Comerica (NYSE:CMA) PT Raised to $70.00

Comerica (NYSE:CMA) had its price target increased by equities research analysts at JPMorgan Chase & Co. from $65.00 to $70.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 12.36% from the stock’s previous close.

Several other equities research analysts have also recently commented on CMA. Raymond James raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a research report on Tuesday, July 2nd. Morgan Stanley upped their price objective on Comerica from $61.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Bank of America lowered Comerica from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $55.00 to $52.00 in a research report on Monday, October 7th. Barclays upped their price target on Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research report on Monday. Finally, Evercore ISI raised their price target on shares of Comerica from $58.00 to $64.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Three analysts have rated the stock with a sell rating, twelve have assigned 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 a consensus target price of $62.57.

Comerica Price Performance

Shares of CMA opened at $62.30 on Monday. The stock has a market cap of $8.26 billion, a P/E ratio of 12.39 and a beta of 1.23. Comerica has a 1 year low of $37.40 and a 1 year high of $66.06. The stock’s 50-day moving average price is $58.13 and its two-hundred day moving average price is $53.83. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last posted its 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 firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. During the same period in the previous year, the firm earned $1.84 earnings per share. On average, equities analysts predict that Comerica will post 5.12 earnings per share for the current year.

Insider Activity

In other news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction on 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 directly owns 27,910 shares in the company, valued at approximately $1,605,104.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Comerica

Several large investors have recently bought and sold shares of CMA. V Square Quantitative Management LLC acquired a new position in shares of Comerica in the third quarter valued at approximately $36,000. Family Firm Inc. acquired a new position in Comerica in the 2nd quarter valued at approximately $37,000. UMB Bank n.a. grew its stake in shares of Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 208 shares during the last quarter. Versant Capital Management Inc increased its holdings in Comerica by 2,723.3% in the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 817 shares during the period. Finally, Abich Financial Wealth Management LLC raised its position in Comerica by 50.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 300 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors.

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.