JPMorgan Chase & Co. Increases Comerica (NYSE:CMA) Price Target to $70.00

Comerica (NYSE:CMA) had its target price raised by JPMorgan Chase & Co. from $65.00 to $70.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 10.27% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. Raymond James upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a report on Tuesday, July 2nd. Truist Financial increased their price objective on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a report on Monday. Evercore ISI increased their price target on shares of Comerica from $58.00 to $64.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company upped their target price on shares of Comerica from $43.00 to $51.00 and gave the company an “underweight” rating in a report on Monday. Finally, Morgan Stanley boosted their price target on shares of Comerica from $61.00 to $63.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $61.38.

Comerica Stock Down 2.2 %

Comerica stock traded down $1.46 during mid-day trading on Monday, reaching $63.48. 484,999 shares of the company’s stock were exchanged, compared to its average volume of 2,151,026. Comerica has a twelve month low of $37.40 and a twelve month high of $66.06. The company has a fifty day moving average of $57.96 and a 200-day moving average of $53.77. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. The company has a market cap of $8.42 billion, a P/E ratio of 12.62 and a beta of 1.23.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. During the same quarter last year, the company earned $1.84 EPS. Sell-side analysts expect that Comerica will post 5.12 EPS for the current year.

Insider Buying and Selling at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the sale, the executive vice president now directly owns 27,910 shares in the company, valued at approximately $1,605,104.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CMA. V Square Quantitative Management LLC acquired a new position in Comerica during the 3rd quarter worth approximately $36,000. Family Firm Inc. acquired a new position in Comerica in the 2nd quarter worth $37,000. UMB Bank n.a. boosted its position in Comerica by 39.3% in the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after buying an additional 208 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Comerica by 2,723.3% in the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 817 shares in the last quarter. Finally, Abich Financial Wealth Management LLC increased its stake in shares of Comerica by 50.2% in the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after buying an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Company Profile

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.