Comerica Incorporated (NYSE:CMA) Position Lifted by US Bancorp DE

US Bancorp DE grew its stake in shares of Comerica Incorporated (NYSE:CMA) by 29.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,596 shares of the financial services provider’s stock after acquiring an additional 2,615 shares during the period. US Bancorp DE’s holdings in Comerica were worth $695,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. OLD National Bancorp IN grew its stake in Comerica by 4.9% in the second quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock worth $12,130,000 after purchasing an additional 11,049 shares in the last quarter. Entropy Technologies LP acquired a new position in shares of Comerica in the 1st quarter worth approximately $1,764,000. SG Americas Securities LLC increased its holdings in shares of Comerica by 66.2% in the 2nd quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock valued at $3,209,000 after acquiring an additional 25,040 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Comerica by 39.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after acquiring an additional 62,269 shares during the last quarter. Finally, Point72 Europe London LLP acquired a new stake in shares of Comerica during the 2nd quarter valued at approximately $4,767,000. Institutional investors own 80.74% of the company’s stock.

Insider Activity

In related news, EVP Bruce Mitchell sold 7,564 shares of the 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 of the company’s stock, valued at $1,021,821.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, 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 completion of 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Christine M. Moore sold 2,545 shares of Comerica 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 completion of the transaction, the executive vice president now directly owns 27,910 shares in the company, valued at $1,605,104.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,609 shares of company stock worth $1,027,839. Corporate insiders own 0.19% of the company’s stock.

Comerica Price Performance

Shares of NYSE:CMA opened at $69.10 on Friday. The stock has a market cap of $9.09 billion, a price-to-earnings ratio of 17.28 and a beta of 1.22. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. Comerica Incorporated has a 12 month low of $40.41 and a 12 month high of $70.38. The stock’s 50 day moving average price is $60.44 and its 200 day moving average price is $55.03.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, topping 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 company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $806.49 million. During the same quarter in the previous year, the business earned $1.84 EPS. Equities research analysts anticipate that Comerica Incorporated will post 5.39 earnings per share for the current fiscal 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 firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date is Friday, December 13th. Comerica’s payout ratio is 71.00%.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Keefe, Bruyette & Woods upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $50.00 to $69.00 in a research note on Thursday, September 5th. Bank of America downgraded shares of Comerica from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $55.00 to $52.00 in a research report on Monday, October 7th. Stephens raised their target price on shares of Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Evercore ISI upped their target price on Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Finally, DA Davidson raised their price target on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Three equities 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $62.81.

Comerica 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.