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

Comerica (NYSE:CMA) had its price target raised by JPMorgan Chase & Co. from $57.00 to $65.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

CMA has been the subject of a number of other reports. Royal Bank of Canada lowered their price objective on Comerica from $58.00 to $56.00 and set an outperform rating for the company in a research report on Monday, July 22nd. Piper Sandler boosted their price target on shares of Comerica from $51.00 to $52.00 and gave the stock a neutral rating in a research note on Monday, July 22nd. StockNews.com raised shares of Comerica from a sell rating to a hold rating in a research note on Thursday, October 3rd. Stephens reiterated an overweight rating and set a $58.00 target price on shares of Comerica in a research report on Tuesday, September 10th. Finally, Evercore ISI raised their price target on Comerica from $58.00 to $64.00 and gave the stock an in-line rating in a research report on Wednesday, October 2nd. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $59.62.

Comerica Trading Up 3.2 %

CMA opened at $61.28 on Wednesday. Comerica has a 1-year low of $37.40 and a 1-year high of $61.84. The stock has a market capitalization of $8.12 billion, a PE ratio of 12.18 and a beta of 1.23. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23. The firm has a 50-day moving average price of $56.89 and a two-hundred day moving average price of $53.48.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. The business had revenue of $1.26 billion during 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 last year, the business posted $2.01 earnings per share. As a group, equities analysts anticipate that Comerica will post 5.12 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 4.63%. The ex-dividend date was Friday, September 13th. Comerica’s dividend payout ratio (DPR) is currently 56.46%.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of the 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 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 document filed with the SEC, which can be accessed through this hyperlink. 0.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Comerica

Large investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD raised its holdings in Comerica by 105.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock worth $10,031,000 after acquiring an additional 3,595,036 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Comerica by 51.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after buying an additional 1,370,886 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Comerica by 51.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock valued at $143,109,000 after buying an additional 870,812 shares in the last quarter. Samlyn Capital LLC acquired a new position in Comerica during the second quarter worth $35,375,000. Finally, Vanguard Group Inc. raised its position in Comerica by 4.2% during the fourth quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock worth $941,968,000 after acquiring an additional 676,959 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

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.