Comerica Incorporated (NYSE:CMA) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its stake in Comerica Incorporated (NYSE:CMA) by 134.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 856,431 shares of the financial services provider’s stock after purchasing an additional 490,468 shares during the quarter. JPMorgan Chase & Co.’s holdings in Comerica were worth $51,309,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of CMA. Rhumbline Advisers raised its holdings in shares of Comerica by 33.0% during the 2nd quarter. Rhumbline Advisers now owns 369,415 shares of the financial services provider’s stock valued at $18,855,000 after buying an additional 91,626 shares during the period. Oregon Public Employees Retirement Fund lifted its position in shares of Comerica by 186.8% during the second quarter. Oregon Public Employees Retirement Fund now owns 32,200 shares of the financial services provider’s stock worth $1,643,000 after purchasing an additional 20,974 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Comerica by 40.4% in the second quarter. Victory Capital Management Inc. now owns 31,347 shares of the financial services provider’s stock valued at $1,600,000 after purchasing an additional 9,016 shares during the period. Arizona State Retirement System grew its holdings in Comerica by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 37,090 shares of the financial services provider’s stock valued at $1,893,000 after purchasing an additional 848 shares in the last quarter. Finally, Great Lakes Advisors LLC increased its stake in Comerica by 1,404.8% during the 2nd quarter. Great Lakes Advisors LLC now owns 81,816 shares of the financial services provider’s stock worth $4,176,000 after buying an additional 76,379 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Stock Performance

Shares of CMA stock opened at $62.48 on Friday. Comerica Incorporated has a 12-month low of $45.32 and a 12-month 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 firm has a market capitalization of $8.22 billion, a price-to-earnings ratio of 15.62 and a beta of 1.26. The business has a 50 day simple moving average of $66.53 and a 200 day simple moving average of $59.47.

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 analysts’ consensus estimates of $1.17 by $0.16. The company 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 period last year, the company earned $1.84 earnings per share. On average, equities research analysts anticipate that Comerica Incorporated will post 5.37 EPS for the current year.

Comerica announced that its board has initiated a stock buyback 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 buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Comerica Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 13th were issued a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $2.84 annualized dividend and a yield of 4.55%. Comerica’s payout ratio is 71.00%.

Insiders Place Their Bets

In related news, EVP Allysun C. Fleming sold 1,392 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were 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. The trade was a 13.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the completion of the transaction, the executive vice president now owns 15,773 shares in the company, valued at approximately $997,326.79. This trade represents a 29.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,456 shares of company stock worth $977,287 over the last ninety days. Company insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CMA shares. Piper Sandler raised their target price on Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods lifted their price objective on Comerica from $72.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. UBS Group initiated coverage on Comerica in a research note on Tuesday, December 17th. They set a “sell” rating and a $64.00 target price for the company. Evercore ISI lifted their price target on shares of Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Finally, Compass Point increased their price objective on shares of Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Comerica presently has an average rating of “Hold” and a consensus target price of $67.68.

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.