Comerica (NYSE:CMA) PT Lowered to $57.00 at JPMorgan Chase & Co.

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

CMA has been the topic of a number of other research reports. Keefe, Bruyette & Woods reissued a market perform rating and issued a $58.00 price objective on shares of Comerica in a research report on Tuesday, June 11th. Royal Bank of Canada cut their price target on shares of Comerica from $62.00 to $58.00 and set an outperform rating on the stock in a research report on Wednesday, June 12th. Wells Fargo & Company dropped their target price on Comerica from $48.00 to $45.00 and set an underweight rating on the stock in a report on Wednesday, June 12th. Jefferies Financial Group decreased their price target on Comerica from $65.00 to $60.00 and set a buy rating for the company in a research note on Monday, April 8th. Finally, Citigroup lowered Comerica from a buy rating to a neutral rating and lowered their price target for the stock from $60.00 to $56.00 in a research report on Monday, May 6th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $56.13.

Comerica Price Performance

Shares of NYSE CMA opened at $51.04 on Thursday. The company has a fifty day moving average price of $50.67 and a 200 day moving average price of $52.00. The firm has a market cap of $6.77 billion, a PE ratio of 10.15 and a beta of 1.25. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.26. Comerica has a 1-year low of $37.40 and a 1-year high of $57.39.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $807.57 million. During the same period in the prior year, the firm earned $2.39 earnings per share. Research analysts predict that Comerica will post 5.08 earnings per share for the current fiscal year.

Comerica Dividend Announcement

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

Insider Buying and Selling at Comerica

In other 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 transaction of $382,381.89. Following the completion of the sale, the executive vice president now owns 7,236 shares of the company’s stock, valued at $380,541.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Comerica

A number of hedge funds and other institutional investors have recently made changes to their positions in CMA. Spire Wealth Management grew its position in Comerica by 95.9% during the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after buying an additional 235 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in shares of Comerica during the 4th quarter worth $36,000. Turtle Creek Wealth Advisors LLC acquired a new position in Comerica in the fourth quarter valued at about $36,000. Abich Financial Wealth Management LLC lifted its position in Comerica by 50.2% during the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 300 shares during the period. Finally, FNY Investment Advisers LLC acquired a new stake in Comerica during the fourth quarter worth about $50,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

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.