Comerica (NYSE:CMA - Free Report) had its price target cut by JPMorgan Chase & Co. from $73.00 to $70.00 in a research report released on Tuesday,Benzinga reports. They currently have a neutral rating on the financial services provider's stock.
CMA has been the topic of several other research reports. StockNews.com raised shares of Comerica from a "sell" rating to a "hold" rating in a report on Monday, October 21st. Piper Sandler raised their price target on shares of Comerica from $64.00 to $72.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 3rd. Bank of America lowered shares of Comerica from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $55.00 to $52.00 in a research report on Monday, October 7th. Stephens raised their target price on shares of Comerica from $64.00 to $70.00 and gave the company an "overweight" rating in a research note on Monday, October 21st. Finally, Wells Fargo & Company upgraded Comerica from an "underweight" rating to an "equal weight" rating and upped their price target for the stock from $51.00 to $73.00 in a report on Friday, November 15th. Three equities 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. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $67.14.
Check Out Our Latest Research Report on CMA
Comerica Stock Performance
Shares of Comerica stock traded down $0.48 during trading on Tuesday, reaching $62.59. The company's stock had a trading volume of 1,548,999 shares, compared to its average volume of 1,305,450. The firm has a market cap of $8.23 billion, a PE ratio of 15.65 and a beta of 1.26. The company has a 50-day moving average price of $66.54 and a two-hundred day moving average price of $59.67. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. Comerica has a fifty-two week low of $45.32 and a fifty-two week high of $73.45.
Comerica (NYSE:CMA - Get Free Report) last announced its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate 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 firm earned $1.84 earnings per share. On average, analysts forecast that Comerica will post 5.37 EPS for the current year.
Comerica Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.54%. The ex-dividend date of this dividend was Friday, December 13th. Comerica's dividend payout ratio (DPR) is 71.00%.
Comerica announced that its Board of Directors has approved a stock buyback 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 buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its shares are undervalued.
Insiders Place Their Bets
In related news, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total value of $95,811.36. Following the transaction, the executive vice president now directly owns 8,730 shares in the company, valued at $600,885.90. The trade was a 13.75 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP James Harry Weber sold 6,500 shares of the company's stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $63.23, for a total transaction of $410,995.00. Following the sale, the executive vice president now directly owns 15,773 shares of the company's stock, valued at $997,326.79. This represents a 29.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,456 shares of company stock worth $977,287 over the last ninety days. Company insiders own 0.19% of the company's stock.
Institutional Trading of Comerica
A number of hedge funds have recently made changes to their positions in CMA. JPMorgan Chase & Co. increased its stake in Comerica by 134.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider's stock valued at $51,309,000 after buying an additional 490,468 shares during the period. Point72 Europe London LLP purchased a new position in Comerica in the second quarter valued at about $4,767,000. Oppenheimer & Co. Inc. increased its position in Comerica by 158.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider's stock worth $1,218,000 after purchasing an additional 12,454 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Comerica by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider's stock worth $257,975,000 after purchasing an additional 226,285 shares in the last quarter. Finally, Citigroup Inc. grew its stake in shares of Comerica by 390.6% in the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider's stock valued at $45,628,000 after buying an additional 606,375 shares in the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.
About Comerica
(
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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.
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