Royal Bank of Canada Issues Pessimistic Forecast for Comerica (NYSE:CMA) Stock Price

Comerica (NYSE:CMA - Get Free Report) had its price objective dropped by investment analysts at Royal Bank of Canada from $75.00 to $65.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. Royal Bank of Canada's target price indicates a potential upside of 28.15% from the company's previous close.

Several other research analysts also recently issued reports on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of Comerica from $77.00 to $68.00 and set an "outperform" rating on the stock in a research report on Tuesday. DA Davidson lowered their target price on Comerica from $71.00 to $67.00 and set a "neutral" rating on the stock in a research note on Thursday, January 23rd. JPMorgan Chase & Co. cut shares of Comerica from a "neutral" rating to an "underweight" rating and dropped their price objective for the company from $64.00 to $52.00 in a research note on Tuesday. Evercore ISI lowered Comerica from an "in-line" rating to an "underperform" rating and lowered their price objective for the company from $65.00 to $50.00 in a report on Tuesday. Finally, Argus upgraded Comerica to a "hold" rating in a research report on Friday, January 31st. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Comerica has a consensus rating of "Hold" and an average target price of $64.26.

Comerica Stock Up 0.2 %

Shares of NYSE CMA traded up $0.12 during mid-day trading on Tuesday, hitting $50.72. The company had a trading volume of 499,120 shares, compared to its average volume of 2,206,403. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market capitalization of $6.66 billion, a PE ratio of 10.11 and a beta of 0.96. The business's 50-day simple moving average is $58.55 and its 200 day simple moving average is $62.87. Comerica has a 1-year low of $45.32 and a 1-year high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last released its quarterly earnings data on Monday, April 21st. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.11. Comerica had a return on equity of 12.04% and a net margin of 13.98%. The business had revenue of $829.00 million during the quarter, compared to analysts' expectations of $839.31 million. During the same period in the prior year, the firm posted $1.29 EPS. On average, analysts predict that Comerica will post 5.28 earnings per share for the current year.

Hedge Funds Weigh In On Comerica

Several large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in shares of Comerica by 134.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider's stock worth $51,309,000 after buying an additional 490,468 shares during the last quarter. Independent Advisor Alliance bought a new position in Comerica in the 4th quarter worth about $206,000. Jupiter Asset Management Ltd. acquired a new stake in shares of Comerica in the fourth quarter valued at approximately $82,419,000. Bank of Nova Scotia bought a new stake in Comerica during the 4th quarter valued at $1,320,000. Finally, Franklin Resources Inc. grew its position in Comerica by 251.1% in the 4th quarter. Franklin Resources Inc. now owns 51,573 shares of the financial services provider's stock valued at $3,190,000 after buying an additional 36,883 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.

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