Victory Capital Management Inc. Has $2.60 Million Holdings in Comerica Incorporated (NYSE:CMA)

Victory Capital Management Inc. lifted its position in shares of Comerica Incorporated (NYSE:CMA) by 38.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,328 shares of the financial services provider’s stock after buying an additional 11,981 shares during the quarter. Victory Capital Management Inc.’s holdings in Comerica were worth $2,596,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. O Shaughnessy Asset Management LLC boosted its stake in Comerica by 99.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 15,644 shares of the financial services provider’s stock worth $860,000 after acquiring an additional 7,798 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Comerica by 0.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 63,348 shares of the financial services provider’s stock worth $3,485,000 after acquiring an additional 594 shares in the last quarter. Shell Asset Management Co. boosted its stake in Comerica by 34.5% during the first quarter. Shell Asset Management Co. now owns 7,629 shares of the financial services provider’s stock worth $420,000 after acquiring an additional 1,955 shares in the last quarter. Axxcess Wealth Management LLC bought a new position in Comerica during the first quarter worth $220,000. Finally, Toronto Dominion Bank boosted its stake in Comerica by 8.5% during the first quarter. Toronto Dominion Bank now owns 78,365 shares of the financial services provider’s stock worth $4,309,000 after acquiring an additional 6,123 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Comerica Price Performance

Shares of NYSE:CMA opened at $71.09 on Friday. The company has a 50 day moving average of $63.10 and a 200 day moving average of $56.24. The stock has a market cap of $9.35 billion, a P/E ratio of 17.77 and a beta of 1.22. Comerica Incorporated has a 12 month low of $42.55 and a 12 month high of $71.63. 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 issued its quarterly earnings data 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. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same quarter in the previous year, the company earned $1.84 earnings per share. As a group, sell-side analysts forecast that Comerica Incorporated will post 5.37 EPS for the current fiscal year.

Comerica declared that its Board of Directors has approved a stock buyback program on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a yield of 3.99%. Comerica’s dividend payout ratio is presently 71.00%.

Insiders Place Their Bets

In other news, EVP James Harry Weber sold 6,500 shares of the company’s stock in a transaction on Thursday, October 24th. The shares were 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 represents a 29.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were 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. This represents a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,456 shares of company stock valued at $977,287 in the last quarter. Corporate insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $52.00 to $75.00 in a research note on Tuesday, September 24th. 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 report on Wednesday, October 30th. The Goldman Sachs Group lifted their price objective on shares of Comerica from $63.00 to $71.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Wells Fargo & Company upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $51.00 to $73.00 in a report on Friday, November 15th. Finally, Barclays lifted their price objective on shares of Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a report on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $64.43.

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.