Comerica Incorporated (NYSE:CMA) Stake Reduced by Comprehensive Financial Consultants Institutional Inc.

Comprehensive Financial Consultants Institutional Inc. trimmed its stake in Comerica Incorporated (NYSE:CMA) by 5.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,607 shares of the financial services provider’s stock after selling 280 shares during the quarter. Comprehensive Financial Consultants Institutional Inc.’s holdings in Comerica were worth $276,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of CMA. Mirae Asset Global Investments Co. Ltd. boosted its stake in Comerica by 13.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 64,189 shares of the financial services provider’s stock valued at $3,375,000 after purchasing an additional 7,418 shares during the period. Daiwa Securities Group Inc. grew its holdings in Comerica by 22.8% in the 1st quarter. Daiwa Securities Group Inc. now owns 4,341 shares of the financial services provider’s stock worth $239,000 after buying an additional 807 shares in the last quarter. Texas Permanent School Fund Corp increased its position in Comerica by 0.7% in the 1st quarter. Texas Permanent School Fund Corp now owns 27,245 shares of the financial services provider’s stock valued at $1,498,000 after acquiring an additional 201 shares during the period. Leuthold Group LLC acquired a new position in Comerica during the 1st quarter worth $265,000. Finally, LSV Asset Management grew its stake in shares of Comerica by 13.6% in the first quarter. LSV Asset Management now owns 835,389 shares of the financial services provider’s stock worth $45,938,000 after purchasing an additional 100,189 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Insider Buying and Selling

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the business’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 owns 27,910 shares in the company, valued at $1,605,104.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the business’s 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 completion of the sale, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at $1,605,104.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction of $470,480.80. Following the transaction, the executive vice president now owns 16,428 shares in the company, valued at $1,021,821.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,609 shares of company stock worth $1,027,839. Corporate insiders own 0.19% of the company’s stock.

Comerica Stock Down 3.0 %

Shares of Comerica stock opened at $68.21 on Friday. Comerica Incorporated has a 1 year low of $40.41 and a 1 year high of $70.38. The company has a market cap of $8.97 billion, a P/E ratio of 17.05 and a beta of 1.22. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. The stock has a 50-day moving average price of $60.20 and a 200 day moving average price of $54.90.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same period in the prior year, the firm earned $1.84 earnings per share. As a group, analysts expect that Comerica Incorporated will post 5.39 EPS for the current fiscal year.

Comerica declared that its Board of Directors has authorized a share buyback plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.16%. The ex-dividend date is Friday, December 13th. Comerica’s dividend payout ratio (DPR) is presently 71.00%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CMA. Evercore ISI lifted their price objective on shares of Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $52.00 to $75.00 in a research note on Tuesday, September 24th. Wells Fargo & Company raised their price objective on shares of Comerica from $43.00 to $51.00 and gave the company an “underweight” rating in a research note on Monday, October 21st. JPMorgan Chase & Co. upped their target price on Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Finally, Truist Financial lifted their price target on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, October 21st. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $62.81.

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.