Comerica Incorporated (NYSE:CMA) Shares Bought by Algert Global LLC

Algert Global LLC increased its holdings in shares of Comerica Incorporated (NYSE:CMA) by 2.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 79,306 shares of the financial services provider’s stock after acquiring an additional 2,000 shares during the quarter. Algert Global LLC owned about 0.06% of Comerica worth $4,751,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its holdings in Comerica by 5.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock valued at $257,975,000 after buying an additional 226,285 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Comerica by 51.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after purchasing an additional 1,370,886 shares during the period. Vaughan Nelson Investment Management L.P. increased 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 purchasing an additional 574,516 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Comerica by 9.3% during the second quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock worth $78,288,000 after purchasing an additional 130,458 shares during the period. Finally, Thrivent Financial for Lutherans raised its stake in Comerica by 6.5% during the second quarter. Thrivent Financial for Lutherans now owns 1,431,750 shares of the financial services provider’s stock worth $73,077,000 after purchasing an additional 87,101 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Stock Up 3.2 %

CMA stock opened at $71.09 on Monday. The stock has a market cap of $9.35 billion, a P/E ratio of 17.77 and a beta of 1.22. 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 twelve month low of $42.55 and a twelve month high of $71.63. The company’s 50 day moving average is $63.10 and its two-hundred day moving average is $56.25.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, topping 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 firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. During the same period last year, the business earned $1.84 EPS. Research analysts expect that Comerica Incorporated will post 5.37 earnings per share for the current fiscal year.

Comerica announced that its board has approved 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. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Comerica Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given a $0.71 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.99%. Comerica’s dividend payout ratio (DPR) is presently 71.00%.

Insider Buying and Selling

In related news, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $68.83, for a total transaction of $95,811.36. Following the completion of the sale, the executive vice president now owns 8,730 shares in the company, valued at $600,885.90. This represents a 13.75 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction on Thursday, October 24th. The shares were 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 represents a 29.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,456 shares of company stock worth $977,287 in the last quarter. 0.19% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CMA has been the subject of several analyst reports. StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. 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 report on Wednesday, October 30th. Stephens boosted their target price on Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Robert W. Baird lifted their price objective on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, November 18th. Finally, Bank of America lowered Comerica from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $55.00 to $52.00 in a research note on Monday, October 7th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $64.43.

Comerica Company Profile

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.