Stieven Capital Advisors L.P. Invests $8.36 Million in Comerica Incorporated (NYSE:CMA)

Stieven Capital Advisors L.P. purchased a new position in shares of Comerica Incorporated (NYSE:CMA) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 139,547 shares of the financial services provider’s stock, valued at approximately $8,360,000. Comerica makes up approximately 1.6% of Stieven Capital Advisors L.P.’s portfolio, making the stock its 27th biggest position. Stieven Capital Advisors L.P. owned 0.11% of Comerica at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its stake in Comerica by 105.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock valued at $10,031,000 after buying an additional 3,595,036 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Comerica by 51.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after buying an additional 1,370,886 shares in the last quarter. Samlyn Capital LLC acquired a new position in Comerica in the 2nd quarter valued at $35,375,000. Vaughan Nelson Investment Management L.P. raised its holdings in Comerica by 31.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock valued at $144,312,000 after acquiring an additional 574,516 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Comerica by 311.2% in the 2nd quarter. Principal Financial Group Inc. now owns 663,100 shares of the financial services provider’s stock valued at $33,845,000 after acquiring an additional 501,857 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Insider Activity at Comerica

In related news, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 16,428 shares in the company, valued at approximately $1,021,821.60. This trade represents a 31.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Allysun C. Fleming sold 1,392 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction of $95,811.36. Following the sale, the executive vice president now owns 8,730 shares of the company’s stock, valued at $600,885.90. The trade was a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,001 shares of company stock worth $1,123,650 over the last quarter. 0.19% of the stock is currently owned by company insiders.

Comerica Price Performance

Shares of NYSE:CMA opened at $68.92 on Friday. The firm’s 50 day moving average is $61.89 and its two-hundred day moving average is $55.67. Comerica Incorporated has a 52 week low of $42.55 and a 52 week high of $71.63. The firm has a market capitalization of $9.06 billion, a P/E ratio of 17.23 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.

Comerica (NYSE:CMA) last announced 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 net margin of 11.17% and a return on equity of 12.54%. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. During the same quarter last year, the business earned $1.84 earnings per share. Analysts anticipate that Comerica Incorporated will post 5.39 earnings per share for the current year.

Comerica declared that its board has approved a share repurchase program on Tuesday, November 5th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.12%. Comerica’s dividend payout ratio is presently 71.00%.

Analysts Set New Price Targets

Several brokerages have weighed in on CMA. Truist Financial boosted their price target on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a report on Monday, October 21st. DA Davidson boosted their price target on Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 21st. JPMorgan Chase & Co. boosted their price target on Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Wells Fargo & Company upgraded Comerica from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $51.00 to $73.00 in a report on Friday. Finally, Stephens upped their price objective on Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Comerica presently has an average rating of “Hold” and a consensus target price of $63.86.

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.