Point72 Asset Management L.P. Makes New Investment in Comerica Incorporated (NYSE:CMA)

Point72 Asset Management L.P. purchased a new stake in shares of Comerica Incorporated (NYSE:CMA) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 102,112 shares of the financial services provider’s stock, valued at approximately $6,118,000. Point72 Asset Management L.P. owned about 0.08% of Comerica as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. increased its holdings in Comerica by 15.9% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,002,588 shares of the financial services provider’s stock valued at $60,065,000 after buying an additional 137,425 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in shares of Comerica by 1.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 94,935 shares of the financial services provider’s stock valued at $5,688,000 after acquiring an additional 1,280 shares during the period. HighTower Advisors LLC increased its stake in shares of Comerica by 6.8% in the 3rd quarter. HighTower Advisors LLC now owns 40,915 shares of the financial services provider’s stock worth $2,450,000 after purchasing an additional 2,590 shares in the last quarter. Hilltop Holdings Inc. bought a new position in Comerica in the 3rd quarter worth $300,000. Finally, Holocene Advisors LP bought a new position in Comerica in the 3rd quarter worth $16,272,000. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Price Performance

Comerica stock opened at $69.38 on Monday. Comerica Incorporated has a 52-week low of $45.32 and a 52-week high of $73.45. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. The firm’s fifty day moving average is $65.45 and its 200 day moving average is $57.49. The company has a market cap of $9.12 billion, a price-to-earnings ratio of 17.35 and a beta of 1.23.

Comerica (NYSE:CMA) last announced its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.16. The firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same period in the prior year, the company earned $1.84 EPS. Sell-side analysts forecast that Comerica Incorporated will post 5.37 EPS for the current fiscal year.

Comerica declared that its Board of Directors has approved a stock buyback plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Comerica Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 4.09%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s dividend payout ratio (DPR) is 71.00%.

Insider Activity

In related news, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction dated 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 transaction, the executive vice president now directly owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. The trade was a 13.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP James Harry Weber sold 6,500 shares of the stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the completion of the sale, the executive vice president now directly owns 15,773 shares in the company, valued at $997,326.79. This trade represents a 29.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CMA has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their price target on Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Barclays boosted their price objective on Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a research note on Monday, October 21st. Piper Sandler raised their target price on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Robert W. Baird lifted their price target on shares of Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, November 18th. Finally, The Goldman Sachs Group increased their price objective on shares of Comerica from $71.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $66.67.

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.