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

Comerica (NYSE:CMA) had its price objective cut by equities research analysts at JPMorgan Chase & Co. from $73.00 to $70.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 12.45% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the stock. Morgan Stanley upped their target price on shares of Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods increased their target price on Comerica from $72.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Evercore ISI boosted their price target on Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Robert W. Baird upped their price target on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, November 18th. Finally, UBS Group assumed coverage on shares of Comerica in a report on Tuesday, December 17th. They issued a “sell” rating and a $64.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $67.14.

Comerica Price Performance

Shares of NYSE CMA opened at $62.25 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. Comerica has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. The business has a 50 day moving average price of $66.49 and a two-hundred day moving average price of $59.79. The firm has a market cap of $8.19 billion, a PE ratio of 15.56 and a beta of 1.26.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same quarter last year, the company earned $1.84 earnings per share. Sell-side analysts expect that Comerica will post 5.37 earnings per share for the current fiscal year.

Comerica announced that its board has authorized a share repurchase program on Tuesday, November 5th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the sale, the executive vice president now directly owns 8,730 shares in the company, valued at approximately $600,885.90. The trade was a 13.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction of $470,480.80. Following the transaction, the executive vice president now owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. This trade represents a 31.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is owned by corporate insiders.

Institutional Trading of Comerica

A number of hedge funds and other institutional investors have recently made changes to their positions in CMA. GAMMA Investing LLC grew its position in Comerica by 8.9% in the fourth quarter. GAMMA Investing LLC now owns 6,084 shares of the financial services provider’s stock worth $376,000 after buying an additional 499 shares during the last quarter. JPMorgan Chase & Co. grew its holdings 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 acquiring an additional 490,468 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Comerica by 9.3% during the third quarter. Franklin Resources Inc. now owns 14,690 shares of the financial services provider’s stock worth $901,000 after purchasing an additional 1,255 shares during the period. Tidal Investments LLC lifted its holdings in shares of Comerica by 96.2% during the third quarter. Tidal Investments LLC now owns 32,138 shares of the financial services provider’s stock valued at $1,925,000 after purchasing an additional 15,758 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Comerica in the 3rd quarter valued at $42,000. 80.74% of the stock is currently owned by institutional investors.

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.