The Goldman Sachs Group Forecasts Strong Price Appreciation for Comerica (NYSE:CMA) Stock

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

CMA has been the topic of a number of other reports. Robert W. Baird raised their price target on shares of Comerica from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, November 18th. Evercore ISI raised their target price on shares of Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their price target on Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Barclays raised their price objective on Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research note on Monday, October 21st. Finally, Truist Financial upped their target price on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, October 21st. 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 has a consensus rating of “Hold” and a consensus target price of $65.10.

Comerica Trading Down 0.4 %

Shares of NYSE:CMA opened at $72.32 on Tuesday. Comerica has a 12-month low of $42.55 and a 12-month high of $73.45. The business has a 50 day moving average of $63.68 and a 200-day moving average of $56.52. 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 stock has a market cap of $9.51 billion, a PE ratio of 18.12 and a beta of 1.22.

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

Comerica declared that its Board of Directors has initiated a stock buyback plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board 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 dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the sale, the executive vice president now owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. This represents a 31.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 8,730 shares of the company’s stock, valued at $600,885.90. This represents a 13.75 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,456 shares of company stock worth $977,287. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Comerica

Hedge funds and other institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. raised its position in shares of Comerica by 9.3% in the 3rd quarter. Franklin Resources Inc. now owns 14,690 shares of the financial services provider’s stock worth $901,000 after acquiring an additional 1,255 shares in the last quarter. Tidal Investments LLC increased its holdings in Comerica by 96.2% in the third quarter. Tidal Investments LLC now owns 32,138 shares of the financial services provider’s stock worth $1,925,000 after purchasing an additional 15,758 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Comerica in the third quarter worth approximately $42,000. Sanctuary Advisors LLC lifted its stake in Comerica by 17.0% in the third quarter. Sanctuary Advisors LLC now owns 10,095 shares of the financial services provider’s stock valued at $605,000 after buying an additional 1,467 shares during the period. Finally, Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Comerica by 42.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 46,184 shares of the financial services provider’s stock worth $2,767,000 after buying an additional 13,784 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

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.