M&T Bank Corp Increases Stock Position in Comerica Incorporated (NYSE:CMA)

M&T Bank Corp raised its position in Comerica Incorporated (NYSE:CMA) by 25.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,568 shares of the financial services provider’s stock after buying an additional 2,530 shares during the period. M&T Bank Corp’s holdings in Comerica were worth $753,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of CMA. Point72 Europe London LLP purchased a new position in shares of Comerica in the 2nd quarter valued at about $4,767,000. Oppenheimer & Co. Inc. increased its position in shares of Comerica by 158.2% in 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 in the last quarter. Charles Schwab Investment Management Inc. raised its stake 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 period. Oregon Public Employees Retirement Fund lifted its position in shares of Comerica by 186.8% during 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 in the last quarter. Finally, Citigroup Inc. grew its stake in Comerica by 390.6% in the 3rd 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 period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on CMA. Compass Point upped their price objective on shares of Comerica from $64.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Piper Sandler raised their price target on shares of Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods boosted their price objective on Comerica from $72.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Wells Fargo & Company upgraded Comerica from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $51.00 to $73.00 in a research report on Friday, November 15th. Finally, Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $52.00 to $75.00 in a research report on Tuesday, September 24th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $67.27.

Insider Activity

In other news, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction on Thursday, October 24th. The stock was 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 directly owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. The trade was a 29.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the transaction, 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,456 shares of company stock valued at $977,287. Company insiders own 0.19% of the company’s stock.

Comerica Trading Down 0.1 %

CMA opened at $66.49 on Tuesday. The stock has a market capitalization of $8.74 billion, a PE ratio of 16.62 and a beta of 1.23. Comerica Incorporated has a one year low of $45.32 and a one year high of $73.45. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The business’s 50 day moving average price is $66.44 and its 200 day moving average price is $58.19.

Comerica (NYSE:CMA) last announced its quarterly earnings results 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 business 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 posted $1.84 EPS. As a group, equities research analysts expect that Comerica Incorporated will post 5.37 EPS for the current year.

Comerica Dividend Announcement

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 given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.27%. The ex-dividend date is Friday, December 13th. Comerica’s dividend payout ratio is presently 71.00%.

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