Comerica (NYSE:CMA – Get Free Report) had its price target cut by stock analysts at JPMorgan Chase & Co. from $73.00 to $70.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 11.79% from the company’s previous close.
Several other equities analysts also recently commented on the stock. Morgan Stanley upped their price target on shares of Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. UBS Group assumed coverage on shares of Comerica in a report on Tuesday, December 17th. They issued a “sell” rating and a $64.00 price target for the company. Truist Financial lifted their target price on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, October 21st. Compass Point increased their price objective on Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, The Goldman Sachs Group downgraded shares of Comerica from a “buy” rating to a “neutral” rating and set a $71.00 price objective on the stock. in a report on Tuesday. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $67.14.
Read Our Latest Stock Analysis on Comerica
Comerica Price Performance
Comerica (NYSE:CMA – Get Free Report) last issued its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same period in the prior year, the business posted $1.84 earnings per share. On average, equities analysts anticipate that Comerica will post 5.37 EPS for the current fiscal year.
Comerica declared that its Board of Directors has approved a stock buyback plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.
Insider Transactions at Comerica
In other news, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the completion of the transaction, the executive vice president now directly owns 16,428 shares in the company, valued at $1,021,821.60. This trade represents a 31.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Allysun C. Fleming sold 1,392 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the completion of the sale, the executive vice president now owns 8,730 shares in the company, valued at $600,885.90. This represents a 13.75 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,456 shares of company stock worth $977,287. 0.19% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Comerica
Several institutional investors have recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new position in shares of Comerica in the third quarter valued at approximately $36,000. Wilmington Savings Fund Society FSB purchased a new position in Comerica in the third quarter valued at $42,000. EverSource Wealth Advisors LLC raised its position in Comerica by 19.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after purchasing an additional 199 shares in the last quarter. Cranbrook Wealth Management LLC purchased a new position in shares of Comerica in the 2nd quarter valued at about $79,000. Finally, Morton Brown Family Wealth LLC purchased a new stake in shares of Comerica during the third quarter worth approximately $138,000. 80.74% of the stock is owned by institutional investors and hedge funds.
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.
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