Comerica Incorporated (NYSE:CMA) Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its holdings in Comerica Incorporated (NYSE:CMA) by 134.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 856,431 shares of the financial services provider’s stock after buying an additional 490,468 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.65% of Comerica worth $51,309,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of CMA. Point72 Europe London LLP acquired a new stake in shares of Comerica during the 2nd quarter worth about $4,767,000. Oppenheimer & Co. Inc. raised its holdings in Comerica by 158.2% during the third quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock worth $1,218,000 after purchasing an additional 12,454 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Comerica by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock worth $257,975,000 after buying an additional 226,285 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of Comerica by 186.8% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 32,200 shares of the financial services provider’s stock valued at $1,643,000 after buying an additional 20,974 shares during the last quarter. Finally, Citigroup Inc. raised its stake in Comerica by 390.6% during the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after acquiring an additional 606,375 shares in the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CMA. JPMorgan Chase & Co. raised their price objective on Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Stephens boosted their price objective on Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Bank of America lowered shares of Comerica from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $55.00 to $52.00 in a research report on Monday, October 7th. Wedbush upgraded shares of Comerica from a “neutral” rating to an “outperform” rating and upped their price target for the company from $52.00 to $75.00 in a research report on Tuesday, September 24th. Finally, Truist Financial raised their price objective on shares of Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $67.68.

Insider Activity

In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction of $470,480.80. Following the sale, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at $1,021,821.60. This trade represents a 31.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP James Harry Weber sold 6,500 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total transaction of $410,995.00. Following the completion of the transaction, the executive vice president now directly 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 disclosure for this sale can be found here. Insiders have sold 15,456 shares of company stock worth $977,287 over the last ninety days. 0.19% of the stock is currently owned by insiders.

Comerica Price Performance

Shares of NYSE:CMA opened at $62.48 on Friday. The firm has a market capitalization of $8.22 billion, a price-to-earnings ratio of 15.62 and a beta of 1.26. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. The business’s 50 day simple moving average is $66.53 and its 200-day simple moving average is $59.47. Comerica Incorporated has a 12 month low of $45.32 and a 12 month high of $73.45.

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

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.55%. The ex-dividend date was Friday, December 13th. Comerica’s dividend payout ratio (DPR) is presently 71.00%.

Comerica announced that its Board of Directors has initiated a share repurchase program on Tuesday, November 5th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

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.