Comerica Incorporated (NYSE:CMA) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC lowered its holdings in Comerica Incorporated (NYSE:CMA) by 8.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,954 shares of the financial services provider’s stock after selling 1,838 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Comerica were worth $1,195,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CMA. Price T Rowe Associates Inc. MD raised its stake in shares of Comerica by 105.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock valued at $10,031,000 after buying an additional 3,595,036 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Comerica by 51.3% during the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock worth $206,468,000 after acquiring an additional 1,370,886 shares during the period. Samlyn Capital LLC purchased a new position in Comerica during the second quarter valued at approximately $35,375,000. Vaughan Nelson Investment Management L.P. lifted its holdings in Comerica by 31.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock valued at $144,312,000 after acquiring an additional 574,516 shares during the period. Finally, Principal Financial Group Inc. boosted its position in Comerica by 311.2% in the 2nd quarter. Principal Financial Group Inc. now owns 663,100 shares of the financial services provider’s stock worth $33,845,000 after purchasing an additional 501,857 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Insider Activity at Comerica

In related news, EVP Allysun C. Fleming sold 1,392 shares of the company’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 transaction, the executive vice president now directly owns 8,730 shares in the company, valued at approximately $600,885.90. This represents a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP James Harry Weber sold 6,500 shares of the firm’s stock in a transaction on Thursday, October 24th. The stock was 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 approximately $997,326.79. This trade represents a 29.18 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CMA has been the subject of several recent research reports. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $52.00 to $75.00 in a report on Tuesday, September 24th. Evercore ISI upped their price objective on shares of Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 30th. DA Davidson raised their target price on Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $50.00 to $69.00 in a report on Thursday, September 5th. Finally, Robert W. Baird raised their price objective on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, November 18th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Comerica currently has a consensus rating of “Hold” and a consensus price target of $64.43.

Comerica Stock Up 2.4 %

CMA stock opened at $72.79 on Tuesday. 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 firm has a 50-day moving average of $63.40 and a two-hundred day moving average of $56.39. 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 $9.57 billion, a price-to-earnings ratio of 18.20 and a beta of 1.22.

Comerica (NYSE:CMA) last posted 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 quarter last year, the firm earned $1.84 earnings per share. As a group, analysts forecast that Comerica Incorporated will post 5.37 earnings per share for the current fiscal year.

Comerica declared that its Board of Directors has authorized a stock buyback program on Tuesday, November 5th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 annualized dividend and a dividend yield of 3.90%. Comerica’s payout ratio is 71.00%.

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.