Comerica (NYSE:CMA) Given New $71.00 Price Target at Wedbush

Comerica (NYSE:CMA) had its price target cut by Wedbush from $75.00 to $71.00 in a report released on Thursday, AnalystRatings.com reports. They currently have a neutral rating on the financial services provider’s stock. Wedbush also issued estimates for Comerica’s Q3 2019 earnings at $1.93 EPS, Q4 2019 earnings at $1.93 EPS, FY2019 earnings at $7.88 EPS, Q1 2020 earnings at $1.84 EPS, Q2 2020 earnings at $1.92 EPS, Q3 2020 earnings at $1.91 EPS, Q4 2020 earnings at $1.92 EPS and FY2020 earnings at $7.59 EPS.

Other equities analysts have also recently issued research reports about the stock. Citigroup cut shares of Comerica from a neutral rating to a sell rating and cut their price target for the stock from $80.00 to $66.00 in a research note on Friday, July 12th. ValuEngine cut shares of Comerica from a sell rating to a strong sell rating in a research note on Tuesday, July 2nd. B. Riley set a $75.00 price target on shares of Comerica and gave the stock a hold rating in a research note on Thursday, July 11th. Bank of America cut shares of Comerica from a neutral rating to an underperform rating and cut their price target for the stock from $85.00 to $71.00 in a research note on Thursday, July 11th. Finally, Piper Jaffray Companies set a $91.00 price target on shares of Comerica and gave the stock a buy rating in a research note on Tuesday, June 11th. Six analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $84.38.

NYSE:CMA traded down $0.94 during mid-day trading on Thursday, hitting $60.62. 370,883 shares of the stock traded hands, compared to its average volume of 2,030,985. The business’s 50-day moving average price is $68.08 and its 200 day moving average price is $74.92. The company has a market cap of $9.09 billion, a PE ratio of 8.37, a price-to-earnings-growth ratio of 0.54 and a beta of 1.45. Comerica has a 12-month low of $59.00 and a 12-month high of $99.61. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.90.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $1.94 EPS for the quarter, missing the consensus estimate of $2.01 by ($0.07). Comerica had a net margin of 33.29% and a return on equity of 16.92%. The firm had revenue of $853.00 million for the quarter, compared to analysts’ expectations of $859.09 million. During the same period in the prior year, the firm posted $1.87 EPS. Comerica’s revenue was up 1.8% on a year-over-year basis. Analysts anticipate that Comerica will post 7.92 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be issued a $0.67 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 4.42%. Comerica’s payout ratio is 37.02%.

Several institutional investors and hedge funds have recently made changes to their positions in CMA. American Century Companies Inc. lifted its holdings in shares of Comerica by 166.2% in the 1st quarter. American Century Companies Inc. now owns 3,581,586 shares of the financial services provider’s stock worth $262,602,000 after acquiring an additional 2,236,331 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of Comerica by 9,489.4% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,601,235 shares of the financial services provider’s stock worth $116,313,000 after acquiring an additional 1,584,537 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Comerica by 62.1% in the 2nd quarter. Invesco Ltd. now owns 2,745,769 shares of the financial services provider’s stock worth $199,452,000 after acquiring an additional 1,051,819 shares during the last quarter. AJO LP bought a new stake in shares of Comerica in the 1st quarter worth approximately $60,749,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Comerica by 1.5% in the 2nd quarter. Vanguard Group Inc. now owns 19,414,199 shares of the financial services provider’s stock worth $1,410,248,000 after acquiring an additional 293,069 shares during the last quarter. Hedge funds and other institutional investors own 85.32% of the company’s stock.

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.

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Analyst Recommendations for Comerica (NYSE:CMA)

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