JPMorgan Chase & Co. Issues Pessimistic Forecast for Comerica (NYSE:CMA) Stock Price

Comerica (NYSE:CMA) had its price objective reduced by research analysts at JPMorgan Chase & Co. from $73.00 to $70.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 11.79% from the company’s previous close.

Several other brokerages have also recently issued reports on CMA. Keefe, Bruyette & Woods boosted their price objective on shares of Comerica from $72.00 to $82.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Compass Point raised their price objective on shares of Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Wells Fargo & Company raised Comerica from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $51.00 to $73.00 in a report on Friday, November 15th. Finally, Stephens boosted their target price on shares of Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $67.14.

Comerica Stock Performance

CMA stock traded down $0.45 on Tuesday, hitting $62.62. The company’s stock had a trading volume of 850,201 shares, compared to its average volume of 1,123,677. The firm has a 50 day moving average of $66.54 and a two-hundred day moving average of $59.67. Comerica has a 1 year low of $45.32 and a 1 year high of $73.45. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. The stock has a market cap of $8.24 billion, a price-to-earnings ratio of 15.66 and a beta of 1.26.

Comerica (NYSE:CMA) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same period last year, the firm earned $1.84 EPS. Equities analysts predict that Comerica will post 5.37 EPS for the current fiscal year.

Comerica declared that its Board of Directors has authorized a share buyback plan on Tuesday, November 5th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Comerica

In other news, EVP James Harry Weber sold 6,500 shares of the stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total value of $410,995.00. Following the completion of the sale, the executive vice president now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction of $95,811.36. Following the sale, the executive vice president now directly owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,456 shares of company stock valued at $977,287. Company insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

Several large investors have recently bought and sold shares of the company. Victory Capital Management Inc. increased its stake in Comerica by 40.4% during the 2nd quarter. Victory Capital Management Inc. now owns 31,347 shares of the financial services provider’s stock worth $1,600,000 after buying an additional 9,016 shares during the period. Arizona State Retirement System lifted its stake in shares of Comerica by 2.3% in the second quarter. Arizona State Retirement System now owns 37,090 shares of the financial services provider’s stock worth $1,893,000 after acquiring an additional 848 shares in the last quarter. Great Lakes Advisors LLC boosted its holdings in Comerica by 1,404.8% in the second quarter. Great Lakes Advisors LLC now owns 81,816 shares of the financial services provider’s stock valued at $4,176,000 after purchasing an additional 76,379 shares during the last quarter. Choreo LLC acquired a new stake in Comerica during the 2nd quarter valued at approximately $292,000. Finally, United Services Automobile Association purchased a new stake in Comerica during the 2nd quarter worth approximately $667,000. Institutional investors and hedge funds 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.