Comerica (NYSE:CMA) Rating Lowered to “Neutral” at The Goldman Sachs Group

Comerica (NYSE:CMA) was downgraded by investment analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. They presently have a $71.00 price objective on the financial services provider’s stock, down from their previous price objective of $85.00. The Goldman Sachs Group’s target price indicates a potential upside of 14.06% from the company’s current price.

CMA has been the topic of several other reports. Wedbush raised Comerica from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $52.00 to $75.00 in a report on Tuesday, September 24th. UBS Group assumed coverage on shares of Comerica in a report on Tuesday, December 17th. They issued a “sell” rating and a $64.00 target price on the stock. Morgan Stanley boosted their target price on shares of Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Piper Sandler increased their price target on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Wells Fargo & Company upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $51.00 to $73.00 in a research report on Friday, November 15th. Three research 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 target price of $67.14.

Comerica Price Performance

NYSE:CMA opened at $62.25 on Tuesday. Comerica has a 52 week low of $45.32 and a 52 week high of $73.45. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The firm’s 50-day simple moving average is $66.49 and its 200 day simple moving average is $59.79. The firm has a market cap of $8.19 billion, a price-to-earnings ratio of 15.56 and a beta of 1.26.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same period in the previous year, the business earned $1.84 earnings per share. As a group, sell-side analysts predict that Comerica will post 5.37 earnings per share for the current year.

Comerica announced that its board has approved a share repurchase plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Comerica

In other news, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction of $470,480.80. Following the completion of the sale, the executive vice president now directly owns 16,428 shares in the company, valued at $1,021,821.60. This represents a 31.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the transaction, the executive vice president now directly owns 15,773 shares of the company’s stock, valued at $997,326.79. This represents a 29.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,456 shares of company stock worth $977,287 over the last ninety days. 0.19% of the stock is owned by insiders.

Institutional Trading of Comerica

Large investors have recently bought and sold shares of the business. V Square Quantitative Management LLC acquired a new position in shares of Comerica in the 3rd quarter valued at about $36,000. Wilmington Savings Fund Society FSB bought a new stake in Comerica in the third quarter worth approximately $42,000. EverSource Wealth Advisors LLC lifted its stake in Comerica by 19.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after buying an additional 199 shares during the period. Cranbrook Wealth Management LLC bought a new position in shares of Comerica during the 2nd quarter worth approximately $79,000. Finally, Morton Brown Family Wealth LLC acquired a new stake in shares of Comerica during the 3rd quarter worth approximately $138,000. 80.74% of the stock is currently 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.