Comerica Incorporated (NYSE:CMA) Holdings Boosted by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. grew its holdings in Comerica Incorporated (NYSE:CMA) by 5.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,306,042 shares of the financial services provider’s stock after purchasing an additional 226,285 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Comerica were worth $257,975,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. EverSource Wealth Advisors LLC lifted its stake in Comerica by 19.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 199 shares in the last quarter. Summit Securities Group LLC lifted its position in shares of Comerica by 22.4% in the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 202 shares in the last quarter. UMB Bank n.a. boosted its holdings in shares of Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 208 shares during the period. Centennial Wealth Advisory LLC grew its position in Comerica by 5.2% during the third quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock valued at $304,000 after purchasing an additional 252 shares in the last quarter. Finally, Abich Financial Wealth Management LLC increased its stake in Comerica by 50.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after buying an additional 300 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Insider Buying and Selling at Comerica

In other 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 value of $470,480.80. Following the transaction, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at $1,021,821.60. The trade was a 31.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction 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 sale, the executive vice president now owns 8,730 shares in the company, valued at $600,885.90. The trade was a 13.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,456 shares of company stock valued at $977,287 in the last 90 days. 0.19% of the stock is currently owned by company insiders.

Comerica Trading Up 3.2 %

Shares of CMA stock opened at $71.10 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. Comerica Incorporated has a 1 year low of $42.55 and a 1 year high of $71.63. The firm’s fifty day simple moving average is $63.10 and its 200 day simple moving average is $56.22. The firm has a market capitalization of $9.35 billion, a P/E ratio of 17.78 and a beta of 1.22.

Comerica (NYSE:CMA) last released 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 net margin of 11.17% and a return on equity of 12.54%. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. During the same quarter last year, the company earned $1.84 earnings per share. As a group, sell-side analysts predict that Comerica Incorporated will post 5.37 EPS for the current year.

Comerica declared that its board has authorized a stock repurchase program on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Comerica Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a yield of 3.99%. Comerica’s dividend payout ratio is currently 71.00%.

Analysts Set New Price Targets

A number of brokerages have issued reports on CMA. The Goldman Sachs Group lifted their target price on shares of Comerica from $63.00 to $71.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Morgan Stanley lifted their price objective on Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Evercore ISI raised their price target on Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. DA Davidson boosted their price target on Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Finally, Barclays raised their price objective on shares of Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a research report on Monday, October 21st. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Comerica has an average rating of “Hold” and an average target price of $64.43.

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.