Comerica Incorporated (NYSE:CMA) EVP Sells $95,811.36 in Stock

Comerica Incorporated (NYSE:CMA) EVP Allysun C. Fleming sold 1,392 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction of $95,811.36. Following the transaction, the executive vice president now directly owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Comerica Trading Down 1.1 %

CMA stock opened at $70.00 on Wednesday. Comerica Incorporated has a 12-month low of $40.41 and a 12-month high of $71.27. The business’s 50-day moving average is $61.00 and its 200 day moving average is $55.30. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. The stock has a market cap of $9.21 billion, a price-to-earnings ratio of 17.50 and a beta of 1.22.

Comerica (NYSE:CMA) last released 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. 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 quarter last year, the business posted $1.84 earnings per share. On average, sell-side analysts anticipate that Comerica Incorporated will post 5.39 EPS for the current fiscal year.

Comerica Announces Dividend

The firm 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 dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date is Friday, December 13th. Comerica’s payout ratio is 71.00%.

Comerica declared that its board has authorized a stock buyback 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 repurchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Comerica

A number of institutional investors and hedge funds have recently bought and sold shares of CMA. Algert Global LLC lifted its stake in Comerica by 2.6% in the 3rd quarter. Algert Global LLC now owns 79,306 shares of the financial services provider’s stock worth $4,751,000 after purchasing an additional 2,000 shares in the last quarter. Citigroup Inc. lifted 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 acquiring an additional 606,375 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Comerica by 5.5% in 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. Integrated Investment Consultants LLC acquired a new stake in Comerica during the third quarter worth $323,000. Finally, Primecap Management Co. CA purchased a new stake in Comerica in the third quarter valued at $26,630,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Bank of America lowered Comerica from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $55.00 to $52.00 in a research note on Monday, October 7th. Morgan Stanley lifted their price target on Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Piper Sandler boosted their price target on Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. JPMorgan Chase & Co. raised their price objective on shares of Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Finally, Keefe, Bruyette & Woods raised shares of Comerica from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $50.00 to $69.00 in a report on Thursday, September 5th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $62.81.

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.