Comerica (NYSE:CMA) Downgraded to “Neutral” Rating by The Goldman Sachs Group

Comerica (NYSE:CMA) was downgraded by analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research report issued on Tuesday,Finviz reports. They presently have a $71.00 price target on the financial services provider’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 12.56% from the company’s current price.

CMA has been the topic of a number of other research reports. 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 report on Tuesday, December 3rd. JPMorgan Chase & Co. raised their target price on Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Barclays upped their price target on Comerica from $66.00 to $68.00 and gave the company an “underweight” rating in a research report on Monday. Morgan Stanley lifted their price objective on Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Finally, Wells Fargo & Company upgraded Comerica from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $51.00 to $73.00 in a report on Friday, November 15th. Three investment 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 data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $67.14.

Comerica Trading Up 1.0 %

NYSE CMA opened at $63.08 on Tuesday. The firm has a market cap of $8.30 billion, a PE ratio of 15.77 and a beta of 1.26. Comerica has a 1-year low of $45.32 and a 1-year high of $73.45. The stock has a 50-day moving average of $66.54 and a 200-day moving average 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 (NYSE:CMA) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.16. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. During the same quarter in the previous year, the company posted $1.84 earnings per share. As a group, sell-side analysts forecast that Comerica will post 5.37 EPS for the current year.

Comerica announced that its board has approved a share buyback plan on Tuesday, November 5th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Comerica

In other Comerica 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 completion of the sale, the executive vice president now owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP James Harry Weber sold 6,500 shares of the company’s 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 transaction, the executive vice president now directly owns 15,773 shares in the company, valued at approximately $997,326.79. The trade was 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 valued at $977,287 over the last 90 days. Corporate insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

A number of large investors have recently made changes to their positions in CMA. State Street Corp lifted its holdings in shares of Comerica by 2.0% during the 3rd quarter. State Street Corp now owns 4,977,670 shares of the financial services provider’s stock valued at $301,745,000 after buying an additional 96,084 shares during the period. Charles Schwab Investment Management Inc. increased its position in Comerica by 5.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock valued at $257,975,000 after acquiring an additional 226,285 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Comerica by 51.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after acquiring an additional 1,370,886 shares during the period. Vaughan Nelson Investment Management L.P. boosted its position in Comerica by 31.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock worth $144,312,000 after purchasing an additional 574,516 shares during the last quarter. Finally, Azora Capital LP grew its stake in shares of Comerica by 7.8% during the 3rd quarter. Azora Capital LP now owns 2,230,369 shares of the financial services provider’s stock valued at $133,621,000 after purchasing an additional 161,181 shares during the period. 80.74% of the stock is currently owned by institutional investors.

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.