Morgan Stanley Reaffirms Equal Weight Rating for Comerica (CMA)
Comerica (NYSE:CMA)‘s stock had its “equal weight” rating reissued by equities research analysts at Morgan Stanley in a research report issued on Wednesday. They presently have a $90.00 price target on the financial services provider’s stock. Morgan Stanley’s target price indicates a potential upside of 4.81% from the stock’s current price.
Several other research firms have also weighed in on CMA. Nomura raised their price objective on Comerica from $74.00 to $86.00 and gave the company a “neutral” rating in a research note on Monday, October 23rd. Zacks Investment Research raised Comerica from a “hold” rating to a “buy” rating and set a $80.00 price objective on the stock in a research note on Thursday, August 17th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $76.00 price objective on shares of Comerica in a research note on Friday, September 1st. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $80.00 price objective (up from $78.00) on shares of Comerica in a research note on Saturday, September 16th. Finally, Citigroup reaffirmed a “sell” rating and issued a $69.00 price objective (up from $65.00) on shares of Comerica in a research note on Monday, October 9th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $81.90.
Comerica (NYSE:CMA) traded up $1.20 on Wednesday, hitting $85.87. The stock had a trading volume of 1,571,300 shares, compared to its average volume of 1,699,789. The firm has a market cap of $14,725.38, a price-to-earnings ratio of 19.11, a P/E/G ratio of 1.94 and a beta of 1.51. Comerica has a 12 month low of $64.04 and a 12 month high of $86.78. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.58.
In other Comerica news, insider Michael T. Ritchie sold 4,596 shares of the stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $75.08, for a total value of $345,067.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Christine M. Moore sold 3,200 shares of the stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $75.07, for a total value of $240,224.00. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of CMA. IBM Retirement Fund bought a new position in shares of Comerica during the third quarter worth about $200,000. Zeke Capital Advisors LLC bought a new position in shares of Comerica during the third quarter worth about $200,000. BB&T Corp bought a new position in shares of Comerica during the third quarter worth about $206,000. Marshall Wace North America L.P. bought a new position in shares of Comerica during the second quarter worth about $208,000. Finally, HGK Asset Management Inc. bought a new position in shares of Comerica during the second quarter worth about $209,000. Institutional investors own 82.04% of the company’s stock.
Comerica Incorporated is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. The Company’s segments include the Business Bank, the Retail Bank, Wealth Management, Finance and Other. The Business Bank serves middle market businesses, multinational corporations and governmental entities by offering 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.
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