Wells Fargo & Company Issues Pessimistic Forecast for Comerica (NYSE:CMA) Stock Price

Comerica (NYSE:CMA - Get Free Report) had its price objective lowered by analysts at Wells Fargo & Company from $67.00 to $55.00 in a report released on Tuesday,Benzinga reports. The firm presently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's target price suggests a potential upside of 8.48% from the company's current price.

Several other equities analysts have also recently weighed in on CMA. Raymond James cut their price objective on Comerica from $72.00 to $67.00 and set an "outperform" rating for the company in a research report on Wednesday, April 2nd. Truist Financial raised Comerica to a "hold" rating in a research report on Monday, January 6th. Morgan Stanley lowered shares of Comerica from an "equal weight" rating to an "underweight" rating and decreased their price target for the stock from $63.00 to $55.00 in a research report on Monday, April 7th. Stephens downgraded Comerica from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $66.00 to $64.00 in a research report on Monday, March 31st. Finally, DA Davidson decreased their price objective on Comerica from $71.00 to $67.00 and set a "neutral" rating on the stock in a report on Thursday, January 23rd. Five equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $65.32.

Comerica Price Performance

NYSE CMA opened at $50.70 on Tuesday. 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 firm has a market cap of $6.65 billion, a P/E ratio of 10.10 and a beta of 0.96. The stock's 50-day moving average is $58.55 and its two-hundred day moving average is $62.87. Comerica has a fifty-two week low of $45.32 and a fifty-two week high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.25 EPS for the quarter, beating 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 company had revenue of $829.00 million for the quarter, compared to the consensus estimate of $839.31 million. During the same quarter last year, the company posted $1.29 earnings per share. On average, analysts anticipate that Comerica will post 5.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Comerica

Hedge funds and other institutional investors have recently bought and sold shares of the business. State of Alaska Department of Revenue raised its position in shares of Comerica by 2.6% during the 1st quarter. State of Alaska Department of Revenue now owns 15,390 shares of the financial services provider's stock valued at $908,000 after acquiring an additional 390 shares during the last quarter. Cyndeo Wealth Partners LLC acquired a new stake in shares of Comerica during the first quarter worth $6,621,000. New England Research & Management Inc. increased its holdings in Comerica by 55.3% in the first quarter. New England Research & Management Inc. now owns 19,682 shares of the financial services provider's stock valued at $1,162,000 after purchasing an additional 7,007 shares during the last quarter. Greenwood Capital Associates LLC lifted its stake in Comerica by 23.6% in the first quarter. Greenwood Capital Associates LLC now owns 17,025 shares of the financial services provider's stock valued at $1,005,000 after buying an additional 3,246 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in Comerica in the first quarter valued at about $9,779,000. 80.74% of the stock is 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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