Mutual of America Capital Management LLC Sells 1,838 Shares of Comerica Incorporated (NYSE:CMA)

Mutual of America Capital Management LLC decreased its position in shares of Comerica Incorporated (NYSE:CMA) by 8.4% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,954 shares of the financial services provider’s stock after selling 1,838 shares during the period. Mutual of America Capital Management LLC’s holdings in Comerica were worth $1,195,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vaughan Nelson Investment Management L.P. grew its holdings in Comerica by 31.3% during 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 purchasing an additional 574,516 shares during the last quarter. Natixis Advisors LLC boosted its position in shares of Comerica by 26.8% during the third quarter. Natixis Advisors LLC now owns 413,690 shares of the financial services provider’s stock valued at $24,784,000 after buying an additional 87,310 shares during the period. KBC Group NV grew its stake in shares of Comerica by 17.3% during the third quarter. KBC Group NV now owns 3,955 shares of the financial services provider’s stock valued at $237,000 after buying an additional 582 shares during the last quarter. Oppenheimer & Co. Inc. grew its stake in shares of Comerica by 158.2% during the third quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock valued at $1,218,000 after buying an additional 12,454 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Comerica by 38.2% in the third quarter. Victory Capital Management Inc. now owns 43,328 shares of the financial services provider’s stock worth $2,596,000 after buying an additional 11,981 shares during the period. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Insider Transactions at Comerica

In other news, EVP Bruce Mitchell sold 7,564 shares of Comerica stock in a transaction 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. The trade was a 31.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 value of $95,811.36. Following the completion of the transaction, the executive vice president now directly owns 8,730 shares in the company, valued at approximately $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. Over the last 90 days, insiders have sold 15,456 shares of company stock worth $977,287. Insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on CMA shares. Morgan Stanley upped their price objective on Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. The Goldman Sachs Group boosted their target price on shares of Comerica from $63.00 to $71.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. StockNews.com raised shares of Comerica from a “sell” rating to a “hold” rating in a research note on Monday, October 21st. Bank of America cut 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. Finally, Wells Fargo & Company upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $51.00 to $73.00 in a research note on Friday, November 15th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $64.43.

Comerica Trading Up 2.4 %

NYSE CMA opened at $72.79 on Tuesday. Comerica Incorporated has a 52 week low of $42.55 and a 52 week high of $73.45. The company has a 50 day moving average price of $63.40 and a 200 day moving average price of $56.39. 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 $9.57 billion, a PE ratio of 18.20 and a beta of 1.22.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (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 business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $806.49 million. During the same period in the prior year, the firm posted $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 Announces Dividend

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 annualized dividend and a yield of 3.90%. The ex-dividend date is Friday, December 13th. Comerica’s dividend payout ratio is presently 71.00%.

Comerica declared that its Board of Directors has authorized a share repurchase plan on Tuesday, November 5th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

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.