Comerica Incorporated (NYSE:CMA) Stock Holdings Trimmed by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company decreased its holdings in Comerica Incorporated (NYSE:CMA) by 8.7% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 241,530 shares of the financial services provider’s stock after selling 23,005 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Comerica were worth $14,470,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. V Square Quantitative Management LLC bought a new position in Comerica in the 3rd quarter valued at about $36,000. Family Firm Inc. bought a new position in shares of Comerica in the second quarter valued at approximately $37,000. UMB Bank n.a. increased its stake in shares of Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 208 shares during the period. Versant Capital Management Inc raised its holdings in Comerica by 2,723.3% during the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 817 shares in the last quarter. Finally, Rothschild Investment LLC acquired a new stake in Comerica in the second quarter worth approximately $56,000. 80.74% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a research note on Monday, October 21st. Morgan Stanley upped their price target on shares of Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Wells Fargo & Company raised shares of Comerica from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $51.00 to $73.00 in a research note on Friday, November 15th. Evercore ISI increased their target price on shares of Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Finally, Barclays lifted 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. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $65.10.

Insider Transactions at Comerica

In related 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 transaction of $410,995.00. Following the transaction, the executive vice president now owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. This trade represents a 29.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 completion of the sale, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at $1,021,821.60. This represents a 31.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,456 shares of company stock valued at $977,287 in the last three months. Corporate insiders own 0.19% of the company’s stock.

Comerica Price Performance

NYSE CMA opened at $72.25 on Monday. 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 firm has a market capitalization of $9.50 billion, a price-to-earnings ratio of 18.06 and a beta of 1.22. The company has a 50 day simple moving average of $64.37 and a 200-day simple moving average of $56.90. Comerica Incorporated has a 52-week low of $44.63 and a 52-week high of $73.45.

Comerica (NYSE:CMA) last issued its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. Comerica had a net margin of 11.17% and a return on equity of 12.54%. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $806.49 million. During the same quarter last year, the business posted $1.84 EPS. Equities research analysts predict that Comerica Incorporated will post 5.37 earnings per share for the current fiscal year.

Comerica Dividend Announcement

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 of this dividend is Friday, December 13th. Comerica’s payout ratio is currently 71.00%.

Comerica announced that its Board of Directors has authorized a share repurchase program on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors 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.