JPMorgan Chase & Co. Boosts Comerica (NYSE:CMA) Price Target to $70.00

Comerica (NYSE:CMA) had its price target lifted by JPMorgan Chase & Co. from $65.00 to $70.00 in a research note published on Monday morning, Benzinga reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

Other equities research analysts have also recently issued research reports about the stock. The Goldman Sachs Group boosted their target price on shares of Comerica from $55.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, October 7th. DA Davidson restated a “neutral” rating and set a $55.00 target price on shares of Comerica in a research report on Tuesday, September 10th. Raymond James upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price target for the company in a research report on Tuesday, July 2nd. Stephens increased their price target on Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Truist Financial lifted their price objective on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a report on Monday. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Comerica currently has a consensus rating of “Hold” and an average target price of $62.57.

Comerica Stock Down 0.5 %

Shares of CMA opened at $62.00 on Monday. The firm has a market cap of $8.22 billion, a P/E ratio of 12.33 and a beta of 1.23. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96. Comerica has a 52 week low of $37.48 and a 52 week high of $66.06. The firm’s 50-day simple moving average is $58.28 and its 200 day simple moving average is $53.90.

Comerica (NYSE:CMA) last announced its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same quarter last year, the company earned $1.84 earnings per share. On average, analysts forecast that Comerica will post 5.12 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. OLD National Bancorp IN grew its holdings in Comerica by 4.9% during the 2nd quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock worth $12,130,000 after acquiring an additional 11,049 shares during the last quarter. Entropy Technologies LP acquired a new position in shares of Comerica during the first quarter worth $1,764,000. SG Americas Securities LLC grew 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 worth $3,209,000 after purchasing an additional 25,040 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Comerica by 39.3% in the second quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after purchasing an additional 62,269 shares during the period. Finally, LSV Asset Management increased its holdings in Comerica by 13.6% in the first quarter. LSV Asset Management now owns 835,389 shares of the financial services provider’s stock valued at $45,938,000 after purchasing an additional 100,189 shares during the period. Institutional investors own 80.74% of the company’s stock.

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.