JPMorgan Chase & Co. Cuts Comerica (NYSE:CMA) Price Target to $57.00

Comerica (NYSE:CMA) had its target price trimmed by JPMorgan Chase & Co. from $62.00 to $57.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Other analysts also recently issued reports about the company. Stephens restated an overweight rating and set a $64.00 price objective on shares of Comerica in a research report on Tuesday, June 11th. Citigroup lowered shares of Comerica from a buy rating to a neutral rating and decreased their price target for the company from $60.00 to $56.00 in a report on Monday, May 6th. DA Davidson reissued a neutral rating and issued a $56.00 price objective on shares of Comerica in a research note on Wednesday, March 6th. Royal Bank of Canada decreased their target price on shares of Comerica from $62.00 to $58.00 and set an outperform rating on the stock in a research note on Wednesday, June 12th. Finally, Morgan Stanley reiterated an equal weight rating and issued a $53.00 price target on shares of Comerica in a research note on Monday, April 22nd. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $56.13.

Comerica Trading Up 6.7 %

CMA opened at $51.04 on Thursday. 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 quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.26. Comerica has a twelve month low of $37.40 and a twelve month high of $57.39. The company has a 50-day simple moving average of $50.67 and a 200 day simple moving average of $52.00.

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

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.56%. Comerica’s dividend payout ratio is presently 56.46%.

Insider Transactions at Comerica

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total transaction of $382,381.89. Following the sale, the executive vice president now directly owns 7,236 shares of the company’s stock, valued at $380,541.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CMA. Spire Wealth Management lifted its holdings in Comerica by 95.9% in the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 235 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new position in Comerica during the fourth quarter valued at approximately $36,000. Fortitude Family Office LLC acquired a new stake in Comerica in the 4th quarter valued at $36,000. Abich Financial Wealth Management LLC raised its stake in shares of Comerica by 50.2% during 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. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Comerica during the fourth quarter worth about $50,000. Institutional investors and hedge funds own 80.74% of the company’s stock.

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.