Comerica (NYSE:CMA) Price Target Lowered to $85.00 at DA Davidson

Comerica (NYSE:CMA) had its target price decreased by DA Davidson from $87.00 to $85.00 in a report released on Wednesday, April 17th, AnalystRatings.com reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s price target suggests a potential upside of 10.79% from the company’s current price. DA Davidson also issued estimates for Comerica’s Q2 2019 earnings at $1.99 EPS, Q3 2019 earnings at $2.02 EPS, Q4 2019 earnings at $2.11 EPS, FY2019 earnings at $8.20 EPS, Q1 2020 earnings at $2.05 EPS, Q2 2020 earnings at $2.10 EPS, Q3 2020 earnings at $2.19 EPS, Q4 2020 earnings at $2.18 EPS and FY2020 earnings at $8.51 EPS.

Other research analysts have also issued reports about the company. Goldman Sachs Group lowered Comerica from a “conviction-buy” rating to a “buy” rating in a report on Monday, January 7th. Argus started coverage on Comerica in a report on Thursday, January 3rd. They set a “buy” rating and a $88.00 target price on the stock. Stephens reiterated a “buy” rating and set a $85.00 target price on shares of Comerica in a report on Wednesday, December 19th. Zacks Investment Research upgraded Comerica from a “hold” rating to a “buy” rating and set a $92.00 target price on the stock in a report on Tuesday, March 12th. Finally, Jefferies Financial Group lowered Comerica from a “buy” rating to a “hold” rating and set a $84.00 target price on the stock. in a report on Wednesday, April 17th. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Comerica presently has a consensus rating of “Hold” and an average price target of $91.91.

CMA stock traded up $0.50 during midday trading on Wednesday, hitting $76.72. 1,482,297 shares of the company’s stock were exchanged, compared to its average volume of 1,731,019. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.92. The firm has a market cap of $11.75 billion, a PE ratio of 10.60, a P/E/G ratio of 1.33 and a beta of 1.43. Comerica has a one year low of $63.69 and a one year high of $101.05.

Comerica (NYSE:CMA) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.93 by $0.15. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $852.88 million. Comerica had a return on equity of 16.95% and a net margin of 34.75%. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.59 earnings per share. On average, analysts forecast that Comerica will post 8.22 earnings per share for the current year.

Comerica announced that its board has initiated a share repurchase plan on Tuesday, January 22nd that authorizes the company to repurchase 15,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

In other Comerica news, EVP Megan D. Burkhart sold 7,443 shares of the business’s stock in a transaction that occurred on Wednesday, February 27th. The stock was sold at an average price of $87.55, for a total transaction of $651,634.65. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Paul R. Obermeyer sold 8,200 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $86.75, for a total value of $711,350.00. The disclosure for this sale can be found here. 0.98% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in CMA. Bank of New York Mellon Corp increased its position in Comerica by 47.8% during the third quarter. Bank of New York Mellon Corp now owns 2,727,000 shares of the financial services provider’s stock worth $245,975,000 after buying an additional 881,990 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Comerica during the third quarter worth approximately $206,000. Pacer Advisors Inc. increased its position in Comerica by 14.3% during the third quarter. Pacer Advisors Inc. now owns 8,969 shares of the financial services provider’s stock worth $809,000 after buying an additional 1,122 shares during the last quarter. Mackenzie Financial Corp increased its position in Comerica by 16.8% during the third quarter. Mackenzie Financial Corp now owns 176,862 shares of the financial services provider’s stock worth $15,953,000 after buying an additional 25,408 shares during the last quarter. Finally, Captrust Financial Advisors grew its position in shares of Comerica by 16,357.1% in the third quarter. Captrust Financial Advisors now owns 2,304 shares of the financial services provider’s stock valued at $209,000 after purchasing an additional 2,290 shares during the last quarter. 86.05% of the stock is currently owned by hedge funds and other institutional investors.

About Comerica

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.

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