Crossmark Global Holdings Inc. trimmed its holdings in shares of Comerica Incorporated (NYSE:CMA – Free Report) by 21.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,384 shares of the financial services provider’s stock after selling 1,982 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Comerica were worth $456,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also bought and sold shares of the business. Citigroup Inc. increased its holdings in shares of Comerica by 390.6% during the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after purchasing an additional 606,375 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in Comerica by 31.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock worth $144,312,000 after buying an additional 574,516 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Comerica by 134.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after acquiring an additional 490,468 shares during the period. Primecap Management Co. CA acquired a new position in Comerica in the 3rd quarter valued at $26,630,000. Finally, Holocene Advisors LP bought a new stake in shares of Comerica during the 3rd quarter valued at $16,272,000. Institutional investors and hedge funds own 80.74% of the company’s stock.
Comerica Stock Performance
Comerica stock opened at $63.26 on Monday. The business has a 50 day moving average of $65.56 and a 200-day moving average of $61.01. The company has a market capitalization of $8.32 billion, a P/E ratio of 12.60 and a beta of 1.26. Comerica Incorporated has a 1 year low of $45.32 and a 1 year high of $73.45. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97.
Comerica announced that its board has authorized a share repurchase plan on Tuesday, November 5th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
Comerica Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 13th were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.49%. The ex-dividend date of this dividend was Friday, December 13th. Comerica’s dividend payout ratio is currently 56.57%.
Insiders Place Their Bets
In other news, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $68.83, for a total value of $95,811.36. Following the completion of the sale, the executive vice president now owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. This represents a 13.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.19% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on the company. Keefe, Bruyette & Woods decreased their price target on Comerica from $82.00 to $77.00 and set an “outperform” rating on the stock in a research report on Thursday. Stephens raised their target price on shares of Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Robert W. Baird cut their price target on shares of Comerica from $80.00 to $75.00 and set an “outperform” rating for the company in a report on Thursday. The Goldman Sachs Group cut shares of Comerica from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $85.00 to $71.00 in a research note on Tuesday, January 7th. Finally, UBS Group began 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. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $68.33.
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.
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