Comerica (NYSE:CMA) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Comerica (NYSE:CMA) had its target price raised by The Goldman Sachs Group from $71.00 to $85.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the financial services provider’s stock.

A number of other equities analysts have also commented on the stock. Bank of America lowered shares of Comerica from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $55.00 to $52.00 in a research report on Monday, October 7th. DA Davidson raised their price target on Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Robert W. Baird boosted their price objective on Comerica from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, November 18th. Truist Financial raised 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. Finally, Wells Fargo & Company upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $51.00 to $73.00 in a research report on Friday, November 15th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Comerica currently has a consensus rating of “Hold” and a consensus target price of $65.10.

Comerica Stock Performance

NYSE:CMA opened at $72.32 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $9.51 billion, a PE ratio of 18.08 and a beta of 1.22. Comerica has a 12-month low of $42.55 and a 12-month high of $73.45. The firm has a 50-day moving average price of $63.93 and a 200 day moving average price of $56.63.

Comerica (NYSE:CMA) 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. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. During the same period last year, the business earned $1.84 earnings per share. Research analysts anticipate that Comerica will post 5.37 earnings per share for the current fiscal year.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a yield of 3.93%. Comerica’s payout ratio is 71.00%.

Comerica announced that its board has approved a share buyback program on Tuesday, November 5th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Comerica

In related news, 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 completion of the transaction, the executive vice president now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $68.83, for a total transaction 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. The trade was a 13.75 % decrease in their ownership of the stock. 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 90 days. 0.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On Comerica

A number of institutional investors and hedge funds have recently made changes to their positions in CMA. State Street Corp increased its holdings in Comerica by 2.0% during the third quarter. State Street Corp now owns 4,977,670 shares of the financial services provider’s stock worth $301,745,000 after buying an additional 96,084 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Comerica by 5.5% in the 3rd 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 period. Dimensional Fund Advisors LP increased its stake in shares of Comerica by 51.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock worth $206,468,000 after purchasing an additional 1,370,886 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Comerica by 31.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock valued at $144,312,000 after purchasing an additional 574,516 shares during the period. Finally, Azora Capital LP lifted its stake in Comerica by 7.8% in 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 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.