BMO Capital Markets Trims Comerica (NYSE:CMA) Target Price to $78.00

Comerica (NYSE:CMA) had its price objective decreased by equities research analysts at BMO Capital Markets to $78.00 in a research report issued to clients and investors on Thursday, The Fly reports. The firm currently has a “market perform” rating on the financial services provider’s stock. BMO Capital Markets’ price target would indicate a potential upside of 12.49% from the company’s previous close.

CMA has been the subject of a number of other research reports. Bank of America set a $97.00 price objective on Merck & Co., Inc. and gave the company a “buy” rating in a research note on Thursday, July 11th. Raymond James cut First Midwest Bancorp to a “hold” rating in a research note on Monday, July 8th. ValuEngine cut Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Citigroup upgraded Infosys from a “neutral” rating to a “buy” rating in a research note on Friday, July 12th. Finally, Piper Jaffray Companies set a $29.00 target price on Bausch Health Companies and gave the company a “buy” rating in a report on Tuesday, June 11th. Six equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $86.33.

NYSE CMA traded up $0.15 on Thursday, reaching $69.34. The stock had a trading volume of 3,110,491 shares, compared to its average volume of 1,931,107. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.03 and a current ratio of 1.03. Comerica has a 12-month low of $63.69 and a 12-month high of $100.64. The company’s 50-day moving average is $70.96. The firm has a market capitalization of $11.06 billion, a PE ratio of 9.58, a P/E/G ratio of 1.30 and a beta of 1.44.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $1.94 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.01 by ($0.07). Comerica had a net margin of 34.75% and a return on equity of 16.95%. The firm had revenue of $853.00 million during the quarter, compared to analysts’ expectations of $859.09 million. During the same quarter in the prior year, the firm posted $1.87 EPS. Comerica’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, equities research analysts anticipate that Comerica will post 8.13 EPS for the current year.

In related news, EVP Christine M. Moore sold 3,200 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $73.49, for a total transaction of $235,168.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.98% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Hancock Whitney Corp grew its holdings in Comerica by 43.6% during the first quarter. Hancock Whitney Corp now owns 132,341 shares of the financial services provider’s stock worth $9,703,000 after acquiring an additional 40,168 shares during the period. TrimTabs Asset Management LLC grew its holdings in Comerica by 5.0% during the first quarter. TrimTabs Asset Management LLC now owns 12,951 shares of the financial services provider’s stock worth $950,000 after acquiring an additional 616 shares during the period. State of Alaska Department of Revenue grew its holdings in Comerica by 49.8% during the first quarter. State of Alaska Department of Revenue now owns 64,016 shares of the financial services provider’s stock worth $4,691,000 after acquiring an additional 21,275 shares during the period. MUFG Securities EMEA plc acquired a new position in Comerica during the fourth quarter worth $34,383,000. Finally, Voloridge Investment Management LLC acquired a new position in Comerica during the fourth quarter worth $9,175,000. 83.46% 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.

Recommended Story: How to interpret Moving Average Convergence Divergence (MACD)

The Fly

Analyst Recommendations for Comerica (NYSE:CMA)

Receive News & Ratings for Comerica Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Comerica and related companies with MarketBeat.com's FREE daily email newsletter.