Comerica Incorporated (NYSE:CMA) Shares Sold by XTX Topco Ltd

XTX Topco Ltd reduced its holdings in shares of Comerica Incorporated (NYSE:CMA) by 65.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,563 shares of the financial services provider’s stock after selling 12,351 shares during the period. XTX Topco Ltd’s holdings in Comerica were worth $393,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Zacks Investment Management increased its position in shares of Comerica by 4.6% during the third quarter. Zacks Investment Management now owns 12,961 shares of the financial services provider’s stock worth $776,000 after acquiring an additional 575 shares during the period. National Bank of Canada FI increased its holdings in Comerica by 364.5% during the 3rd quarter. National Bank of Canada FI now owns 3,112 shares of the financial services provider’s stock worth $186,000 after purchasing an additional 2,442 shares during the period. Kovitz Investment Group Partners LLC raised its position in Comerica by 18.4% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 125,592 shares of the financial services provider’s stock valued at $7,162,000 after purchasing an additional 19,522 shares in the last quarter. Two Sigma Advisers LP boosted its stake in shares of Comerica by 6.7% in the 3rd quarter. Two Sigma Advisers LP now owns 955,900 shares of the financial services provider’s stock valued at $57,268,000 after buying an additional 60,000 shares during the period. Finally, State Street Corp grew its position in shares of Comerica by 2.0% during the third quarter. State Street Corp now owns 4,977,670 shares of the financial services provider’s stock worth $301,745,000 after buying an additional 96,084 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CMA has been the topic of several analyst reports. Robert W. Baird raised their target price on shares of Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, November 18th. JPMorgan Chase & Co. raised their price objective on shares of Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Morgan Stanley boosted their target price on shares of Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Evercore ISI raised their price target on Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Finally, Compass Point upped their price objective on Comerica from $64.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Comerica has a consensus rating of “Hold” and an average target price of $67.27.

Comerica Price Performance

Shares of CMA opened at $66.58 on Monday. The company has a market capitalization of $8.76 billion, a price-to-earnings ratio of 16.65 and a beta of 1.23. Comerica Incorporated has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. The firm has a 50-day simple moving average of $66.27 and a 200-day simple moving average of $58.07. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97.

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

Comerica Dividend Announcement

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

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

Insiders Place Their Bets

In related news, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction of $95,811.36. Following the transaction, the executive vice president now owns 8,730 shares of the company’s stock, valued at $600,885.90. This represents a 13.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP James Harry Weber sold 6,500 shares of the 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 completion of the transaction, the executive vice president now owns 15,773 shares of the company’s stock, valued at $997,326.79. The trade was a 29.18 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,456 shares of company stock worth $977,287. 0.19% of the stock is owned by insiders.

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.