Piper Jaffray Companies Reiterates $106.00 Price Target for Comerica (CMA)

Comerica (NYSE:CMA) has been assigned a $106.00 price target by equities researchers at Piper Jaffray Companies in a report issued on Tuesday. The firm currently has a “buy” rating on the financial services provider’s stock. Piper Jaffray Companies’ target price would suggest a potential upside of 38.74% from the stock’s previous close. Piper Jaffray Companies also issued estimates for Comerica’s Q4 2018 earnings at $1.93 EPS, FY2018 earnings at $7.23 EPS, Q1 2020 earnings at $2.06 EPS and Q2 2020 earnings at $2.07 EPS.

Other analysts have also recently issued reports about the company. Nomura dropped their price target on Comerica from $114.00 to $102.00 and set a “buy” rating for the company in a research report on Wednesday, October 17th. B. Riley set a $107.00 price target on Comerica and gave the stock a “buy” rating in a research report on Monday, October 15th. Vining Sparks reiterated a “buy” rating and set a $107.00 price target on shares of Comerica in a research report on Tuesday, October 9th. Morgan Stanley dropped their price target on Comerica from $111.00 to $107.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 18th. Finally, Zacks Investment Research cut Comerica from a “buy” rating to a “hold” rating in a research report on Tuesday, September 25th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Comerica has a consensus rating of “Hold” and a consensus target price of $101.61.

Shares of CMA opened at $76.40 on Tuesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.03 and a quick ratio of 1.03. Comerica has a one year low of $75.97 and a one year high of $102.66. The company has a market cap of $12.80 billion, a P/E ratio of 16.15, a PEG ratio of 0.56 and a beta of 1.38.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Tuesday, October 16th. The financial services provider reported $1.86 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.81 by $0.05. Comerica had a return on equity of 14.41% and a net margin of 29.54%. The firm had revenue of $833.00 million during the quarter, compared to analysts’ expectations of $852.72 million. During the same period in the previous year, the business earned $1.26 earnings per share. As a group, equities analysts predict that Comerica will post 7.19 EPS for the current year.

Large investors have recently modified their holdings of the business. Columbia Asset Management purchased a new stake in Comerica in the 3rd quarter valued at $115,000. Stratos Wealth Partners LTD. purchased a new stake in Comerica in the 3rd quarter valued at $163,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Comerica by 83.8% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,834 shares of the financial services provider’s stock valued at $165,000 after buying an additional 836 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new stake in Comerica in the 2nd quarter valued at $183,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Comerica in the 3rd quarter valued at $206,000. Institutional investors own 84.97% of the company’s stock.

About Comerica

Comerica, Inc engages in the provision of financial services. It operates through the following segments: Business Bank, Retail Bank, Wealth Management, Finance, and Other. The Business Bank segment involves in the middle market businesses, multinational corporations, and governmental entities by offering various products and services such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication.

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