The Goldman Sachs Group Boosts Comerica (NYSE:CMA) Price Target to $63.00

Comerica (NYSE:CMA) had its target price hoisted by investment analysts at The Goldman Sachs Group from $55.00 to $63.00 in a research report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. The Goldman Sachs Group’s price target points to a potential upside of 7.97% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on CMA. Evercore ISI upped their price target on Comerica from $58.00 to $64.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Wells Fargo & Company lowered their price target on Comerica from $48.00 to $45.00 and set an “underweight” rating on the stock in a report on Wednesday, June 12th. Piper Sandler upped their price target on Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. Truist Financial increased their target price on Comerica from $53.00 to $66.00 and gave the company a “hold” rating in a report on Friday, September 20th. Finally, Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and increased their target price for the company from $52.00 to $75.00 in a report on Tuesday, September 24th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $59.24.

Comerica Stock Performance

NYSE CMA traded down $0.51 on Monday, hitting $58.35. 34,522 shares of the company’s stock were exchanged, compared to its average volume of 2,158,270. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.96. The firm’s 50-day moving average price is $56.31 and its two-hundred day moving average price is $53.24. Comerica has a fifty-two week low of $37.40 and a fifty-two week high of $61.84. The firm has a market cap of $7.74 billion, a price-to-earnings ratio of 11.60 and a beta of 1.23.

Comerica (NYSE:CMA) last released its earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.30. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same quarter in the previous year, the firm posted $2.01 EPS. On average, research analysts expect that Comerica will post 5.06 EPS for the current year.

Insider Buying and Selling

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the transaction, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at $1,605,104.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Comerica by 4.2% during the fourth quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock valued at $941,968,000 after acquiring an additional 676,959 shares in the last quarter. Dimensional Fund Advisors LP grew its stake 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 worth $206,468,000 after purchasing an additional 1,370,886 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Comerica by 51.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock worth $143,109,000 after purchasing an additional 870,812 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in Comerica by 1.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock worth $93,621,000 after purchasing an additional 19,068 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Comerica by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock worth $78,288,000 after purchasing an additional 130,458 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

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.