Comerica Incorporated (NYSE:CMA) Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio reduced its position in Comerica Incorporated (NYSE:CMA) by 4.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 48,148 shares of the financial services provider’s stock after selling 2,398 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Comerica were worth $2,885,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Point72 Europe London LLP acquired a new position in shares of Comerica in the second quarter valued at approximately $4,767,000. Oppenheimer & Co. Inc. grew its stake in shares of Comerica by 158.2% in the third quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock worth $1,218,000 after acquiring an additional 12,454 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Comerica by 5.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock worth $257,975,000 after acquiring an additional 226,285 shares during the period. Oregon Public Employees Retirement Fund raised its stake in shares of Comerica by 186.8% in the second quarter. Oregon Public Employees Retirement Fund now owns 32,200 shares of the financial services provider’s stock valued at $1,643,000 after acquiring an additional 20,974 shares in the last quarter. Finally, Citigroup Inc. boosted its holdings in Comerica by 390.6% in the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock valued at $45,628,000 after purchasing an additional 606,375 shares during the period. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Comerica

In other Comerica news, EVP James Harry Weber sold 6,500 shares of the firm’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the completion of the sale, the executive vice president now owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. This trade represents a 29.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bruce Mitchell sold 7,564 shares of the company’s 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 transaction, 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 disclosure for this sale can be found here. Insiders have sold a total of 15,456 shares of company stock worth $977,287 over the last ninety days. 0.19% of the stock is currently owned by company insiders.

Comerica Stock Performance

NYSE CMA opened at $66.49 on Tuesday. The business’s 50-day moving average price is $66.44 and its 200 day moving average price is $58.19. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. The firm has a market cap of $8.74 billion, a P/E ratio of 16.62 and a beta of 1.23. Comerica Incorporated has a 52-week low of $45.32 and a 52-week high of $73.45.

Comerica (NYSE:CMA) last released its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. During the same quarter in the previous year, the company posted $1.84 earnings per share. On average, equities research analysts expect that Comerica Incorporated will post 5.37 earnings per share for the current year.

Comerica declared that its Board of Directors has initiated a share buyback plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Comerica Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.27%. The ex-dividend date is Friday, December 13th. Comerica’s payout ratio is 71.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Stephens increased their price target on Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and raised their target price for the company from $52.00 to $75.00 in a report on Tuesday, September 24th. StockNews.com upgraded shares of Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. The Goldman Sachs Group raised their price objective on shares of Comerica from $71.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Finally, Morgan Stanley boosted their target price on shares of Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Comerica currently has a consensus rating of “Hold” and a consensus price target of $67.27.

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.