued reports on CMA. Wedbush reduced their target price on shares of Comerica from $75.00 to $71.00 and set a neutral rating on the stock in a research report on Thursday, August 22nd. Piper Jaffray Companies set a $91.00 target price on shares of Comerica and gave the stock a buy rating in a research report on Tuesday, June 11th. BMO Capital Markets reduced their target price on shares of Comerica to $78.00 and set a market perform rating on the stock in a research report on Thursday, July 18th. Goldman Sachs Group lowered shares of Comerica from a neutral rating to a sell rating and set a $70.00 target price on the stock. in a research report on Tuesday, July 2nd. Finally, Raymond James lowered shares of Comerica from an outperform rating to a market perform rating in a report on Monday, July 8th. Seven investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $81.48.

Shares of CMA stock opened at $64.76 on Tuesday. Comerica has a 1 year low of $58.54 and a 1 year high of $95.39. The firm’s 50 day moving average is $63.98 and its 200-day moving average is $72.64. The firm has a market capitalization of $9.57 billion, a price-to-earnings ratio of 8.94, a PEG ratio of 0.57 and a beta of 1.52. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.90.

Comerica (NYSE:CMA) last announced its earnings results on Wednesday, July 17th. The financial services provider reported $1.94 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.01 by ($0.07). Comerica had a return on equity of 16.92% and a net margin of 33.29%. The company had revenue of $853.00 million for the quarter, compared to analyst estimates of $859.09 million. During the same quarter in the previous year, the company posted $1.87 earnings per share. Comerica’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, equities research analysts forecast that Comerica will post 7.85 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.67 dividend. The ex-dividend date is Thursday, September 12th. This represents a $2.68 annualized dividend and a yield of 4.14%. Comerica’s dividend payout ratio (DPR) is presently 37.02%.

Hedge funds have recently modified their holdings of the company. Covington Capital Management increased its position in shares of Comerica by 88.5% during the second quarter. Covington Capital Management now owns 411 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 193 shares in the last quarter. Zions Bancorporation N.A. bought a new stake in shares of Comerica during the first quarter worth $35,000. Creative Financial Designs Inc. ADV bought a new stake in shares of Comerica during the second quarter worth $51,000. CSat Investment Advisory L.P. increased its position in shares of Comerica by 170.5% during the second quarter. CSat Investment Advisory L.P. now owns 706 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 445 shares in the last quarter. Finally, Kavar Capital Partners LLC bought a new stake in shares of Comerica during the second quarter worth $73,000. 86.56% of the stock is owned by institutional investors.

Comerica Company Profile

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business 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 middle market businesses, multinational corporations, and governmental entities.

Further Reading: What Factors Can Affect Return on Equity?

Analyst Recommendations for Comerica (NYSE:CMA)

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