The Goldman Sachs Group Increases Comerica (NYSE:CMA) Price Target to $85.00

Comerica (NYSE:CMA) had its target price increased by research analysts at The Goldman Sachs Group from $71.00 to $85.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s price target suggests a potential upside of 17.53% from the company’s current price.

CMA has been the subject of several other reports. Barclays boosted their target price on shares of Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research report on Monday, October 21st. Wells Fargo & Company raised Comerica from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $51.00 to $73.00 in a research note on Friday, November 15th. Bank of America cut Comerica from a “neutral” rating to an “underperform” rating and cut their target price for the company from $55.00 to $52.00 in a research report on Monday, October 7th. Keefe, Bruyette & Woods upgraded Comerica from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $50.00 to $69.00 in a report on Thursday, September 5th. Finally, Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $52.00 to $75.00 in a research note on Tuesday, September 24th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Comerica presently has an average rating of “Hold” and a consensus price target of $65.10.

Comerica Stock Down 0.4 %

Shares of NYSE:CMA opened at $72.32 on Tuesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. Comerica has a 52-week low of $42.55 and a 52-week high of $73.45. The business’s 50 day simple moving average is $63.68 and its two-hundred day simple moving average is $56.52. The firm has a market cap of $9.51 billion, a P/E ratio of 18.12 and a beta of 1.22.

Comerica (NYSE:CMA) last issued its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.16. The company had revenue of $1.26 billion for 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 business earned $1.84 EPS. As a group, research analysts forecast that Comerica will post 5.37 EPS for the current fiscal year.

Comerica announced that its Board of Directors has initiated 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 repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Comerica

In related news, EVP Bruce Mitchell sold 7,564 shares of the business’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 sale, the executive vice president now directly owns 16,428 shares in the company, valued at approximately $1,021,821.60. The trade was a 31.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP James Harry Weber sold 6,500 shares of the firm’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the completion of the transaction, the executive vice president now owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. This represents a 29.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,456 shares of company stock valued at $977,287 over the last three months. 0.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new position in Comerica in the 3rd quarter worth about $36,000. Family Firm Inc. bought a new position in shares of Comerica in the 2nd quarter worth $37,000. UMB Bank n.a. lifted its holdings in shares of Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 208 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Comerica in the third quarter valued at $42,000. Finally, Versant Capital Management Inc raised its position in Comerica by 2,723.3% during the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 817 shares in the last quarter. Institutional investors 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.