State of New Jersey Common Pension Fund D Acquires 3,939 Shares of Comerica Incorporated (NYSE:CMA)

State of New Jersey Common Pension Fund D grew its holdings in Comerica Incorporated (NYSE:CMA) by 10.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,542 shares of the financial services provider’s stock after acquiring an additional 3,939 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Comerica were worth $2,489,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of CMA. Price T Rowe Associates Inc. MD boosted its holdings in Comerica by 105.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock valued at $10,031,000 after purchasing an additional 3,595,036 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Comerica by 51.3% during the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after buying an additional 1,370,886 shares during the last quarter. Samlyn Capital LLC bought a new stake in shares of Comerica in the second quarter valued at about $35,375,000. Principal Financial Group Inc. grew its position in Comerica by 311.2% during the second quarter. Principal Financial Group Inc. now owns 663,100 shares of the financial services provider’s stock worth $33,845,000 after buying an additional 501,857 shares in the last quarter. Finally, Hsbc Holdings PLC increased its stake in Comerica by 183.5% during the second quarter. Hsbc Holdings PLC now owns 548,786 shares of the financial services provider’s stock valued at $27,608,000 after acquiring an additional 355,229 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Bank of America lowered Comerica from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $55.00 to $52.00 in a report on Monday, October 7th. Wells Fargo & Company increased their price objective on shares of Comerica from $43.00 to $51.00 and gave the company an “underweight” rating in a research note on Monday, October 21st. DA Davidson lifted their target price on shares of Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Barclays increased their price target on shares of Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research report on Monday, October 21st. Finally, JPMorgan Chase & Co. upped their price objective on Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $62.81.

Insider Buying and Selling

In other Comerica news, EVP James Harry Weber sold 6,500 shares of the firm’s 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 transaction, the executive vice president now directly owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Bruce Mitchell sold 7,564 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the completion of 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 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP James Harry Weber sold 6,500 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total transaction of $410,995.00. Following the completion of the sale, the executive vice president now owns 15,773 shares in the company, valued at $997,326.79. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,001 shares of company stock valued at $1,123,650 over the last ninety days. Insiders own 0.19% of the company’s stock.

Comerica Stock Performance

CMA stock opened at $70.24 on Thursday. The stock has a market capitalization of $9.24 billion, a PE ratio of 17.56 and a beta of 1.22. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. The company has a 50 day moving average price of $61.31 and a 200 day moving average price of $55.41. Comerica Incorporated has a fifty-two week low of $42.55 and a fifty-two week high of $71.63.

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, 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 firm posted $1.84 earnings per share. Analysts forecast that Comerica Incorporated will post 5.39 EPS for the current year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 4.04%. The ex-dividend date is Friday, December 13th. Comerica’s dividend payout ratio is 71.00%.

Comerica announced that its board has authorized a stock buyback program 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. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Comerica 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.