Comerica (NYSE:CMA) Cut to "Neutral" at The Goldman Sachs Group

Comerica (NYSE:CMA - Get Free Report) was downgraded by stock analysts at The Goldman Sachs Group from a "buy" rating to a "neutral" rating in a research report issued on Tuesday, MarketBeat.com reports. They currently have a $71.00 target price on the financial services provider's stock. The Goldman Sachs Group's target price suggests a potential upside of 13.44% from the company's previous close.

CMA has been the topic of several other reports. Robert W. Baird upped 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. Truist Financial upped their target price on shares of Comerica from $66.00 to $70.00 and gave the company a "hold" rating in a report on Monday, October 21st. JPMorgan Chase & Co. lifted their price target on Comerica from $65.00 to $70.00 and gave the stock a "neutral" rating in a report on Monday, October 21st. Bank of America downgraded Comerica from a "neutral" rating to an "underperform" rating and lowered their price target for the stock from $55.00 to $52.00 in a research report on Monday, October 7th. Finally, Barclays raised their price objective on Comerica from $66.00 to $68.00 and gave the company an "underweight" rating in a research report on Monday. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $67.14.

Comerica Stock Down 0.8 %

NYSE:CMA traded down $0.48 on Tuesday, hitting $62.59. 1,548,999 shares of the company's stock were exchanged, compared to its average volume of 1,305,450. The company has a market cap of $8.23 billion, a P/E ratio of 15.65 and a beta of 1.26. The firm has a 50-day moving average price of $66.54 and a 200-day moving average price of $59.77. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. Comerica has a 52 week low of $45.32 and a 52 week high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.17 by $0.16. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The firm had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $806.49 million. During the same period in the prior year, the firm posted $1.84 earnings per share. As a group, analysts expect that Comerica will post 5.37 EPS for the current fiscal year.

Comerica announced that its board has authorized a share repurchase plan on Tuesday, November 5th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its stock is undervalued.

Insider Transactions at Comerica

In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of the firm's stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the sale, the executive vice president now owns 16,428 shares of the company's stock, valued at approximately $1,021,821.60. This trade represents a 31.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Allysun C. Fleming sold 1,392 shares of the business's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total value of $95,811.36. Following the transaction, the executive vice president now directly owns 8,730 shares of the company's stock, valued at $600,885.90. This trade represents a 13.75 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is owned by corporate insiders.

Institutional Trading of Comerica

Several large investors have recently bought and sold shares of the business. Victory Capital Management Inc. boosted its stake in shares of Comerica by 40.4% in the 2nd quarter. Victory Capital Management Inc. now owns 31,347 shares of the financial services provider's stock valued at $1,600,000 after purchasing an additional 9,016 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Comerica by 2.3% during the second quarter. Arizona State Retirement System now owns 37,090 shares of the financial services provider's stock worth $1,893,000 after buying an additional 848 shares during the last quarter. Great Lakes Advisors LLC increased its holdings in shares of Comerica by 1,404.8% during the second quarter. Great Lakes Advisors LLC now owns 81,816 shares of the financial services provider's stock worth $4,176,000 after buying an additional 76,379 shares in the last quarter. Choreo LLC bought a new position in shares of Comerica in the 2nd quarter valued at $292,000. Finally, United Services Automobile Association acquired a new stake in shares of Comerica during the 2nd quarter valued at $667,000. 80.74% of the stock is 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.