Goldman Sachs Group Lowers Comerica (CMA) to Neutral

Comerica (NYSE:CMA) was downgraded by equities research analysts at Goldman Sachs Group from a “buy” rating to a “neutral” rating in a report released on Thursday, April 4th, Marketbeat reports. They currently have a $84.00 price target on the financial services provider’s stock, down from their prior price target of $89.00. Goldman Sachs Group’s price target would suggest a potential upside of 8.04% from the company’s previous close.

Several other equities analysts have also weighed in on CMA. B. Riley lowered shares of Comerica from a “buy” rating to a “neutral” rating and cut their price objective for the company from $107.00 to $84.00 in a report on Monday, December 10th. Morgan Stanley cut their price objective on shares of Comerica from $106.00 to $98.00 and set an “overweight” rating on the stock in a report on Tuesday, December 11th. Keefe, Bruyette & Woods lowered shares of Comerica from an “outperform” rating to a “market perform” rating in a report on Wednesday, December 12th. KeyCorp lowered shares of Comerica from an “outperform” rating to a “market perform” rating in a report on Wednesday, December 12th. Finally, ValuEngine lowered shares of Comerica from a “sell” rating to a “strong sell” rating in a report on Thursday, December 13th. Three analysts have rated the stock with a sell rating, sixteen have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $91.91.

Shares of CMA stock traded up $0.47 during trading hours on Thursday, reaching $77.75. 1,101,000 shares of the company were exchanged, compared to its average volume of 2,058,309. Comerica has a fifty-two week low of $63.69 and a fifty-two week high of $101.05. The firm has a market capitalization of $12.20 billion, a price-to-earnings ratio of 10.74, a PEG ratio of 1.37 and a beta of 1.43. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.92.

Comerica (NYSE:CMA) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.93 by $0.15. Comerica had a net margin of 34.75% and a return on equity of 16.95%. The company had revenue of $852.00 million for the quarter, compared to analyst estimates of $852.88 million. During the same period in the prior year, the business earned $1.59 earnings per share. Comerica’s quarterly revenue was up 7.4% on a year-over-year basis. On average, equities research analysts forecast that Comerica will post 8.22 earnings per share for the current fiscal year.

Comerica declared that its board has authorized a share repurchase plan on Tuesday, January 22nd that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

In related news, EVP Megan D. Burkhart sold 7,443 shares of the firm’s stock in a transaction on Wednesday, February 27th. The shares were sold at an average price of $87.55, for a total value of $651,634.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul R. Obermeyer sold 8,200 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $86.75, for a total transaction of $711,350.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,565 shares of company stock valued at $1,603,348. 0.98% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the business. Claybrook Capital LLC acquired a new stake in Comerica in the fourth quarter valued at $29,000. TrimTabs Asset Management LLC lifted its stake in shares of Comerica by 5.0% during the 1st quarter. TrimTabs Asset Management LLC now owns 12,951 shares of the financial services provider’s stock worth $950,000 after buying an additional 616 shares during the last quarter. State of Alaska Department of Revenue lifted its stake in shares of Comerica by 49.8% during the 1st quarter. State of Alaska Department of Revenue now owns 64,016 shares of the financial services provider’s stock worth $4,691,000 after buying an additional 21,275 shares during the last quarter. MUFG Securities EMEA plc acquired a new stake in shares of Comerica during the 4th quarter worth about $34,383,000. Finally, Pacer Advisors Inc. lifted its stake in shares of Comerica by 14.3% during the 3rd quarter. Pacer Advisors Inc. now owns 8,969 shares of the financial services provider’s stock worth $809,000 after buying an additional 1,122 shares during the last quarter. Hedge funds and other institutional investors own 84.50% of the company’s stock.

Comerica Company Profile

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services middle market businesses, multinational corporations, and governmental entities.

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Analyst Recommendations for Comerica (NYSE:CMA)

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