DA Davidson Has Lowered Expectations for Comerica (NYSE:CMA) Stock Price

Comerica (NYSE:CMA) had its price target cut by equities research analysts at DA Davidson from $71.00 to $67.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s price objective points to a potential upside of 7.23% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Morgan Stanley boosted their target price on shares of Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Wells Fargo & Company upgraded Comerica from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $51.00 to $73.00 in a research note on Friday, November 15th. Evercore ISI increased their price target on shares of Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Compass Point raised their price objective on shares of Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $67.19.

Comerica Stock Performance

NYSE:CMA traded down $0.21 during trading hours on Thursday, reaching $62.49. The stock had a trading volume of 303,615 shares, compared to its average volume of 1,872,949. Comerica has a 12-month low of $45.32 and a 12-month high of $73.45. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50 day simple moving average of $65.83 and a 200 day simple moving average of $60.78. The stock has a market cap of $8.22 billion, a P/E ratio of 15.66 and a beta of 1.26.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same period in the prior year, the firm earned $1.46 earnings per share. On average, research analysts forecast that Comerica will post 5.38 EPS for the current fiscal year.

Comerica announced that its Board of Directors has approved a share repurchase program on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Comerica

In other news, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total transaction of $95,811.36. Following the sale, the executive vice president now owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. The trade was a 13.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.19% of the stock is currently owned by company insiders.

Institutional Trading of Comerica

Several large investors have recently bought and sold shares of the company. Trust Co. of Vermont lifted its stake in shares of Comerica by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 428 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 321 shares during the period. V Square Quantitative Management LLC bought a new position in Comerica in the third quarter worth $36,000. MCF Advisors LLC lifted its position in Comerica by 56.3% during the fourth quarter. MCF Advisors LLC now owns 633 shares of the financial services provider’s stock valued at $39,000 after buying an additional 228 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of Comerica during the 3rd quarter valued at $42,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Comerica by 19.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after buying an additional 199 shares during the period. 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.