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

Comerica (NYSE:CMA) had its price target raised by analysts at JPMorgan Chase & Co. from $57.00 to $65.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 9.52% from the company’s previous close.

CMA has been the subject of several other research reports. Royal Bank of Canada decreased their price objective on Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Evercore ISI lifted their target price on shares of Comerica from $58.00 to $64.00 and gave the company an “in-line” rating in a report on Wednesday, October 2nd. Bank of America downgraded shares of Comerica from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $55.00 to $52.00 in a report on Monday. Raymond James raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a report on Tuesday, July 2nd. Finally, The Goldman Sachs Group increased their target price on shares of Comerica from $55.00 to $63.00 and gave the stock a “buy” rating in a research note on Monday. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $59.62.

Comerica Stock Performance

NYSE CMA traded up $1.47 during trading hours on Wednesday, reaching $59.35. The stock had a trading volume of 849,963 shares, compared to its average volume of 2,157,156. Comerica has a 52-week low of $37.40 and a 52-week high of $61.84. The stock has a fifty day moving average of $56.49 and a 200 day moving average of $53.32. 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 stock has a market cap of $7.87 billion, a P/E ratio of 11.78 and a beta of 1.23.

Comerica (NYSE:CMA) last released its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.30. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same quarter in the prior year, the business earned $2.01 earnings per share. Sell-side analysts predict that Comerica will post 5.06 earnings per share for the current year.

Insider Buying and Selling

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the transaction, the executive vice president now owns 27,910 shares of the company’s stock, valued at $1,605,104.10. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

Several hedge funds have recently bought and sold shares of CMA. OLD National Bancorp IN boosted its stake in shares of Comerica by 4.9% in the second quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock valued at $12,130,000 after purchasing an additional 11,049 shares during the period. Entropy Technologies LP purchased a new stake in shares of Comerica during the first quarter worth $1,764,000. SG Americas Securities LLC raised 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 valued at $3,209,000 after acquiring an additional 25,040 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Comerica by 39.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock worth $11,262,000 after purchasing an additional 62,269 shares in the last quarter. Finally, LSV Asset Management increased its holdings in Comerica by 13.6% during the 1st quarter. LSV Asset Management now owns 835,389 shares of the financial services provider’s stock worth $45,938,000 after purchasing an additional 100,189 shares during the period. 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.