Comerica (NYSE:CMA) Price Target Cut to $70.00 by Analysts at JPMorgan Chase & Co.

Comerica (NYSE:CMA) had its price objective decreased by investment analysts at JPMorgan Chase & Co. from $73.00 to $70.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 12.45% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. Piper Sandler increased their target price on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Barclays upped their target price on Comerica from $66.00 to $68.00 and gave the stock an “underweight” rating in a research report on Monday. Evercore ISI lifted 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. Finally, Compass Point increased their price objective on Comerica from $64.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $67.14.

Comerica Stock Performance

Shares of Comerica stock opened at $62.25 on Tuesday. Comerica has a 12 month low of $45.32 and a 12 month high of $73.45. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. The stock has a market cap of $8.19 billion, a PE ratio of 15.56 and a beta of 1.26. The business has a fifty day simple moving average of $66.49 and a 200-day simple moving average of $59.79.

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

Comerica announced that its Board of Directors has approved a stock repurchase program on Tuesday, November 5th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, EVP Bruce Mitchell sold 7,564 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the sale, the executive vice president now owns 16,428 shares in the company, valued at approximately $1,021,821.60. This represents a 31.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP James Harry Weber sold 6,500 shares of the firm’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the transaction, the executive vice president now owns 15,773 shares in the company, valued at approximately $997,326.79. This trade represents a 29.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,456 shares of company stock valued at $977,287 over the last ninety days. Insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

Hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its stake in Comerica by 19.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after purchasing an additional 199 shares in the last quarter. Centennial Wealth Advisory LLC raised its stake in Comerica by 5.2% during the 3rd quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock worth $304,000 after buying an additional 252 shares during the period. Bleakley Financial Group LLC raised its stake in Comerica by 8.5% during the 3rd quarter. Bleakley Financial Group LLC now owns 4,478 shares of the financial services provider’s stock worth $268,000 after buying an additional 351 shares during the period. GAMMA Investing LLC lifted its holdings in Comerica by 8.9% during the fourth quarter. GAMMA Investing LLC now owns 6,084 shares of the financial services provider’s stock worth $376,000 after acquiring an additional 499 shares in the last quarter. Finally, Creative Planning grew its stake in Comerica by 1.1% in the second quarter. Creative Planning now owns 48,838 shares of the financial services provider’s stock valued at $2,493,000 after acquiring an additional 514 shares during the period. 80.74% of the stock is currently owned by institutional investors and hedge funds.

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.