JPMorgan Chase & Co. Increases Comerica (NYSE:CMA) Price Target to $65.00

Comerica (NYSE:CMA) had its price objective boosted by equities researchers at JPMorgan Chase & Co. from $57.00 to $65.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 9.50% from the company’s current price.

Several other research firms also recently weighed in on CMA. StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a research note on Thursday, October 3rd. Evercore ISI increased their price objective on Comerica from $58.00 to $64.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Wedbush raised Comerica from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $52.00 to $75.00 in a report on Tuesday, September 24th. Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $50.00 to $69.00 in a report on Thursday, September 5th. Finally, Barclays dropped their price objective on Comerica from $59.00 to $56.00 and set an “underweight” rating on the stock in a report on Monday, July 22nd. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Comerica presently has a consensus rating of “Hold” and a consensus price target of $59.62.

Comerica Price Performance

Shares of CMA opened at $59.36 on Wednesday. The firm has a market cap of $7.87 billion, a PE ratio of 11.80 and a beta of 1.23. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96. The business’s 50 day moving average price is $56.71 and its two-hundred day moving average price is $53.41. Comerica has a 52-week low of $37.40 and a 52-week high of $61.84.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same quarter in the prior year, the company earned $2.01 EPS. On average, equities analysts anticipate that Comerica will post 5.06 EPS for the current year.

Insider Activity at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the sale, the executive vice president now directly owns 27,910 shares in the company, valued at $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 SEC, which is available through this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. OLD National Bancorp IN raised its position in shares of Comerica by 4.9% in the 2nd quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock worth $12,130,000 after purchasing an additional 11,049 shares during the last quarter. Entropy Technologies LP purchased a new position in Comerica in the first quarter worth about $1,764,000. SG Americas Securities LLC lifted its stake in shares of Comerica by 66.2% in the second quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock worth $3,209,000 after buying an additional 25,040 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Comerica by 39.3% during the second quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after buying an additional 62,269 shares during the last quarter. Finally, LSV Asset Management increased its position in shares of Comerica by 13.6% during the first quarter. LSV Asset Management now owns 835,389 shares of the financial services provider’s stock valued at $45,938,000 after acquiring an additional 100,189 shares in 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.