Comerica Incorporated (NYSE:CMA) Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB trimmed its holdings in shares of Comerica Incorporated (NYSE:CMA) by 10.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 33,400 shares of the financial services provider’s stock after selling 4,100 shares during the period. Handelsbanken Fonder AB’s holdings in Comerica were worth $2,066,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Citigroup Inc. boosted its stake in Comerica by 390.6% during the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock valued at $45,628,000 after buying an additional 606,375 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in Comerica by 31.3% in 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 acquiring an additional 574,516 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Comerica by 134.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock valued at $51,309,000 after purchasing an additional 490,468 shares in the last quarter. Primecap Management Co. CA acquired a new position in shares of Comerica in the 3rd quarter worth approximately $26,630,000. Finally, Holocene Advisors LP bought a new stake in shares of Comerica in the 3rd quarter worth approximately $16,272,000. 80.74% of the stock is currently owned by institutional investors.

Comerica Stock Down 0.8 %

Shares of NYSE CMA opened at $64.28 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $8.45 billion, a PE ratio of 12.80 and a beta of 1.25. The firm’s 50-day moving average is $64.33 and its 200-day moving average is $63.03. Comerica Incorporated has a 1 year low of $45.32 and a 1 year high of $73.45.

Comerica (NYSE:CMA) last issued its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.05). Comerica had a net margin of 13.98% and a return on equity of 12.04%. During the same quarter in the prior year, the firm posted $1.46 EPS. Equities analysts expect that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica announced that its Board of Directors has initiated a stock repurchase program on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Comerica Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.42%. Comerica’s payout ratio is presently 56.57%.

Analyst Upgrades and Downgrades

CMA has been the topic of several recent research reports. Robert W. Baird lifted their price target on shares of Comerica from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 11th. Royal Bank of Canada decreased their target price on Comerica from $78.00 to $76.00 and set an “outperform” rating on the stock in a report on Thursday, January 23rd. Wells Fargo & Company raised Comerica from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $51.00 to $73.00 in a report on Friday, November 15th. Piper Sandler increased their price target on Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Finally, UBS Group assumed coverage on Comerica in a report on Tuesday, December 17th. They set a “sell” rating and a $64.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Comerica currently has a consensus rating of “Hold” and a consensus target price of $68.57.

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.