Comerica (NYSE:CMA) PT Lowered to $57.00

Comerica (NYSE:CMA) had its price target reduced by equities research analysts at JPMorgan Chase & Co. from $62.00 to $57.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 11.68% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Robert W. Baird dropped their price target on Comerica from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Thursday, June 20th. Royal Bank of Canada dropped their target price on Comerica from $62.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 12th. The Goldman Sachs Group dropped their target price on Comerica from $69.00 to $62.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. Citigroup cut Comerica from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $60.00 to $56.00 in a research report on Monday, May 6th. Finally, Wells Fargo & Company lowered their price target on Comerica from $48.00 to $45.00 and set an “underweight” rating on the stock in a report on Wednesday, June 12th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $56.13.

Comerica Trading Up 6.7 %

CMA opened at $51.04 on Thursday. Comerica has a 12 month low of $37.40 and a 12 month high of $57.39. The stock has a market capitalization of $6.77 billion, a price-to-earnings ratio of 10.15 and a beta of 1.25. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95. The business has a fifty day moving average price of $50.67 and a 200 day moving average price of $51.98.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. Comerica had a return on equity of 16.51% and a net margin of 13.11%. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $807.57 million. During the same period in the previous year, the business earned $2.39 EPS. Sell-side analysts expect that Comerica will post 5.08 earnings per share for the current fiscal year.

Insider Activity at Comerica

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of Comerica stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the transaction, the executive vice president now owns 7,236 shares in the company, valued at $380,541.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Abich Financial Wealth Management LLC raised its position in Comerica by 50.2% in the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 300 shares during the period. Cetera Advisors LLC purchased a new stake in shares of Comerica during the first quarter worth about $259,000. Algebris UK Ltd purchased a new stake in shares of Comerica during the first quarter worth about $11,872,000. iA Global Asset Management Inc. purchased a new stake in shares of Comerica during the first quarter worth about $244,000. Finally, Comerica Bank increased its position in shares of Comerica by 2.1% during the first quarter. Comerica Bank now owns 150,608 shares of the financial services provider’s stock worth $8,282,000 after acquiring an additional 3,076 shares during the last quarter. 80.74% of the stock is owned by hedge funds and other 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.