Coldstream Capital Management Inc. Reduces Holdings in Comerica Incorporated (NYSE:CMA)

Coldstream Capital Management Inc. trimmed its stake in Comerica Incorporated (NYSE:CMA) by 4.3% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 5,715 shares of the financial services provider’s stock after selling 256 shares during the period. Coldstream Capital Management Inc.’s holdings in Comerica were worth $346,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC raised its position in Comerica by 19.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after purchasing an additional 199 shares during the period. Summit Securities Group LLC lifted its stake in Comerica by 22.4% during the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 202 shares in the last quarter. UMB Bank n.a. boosted its holdings in Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 208 shares during the period. Centennial Wealth Advisory LLC grew its position in Comerica by 5.2% in the 3rd quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock valued at $304,000 after acquiring an additional 252 shares in the last quarter. Finally, Busey Bank increased its stake in Comerica by 4.5% during the second quarter. Busey Bank now owns 7,305 shares of the financial services provider’s stock worth $373,000 after purchasing an additional 313 shares during the period. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMA has been the subject of a number of research reports. StockNews.com upgraded shares of Comerica from a “sell” rating to a “hold” 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 stock a “neutral” rating in a research note on Monday, October 21st. The Goldman Sachs Group lifted their target price on Comerica from $71.00 to $85.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $52.00 to $75.00 in a report on Tuesday, September 24th. Finally, Evercore ISI increased their price target on Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Comerica has an average rating of “Hold” and a consensus price target of $67.27.

Comerica Trading Up 0.2 %

NYSE:CMA opened at $66.58 on Monday. The company has a market capitalization of $8.76 billion, a PE ratio of 16.65 and a beta of 1.23. Comerica Incorporated has a 52-week low of $45.32 and a 52-week high of $73.45. The stock’s 50 day moving average price is $66.27 and its 200 day moving average price is $58.07. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97.

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, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $806.49 million. During the same period last year, the firm posted $1.84 earnings per share. On average, research analysts anticipate that Comerica Incorporated will post 5.37 EPS for the current year.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be paid 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 yield of 4.27%. Comerica’s dividend payout ratio is presently 71.00%.

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

Insider Activity

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 8,730 shares in the company, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Bruce Mitchell sold 7,564 shares of the company’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 sale, the executive vice president now owns 16,428 shares of the company’s stock, valued at $1,021,821.60. This trade represents a 31.53 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 15,456 shares of company stock valued at $977,287. Insiders own 0.19% of the company’s stock.

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.