Comerica Incorporated (NYSE:CMA) Shares Sold by Pitcairn Co.

Pitcairn Co. reduced its position in Comerica Incorporated (NYSE:CMA) by 18.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,062 shares of the financial services provider’s stock after selling 1,172 shares during the period. Pitcairn Co.’s holdings in Comerica were worth $303,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of CMA. V Square Quantitative Management LLC acquired a new position in Comerica during the third quarter valued at approximately $36,000. Family Firm Inc. acquired a new position in shares of Comerica during the 2nd quarter valued at $37,000. UMB Bank n.a. boosted its stake in shares of Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 208 shares during the period. Versant Capital Management Inc grew its holdings in Comerica by 2,723.3% during the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 817 shares in the last quarter. Finally, Abich Financial Wealth Management LLC increased its stake in Comerica by 50.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after buying an additional 300 shares during the period. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $52.00 to $75.00 in a research note on Tuesday, September 24th. 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 research report on Friday, November 15th. The Goldman Sachs Group raised their price target on shares of Comerica from $71.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Evercore ISI upped their price target on shares of Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $65.10.

Insider Buying and Selling at Comerica

In related news, EVP Allysun C. Fleming sold 1,392 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total value of $95,811.36. Following the sale, the executive vice president now directly owns 8,730 shares in the company, valued at $600,885.90. This trade represents a 13.75 % decrease in their position. The transaction 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 on 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 owns 16,428 shares of the company’s stock, valued at $1,021,821.60. This trade represents a 31.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,456 shares of company stock worth $977,287. 0.19% of the stock is owned by company insiders.

Comerica Trading Down 0.4 %

Shares of NYSE CMA opened at $72.32 on Thursday. Comerica Incorporated has a 12-month low of $42.55 and a 12-month high of $73.45. The company has a market cap of $9.51 billion, a price-to-earnings ratio of 18.08 and a beta of 1.22. 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’s 50 day simple moving average is $63.68 and its 200 day simple moving average is $56.52.

Comerica (NYSE:CMA) last announced 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 company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same quarter in the previous year, the company posted $1.84 earnings per share. Equities research analysts expect that Comerica Incorporated will post 5.37 EPS for the current year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.93%. The ex-dividend date is Friday, December 13th. Comerica’s dividend payout ratio (DPR) is 71.00%.

Comerica announced that its board has approved a share repurchase program on Tuesday, November 5th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management 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.