Comerica (NYSE:CMA) PT Raised to $71.00 at The Goldman Sachs Group

Comerica (NYSE:CMA) had its target price raised by The Goldman Sachs Group from $63.00 to $71.00 in a research note released on Tuesday, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the financial services provider’s stock.

A number of other brokerages have also commented on CMA. Stephens increased their price objective on shares of Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday. JPMorgan Chase & Co. increased their price target on shares of Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Monday. Barclays boosted their price objective on shares of Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research report on Monday. DA Davidson boosted their target price on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, Bank of America lowered Comerica from a “neutral” rating to an “underperform” rating and cut their price target for the company from $55.00 to $52.00 in a research note on Monday, October 7th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $62.57.

Comerica Stock Performance

NYSE CMA opened at $62.92 on Tuesday. Comerica has a 1-year low of $37.48 and a 1-year high of $66.06. The company has a 50 day moving average of $58.59 and a 200-day moving average of $54.02. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 1.23. The firm has a market cap of $8.34 billion, a price-to-earnings ratio of 12.51 and a beta of 1.23.

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 firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same period last year, the firm posted $1.84 EPS. On average, equities analysts forecast that Comerica will post 5.12 earnings per share for the current fiscal year.

Insider Transactions at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now directly owns 27,910 shares in the company, valued at approximately $1,605,104.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Comerica news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the transaction, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the sale, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at $1,021,821.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by insiders.

Institutional Trading of Comerica

Several hedge funds and other institutional investors have recently modified their holdings of the company. Pitcairn Co. grew its holdings in shares of Comerica by 2.9% during the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after buying an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Comerica by 19.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 199 shares in the last quarter. Texas Permanent School Fund Corp raised its holdings in shares of Comerica by 0.7% in the first quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock valued at $1,498,000 after purchasing an additional 201 shares during the last quarter. Summit Securities Group LLC raised its holdings in shares of Comerica by 22.4% in the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 202 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in shares of Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 208 shares in the last quarter. Institutional investors and hedge funds 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.