HighTower Advisors LLC Purchases 2,590 Shares of Comerica Incorporated (NYSE:CMA)

HighTower Advisors LLC increased its position in shares of Comerica Incorporated (NYSE:CMA) by 6.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,915 shares of the financial services provider’s stock after acquiring an additional 2,590 shares during the quarter. HighTower Advisors LLC’s holdings in Comerica were worth $2,450,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its stake in shares of Comerica by 19.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after buying an additional 199 shares during the last quarter. Summit Securities Group LLC raised its position in shares of Comerica by 22.4% during the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 202 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Comerica by 39.3% in the 2nd 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. Centennial Wealth Advisory LLC boosted its position in shares of Comerica by 5.2% in the 3rd quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock worth $304,000 after purchasing an additional 252 shares during the last quarter. Finally, Busey Bank grew its stake in shares of Comerica by 4.5% during the second quarter. Busey Bank now owns 7,305 shares of the financial services provider’s stock worth $373,000 after purchasing an additional 313 shares during the period. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CMA has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their target price on Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Barclays lifted their price objective on shares of Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research note on Monday, October 21st. Wells Fargo & Company raised shares of 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 note on Friday, November 15th. Truist Financial lifted their price target on shares of Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, October 21st. Finally, The Goldman Sachs Group upped their price objective on shares of Comerica from $71.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Comerica has an average rating of “Hold” and an average price target of $67.27.

Comerica Trading Up 1.2 %

Shares of NYSE:CMA opened at $66.58 on Friday. The company’s 50-day moving average price is $66.27 and its two-hundred day moving average price is $57.96. Comerica Incorporated has a one year low of $45.32 and a one year high of $73.45. 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 stock has a market capitalization of $8.76 billion, a PE ratio of 16.65 and a beta of 1.23.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.17 by $0.16. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same period in the prior year, the firm posted $1.84 earnings per share. On average, equities analysts forecast that Comerica Incorporated will post 5.37 EPS for the current fiscal year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.27%. Comerica’s payout ratio is 71.00%.

Comerica declared that its Board of Directors has approved a share buyback plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, 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 directly owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. The trade was a 31.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP James Harry Weber sold 6,500 shares of the firm’s stock in a transaction 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 sale, the executive vice president now directly owns 15,773 shares of the company’s stock, valued at $997,326.79. This represents a 29.18 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is currently owned by corporate insiders.

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.