JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Comerica (NYSE:CMA) Stock

Comerica (NYSE:CMA - Free Report) had its price objective upped by JPMorgan Chase & Co. from $52.00 to $60.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an underweight rating on the financial services provider's stock.

Other analysts also recently issued research reports about the stock. Stephens downgraded shares of Comerica from an "overweight" rating to an "equal weight" rating and decreased their price target for the stock from $66.00 to $64.00 in a research report on Monday, March 31st. UBS Group upgraded Comerica from a "sell" rating to a "neutral" rating and set a $59.00 price objective on the stock in a research note on Thursday, April 10th. Piper Sandler lifted their price objective on shares of Comerica from $57.00 to $60.00 and gave the stock a "neutral" rating in a report on Wednesday, June 11th. Keefe, Bruyette & Woods decreased their price target on shares of Comerica from $77.00 to $68.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Finally, Evercore ISI lowered shares of Comerica from an "in-line" rating to an "underperform" rating and dropped their price objective for the stock from $65.00 to $50.00 in a research note on Tuesday, April 22nd. Six investment analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $62.30.

Comerica Trading Up 2.3%

CMA stock traded up $1.43 during midday trading on Tuesday, reaching $63.78. 1,638,551 shares of the company's stock traded hands, compared to its average volume of 2,003,715. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.96 and a quick ratio of 0.96. Comerica has a fifty-two week low of $48.12 and a fifty-two week high of $73.45. The business has a 50-day moving average price of $56.97 and a two-hundred day moving average price of $59.51. The company has a market capitalization of $8.38 billion, a P/E ratio of 12.06 and a beta of 0.92.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings results on Monday, April 21st. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.11. The firm had revenue of $829.00 million during the quarter, compared to the consensus estimate of $839.31 million. Comerica had a return on equity of 11.59% and a net margin of 14.89%. During the same period in the prior year, the firm earned $1.29 EPS. Equities research analysts forecast that Comerica will post 5.28 EPS for the current fiscal year.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, June 13th will be paid a $0.71 dividend. The ex-dividend date is Friday, June 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.45%. Comerica's dividend payout ratio (DPR) is presently 53.69%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. MorganRosel Wealth Management LLC bought a new stake in shares of Comerica during the first quarter valued at approximately $33,000. Gen Wealth Partners Inc bought a new position in Comerica in the first quarter valued at about $34,000. Geneos Wealth Management Inc. increased its position in Comerica by 41.8% in the first quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider's stock worth $35,000 after purchasing an additional 176 shares during the period. Quarry LP boosted its stake in shares of Comerica by 152.0% in the 4th quarter. Quarry LP now owns 867 shares of the financial services provider's stock valued at $54,000 after purchasing an additional 523 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Comerica during the 1st quarter worth approximately $55,000. 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.