Comerica Incorporated (NYSE:CMA) EVP Sells $95,811.36 in Stock

Comerica Incorporated (NYSE:CMA) EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction dated 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 in the company, valued at $600,885.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Comerica Trading Down 1.1 %

Shares of NYSE CMA traded down $0.78 during midday trading on Tuesday, hitting $70.00. The company’s stock had a trading volume of 944,231 shares, compared to its average volume of 2,140,922. The business’s 50 day moving average is $60.72 and its two-hundred day moving average is $55.18. The firm has a market cap of $9.21 billion, a P/E ratio of 17.70 and a beta of 1.22. Comerica Incorporated has a 12-month low of $40.41 and a 12-month high of $71.27. 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 (NYSE:CMA) last released its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates 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 business posted $1.84 EPS. As a group, equities research analysts expect that Comerica Incorporated will post 5.39 EPS for the current year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.06%. The ex-dividend date is Friday, December 13th. Comerica’s payout ratio is currently 71.00%.

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Algert Global LLC grew its position in Comerica by 2.6% during the 3rd quarter. Algert Global LLC now owns 79,306 shares of the financial services provider’s stock worth $4,751,000 after purchasing an additional 2,000 shares in the last quarter. Citigroup Inc. lifted its stake in shares of Comerica by 390.6% in the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock valued at $45,628,000 after purchasing an additional 606,375 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of 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 purchasing an additional 226,285 shares during the last quarter. Integrated Investment Consultants LLC acquired a new stake in shares of Comerica in the 3rd quarter valued at $323,000. Finally, Primecap Management Co. CA acquired a new stake in shares of Comerica in the 3rd quarter valued at $26,630,000. 80.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CMA has been the subject of several recent analyst reports. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $52.00 to $75.00 in a report on Tuesday, September 24th. Evercore ISI boosted their price target 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. JPMorgan Chase & Co. lifted their price objective on shares of Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. StockNews.com raised shares of Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Finally, Truist Financial raised their price target on shares of Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $62.81.

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.