Comerica (CMA) Upgraded to Overweight by Morgan Stanley

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Comerica (NYSE:CMA) was upgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Monday, MarketBeat reports. The brokerage currently has a $106.00 price objective on the financial services provider’s stock, up from their previous price objective of $101.00. Morgan Stanley’s target price would suggest a potential upside of 28.08% from the company’s previous close.

A number of other equities analysts have also recently weighed in on the company. Macquarie cut Comerica from an “outperform” rating to a “neutral” rating in a report on Friday, September 7th. Sandler O’Neill reissued a “hold” rating and set a $100.00 price objective on shares of Comerica in a report on Thursday, July 26th. Bank of America set a $109.00 price objective on Comerica and gave the company a “buy” rating in a report on Wednesday, July 25th. BMO Capital Markets raised their price objective on Comerica from $106.00 to $109.00 and gave the company an “outperform” rating in a report on Wednesday, July 25th. Finally, B. Riley raised their price objective on Comerica from $110.00 to $113.00 and gave the company a “buy” rating in a report on Wednesday, July 25th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $100.79.

NYSE:CMA opened at $82.76 on Monday. Comerica has a twelve month low of $76.53 and a twelve month high of $102.66. The stock has a market capitalization of $13.69 billion, a price-to-earnings ratio of 17.50, a price-to-earnings-growth ratio of 0.60 and a beta of 1.39. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.03 and a current ratio of 1.03.

Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $1.86 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.05. Comerica had a return on equity of 14.41% and a net margin of 29.54%. The firm had revenue of $833.00 million for the quarter, compared to analysts’ expectations of $852.72 million. During the same quarter last year, the firm posted $1.26 EPS. As a group, research analysts expect that Comerica will post 7.18 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Korea Investment CORP grew its position in Comerica by 3.9% during the 2nd quarter. Korea Investment CORP now owns 464,017 shares of the financial services provider’s stock worth $42,188,000 after acquiring an additional 17,500 shares during the last quarter. Argent Trust Co bought a new position in Comerica during the 2nd quarter worth approximately $379,000. Verition Fund Management LLC grew its position in Comerica by 300.1% during the 2nd quarter. Verition Fund Management LLC now owns 32,420 shares of the financial services provider’s stock worth $2,948,000 after acquiring an additional 24,317 shares during the last quarter. MAI Capital Management bought a new position in Comerica during the 3rd quarter worth approximately $2,119,000. Finally, Point72 Asset Management L.P. grew its position in shares of Comerica by 132.4% in the 2nd quarter. Point72 Asset Management L.P. now owns 383,104 shares of the financial services provider’s stock worth $34,832,000 after buying an additional 218,279 shares during the last quarter. Institutional investors and hedge funds own 87.36% of the company’s stock.

Comerica Company Profile

Comerica, Inc engages in the provision of financial services. It operates through the following segments: Business Bank, Retail Bank, Wealth Management, Finance, and Other. The Business Bank segment involves in the middle market businesses, multinational corporations, and governmental entities by offering various products and services such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication.

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Analyst Recommendations for Comerica (NYSE:CMA)

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