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

Comerica (NYSE:CMA) had its price target decreased by JPMorgan Chase & Co. from $73.00 to $70.00 in a report released on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the financial services provider’s stock.

A number of other analysts have also recently weighed in on CMA. StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Piper Sandler boosted their price target on Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group lowered shares of Comerica from a “buy” rating to a “neutral” rating and set a $71.00 price objective for the company. in a research report on Tuesday. Bank of America cut shares of Comerica from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $55.00 to $52.00 in a research note on Monday, October 7th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Comerica from $72.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $67.14.

Comerica Stock Performance

CMA stock opened at $62.59 on Tuesday. Comerica has a one year low of $45.32 and a one year high of $73.45. The firm has a market cap of $8.23 billion, a price-to-earnings ratio of 15.65 and a beta of 1.26. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a 50-day simple moving average of $66.54 and a two-hundred day simple moving average of $59.77.

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

Comerica announced that its board has initiated a stock repurchase program on Tuesday, November 5th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were issued a $0.71 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.54%. Comerica’s payout ratio is 71.00%.

Insider Activity

In other Comerica news, EVP James Harry Weber sold 6,500 shares of the company’s stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total transaction of $410,995.00. Following the completion of the transaction, the executive vice president now directly owns 15,773 shares in the company, valued at approximately $997,326.79. This represents a 29.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total transaction of $95,811.36. Following the completion of the sale, the executive vice president now owns 8,730 shares in the company, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,456 shares of company stock worth $977,287 in the last ninety days. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC acquired a new position in shares of Comerica during the third quarter valued at approximately $36,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Comerica during the third quarter worth approximately $42,000. EverSource Wealth Advisors LLC increased its position in shares of Comerica by 19.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after purchasing an additional 199 shares in the last quarter. Cranbrook Wealth Management LLC acquired a new position in Comerica in the 2nd quarter valued at $79,000. Finally, Sunbelt Securities Inc. lifted its holdings in Comerica by 400.0% in the 2nd quarter. Sunbelt Securities Inc. now owns 2,500 shares of the financial services provider’s stock valued at $128,000 after purchasing an additional 2,000 shares in 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.