Comerica (NYSE:CMA) Given New $57.00 Price Target at JPMorgan Chase & Co.

Comerica (NYSE:CMA) had its price objective decreased by JPMorgan Chase & Co. from $62.00 to $57.00 in a research note issued to investors on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

CMA has been the subject of several other research reports. DA Davidson reiterated a neutral rating and issued a $56.00 price objective on shares of Comerica in a research report on Wednesday, March 6th. Stephens restated an overweight rating and issued a $64.00 price objective on shares of Comerica in a research report on Tuesday, June 11th. Piper Sandler upped their target price on shares of Comerica from $54.00 to $56.00 and gave the stock a neutral rating in a research report on Friday, April 26th. UBS Group lowered their price target on shares of Comerica from $59.00 to $55.00 and set a neutral rating for the company in a report on Friday, April 19th. Finally, Truist Financial decreased their price objective on Comerica from $60.00 to $55.00 and set a buy rating on the stock in a research report on Thursday, June 13th. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $56.13.

Comerica Stock Performance

Shares of NYSE:CMA opened at $51.04 on Thursday. The stock has a market capitalization of $6.77 billion, a price-to-earnings ratio of 10.15 and a beta of 1.25. The business’s fifty day moving average price is $50.67 and its two-hundred day moving average price is $51.99. Comerica has a fifty-two week low of $37.40 and a fifty-two week high of $57.39. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95.

Comerica (NYSE:CMA) last announced its earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $807.57 million. Comerica had a net margin of 13.11% and a return on equity of 16.51%. During the same quarter last year, the company posted $2.39 EPS. As a group, analysts predict that Comerica will post 5.08 EPS for the current fiscal year.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a $0.71 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.56%. Comerica’s dividend payout ratio (DPR) is 56.46%.

Insiders Place Their Bets

In other news, EVP Cassandra M. Mckinney sold 7,271 shares of Comerica stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total value of $382,381.89. Following the sale, the executive vice president now directly owns 7,236 shares in the company, valued at $380,541.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

A number of hedge funds and other institutional investors have recently modified their holdings of CMA. Federated Hermes Inc. grew its stake in shares of Comerica by 188.3% in the third quarter. Federated Hermes Inc. now owns 3,321 shares of the financial services provider’s stock valued at $138,000 after buying an additional 2,169 shares in the last quarter. Natixis Advisors L.P. raised its holdings in shares of Comerica by 790.8% in the 3rd quarter. Natixis Advisors L.P. now owns 144,745 shares of the financial services provider’s stock valued at $6,014,000 after purchasing an additional 128,496 shares during the period. Treasurer of the State of North Carolina lifted its stake in Comerica by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 57,789 shares of the financial services provider’s stock valued at $2,401,000 after purchasing an additional 300 shares during the last quarter. Bank of Nova Scotia grew its holdings in Comerica by 13.3% during the third quarter. Bank of Nova Scotia now owns 9,085 shares of the financial services provider’s stock worth $377,000 after purchasing an additional 1,066 shares during the period. Finally, Toronto Dominion Bank increased its position in Comerica by 58.9% during the third quarter. Toronto Dominion Bank now owns 55,379 shares of the financial services provider’s stock worth $2,301,000 after buying an additional 20,529 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

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.