Comerica Incorporated (NYSE:CMA) Shares Acquired by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lifted its position in Comerica Incorporated (NYSE:CMA) by 31.1% during the third quarter, HoldingsChannel.com reports. The fund owned 9,335 shares of the financial services provider’s stock after acquiring an additional 2,215 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Comerica were worth $559,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in Comerica by 51.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock worth $206,468,000 after purchasing an additional 1,370,886 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Comerica by 1.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock worth $93,621,000 after buying an additional 19,068 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Comerica by 9.3% during the second quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock worth $78,288,000 after acquiring an additional 130,458 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Comerica by 6.5% during the second quarter. Thrivent Financial for Lutherans now owns 1,431,750 shares of the financial services provider’s stock worth $73,077,000 after acquiring an additional 87,101 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in Comerica by 21.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 923,009 shares of the financial services provider’s stock valued at $50,756,000 after acquiring an additional 160,103 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Stock Down 3.0 %

NYSE:CMA opened at $68.21 on Friday. Comerica Incorporated has a 52 week low of $40.41 and a 52 week high of $70.38. 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 stock’s fifty day moving average is $60.20 and its two-hundred day moving average is $54.90. The stock has a market capitalization of $8.97 billion, a price-to-earnings ratio of 17.05 and a beta of 1.22.

Comerica (NYSE:CMA) last posted its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.16. The firm 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 EPS. Research analysts anticipate that Comerica Incorporated will post 5.39 EPS for the current year.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.16%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s payout ratio is 71.00%.

Comerica announced that its board has initiated a stock buyback program on Tuesday, November 5th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CMA. Bank of America lowered shares of Comerica from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $55.00 to $52.00 in a research note on Monday, October 7th. Wedbush raised Comerica from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $52.00 to $75.00 in a research note on Tuesday, September 24th. Piper Sandler raised their target price on Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Barclays boosted their price target on shares of Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a research report on Monday, October 21st. Finally, Wells Fargo & Company upped their price objective on shares of Comerica from $43.00 to $51.00 and gave the company an “underweight” rating in a report on Monday, October 21st. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Comerica presently has an average rating of “Hold” and an average target price of $62.81.

Insider Activity at Comerica

In other news, EVP Bruce Mitchell sold 7,564 shares of the company’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the sale, the executive vice president now owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total value of $410,995.00. Following the completion of the transaction, the executive vice president now owns 15,773 shares in the company, valued at $997,326.79. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Bruce Mitchell sold 7,564 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the transaction, the executive vice president now owns 16,428 shares of the company’s stock, valued at $1,021,821.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,609 shares of company stock worth $1,027,839. Corporate insiders own 0.19% of the company’s stock.

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.