Comerica Incorporated (NYSE:CMA) Shares Bought by Tidal Investments LLC

Tidal Investments LLC raised its position in Comerica Incorporated (NYSE:CMA) by 96.2% during the third quarter, HoldingsChannel reports. The firm owned 32,138 shares of the financial services provider’s stock after buying an additional 15,758 shares during the quarter. Tidal Investments LLC’s holdings in Comerica were worth $1,925,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. V Square Quantitative Management LLC acquired a new stake in Comerica in the third quarter valued at $36,000. Family Firm Inc. purchased a new position in shares of Comerica in the 2nd quarter valued at about $37,000. UMB Bank n.a. raised its position in shares of Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 208 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Comerica during the third quarter worth approximately $42,000. Finally, Summit Securities Group LLC boosted its holdings in Comerica by 22.4% in the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after purchasing an additional 202 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Comerica news, EVP James Harry Weber sold 6,500 shares of the company’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 owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. This represents a 29.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the transaction, the executive vice president now owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. This represents a 31.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,456 shares of company stock worth $977,287 in the last quarter. Company insiders own 0.19% of the company’s stock.

Comerica Price Performance

Comerica stock opened at $66.49 on Tuesday. The company has a market cap of $8.74 billion, a P/E ratio of 16.62 and a beta of 1.23. Comerica Incorporated has a one year low of $45.32 and a one year high of $73.45. The business has a fifty day moving average of $66.44 and a two-hundred day moving average of $58.19. 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 quarterly earnings data 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. Comerica had a net margin of 11.17% and a return on equity of 12.54%. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. During the same quarter last year, the business earned $1.84 earnings per share. As a group, analysts predict that Comerica Incorporated will post 5.37 earnings per share for the current fiscal year.

Comerica declared that its Board of Directors has initiated 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 purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Comerica Announces Dividend

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CMA shares. Barclays raised their price objective on shares of Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a report on Monday, October 21st. JPMorgan Chase & Co. boosted their price target on shares of Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Morgan Stanley raised their price objective on Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Robert W. Baird boosted their target price on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, November 18th. Finally, Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $52.00 to $75.00 in a research note on Tuesday, September 24th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $67.27.

Comerica 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.