Atom Investors LP bought a new stake in Comerica Incorporated (NYSE:CMA - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 23,128 shares of the financial services provider's stock, valued at approximately $1,386,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of CMA. Azora Capital LP increased its position in Comerica by 7.8% in the 3rd quarter. Azora Capital LP now owns 2,230,369 shares of the financial services provider's stock valued at $133,621,000 after acquiring an additional 161,181 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Comerica in the third quarter valued at approximately $197,000. Point72 Hong Kong Ltd purchased a new stake in shares of Comerica during the third quarter worth approximately $383,000. Maverick Capital Ltd. acquired a new stake in shares of Comerica during the third quarter worth $1,150,000. Finally, Verition Fund Management LLC grew its position in Comerica by 687.5% in the 3rd quarter. Verition Fund Management LLC now owns 140,680 shares of the financial services provider's stock valued at $8,428,000 after buying an additional 122,815 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company's stock.
Insiders Place Their Bets
In other Comerica 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 value of $95,811.36. Following the completion of the sale, the executive vice president now directly owns 8,730 shares of the company's stock, 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 this link. Also, EVP Bruce Mitchell sold 7,564 shares of the firm's stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the transaction, the executive vice president now directly owns 16,428 shares of the company's stock, valued at $1,021,821.60. The trade was a 31.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,456 shares of company stock valued at $977,287 in the last three months. Insiders own 0.19% of the company's stock.
Analyst Ratings Changes
CMA has been the subject of several recent analyst reports. StockNews.com upgraded shares of Comerica from a "sell" rating to a "hold" rating in a research note on Monday, October 21st. Robert W. Baird raised their price target on Comerica from $75.00 to $80.00 and gave the stock an "outperform" rating in a research note on Monday, November 18th. Barclays upped their price objective on shares of Comerica from $56.00 to $66.00 and gave the company an "underweight" rating in a research note on Monday, October 21st. Evercore ISI raised their target price 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. Finally, Truist Financial upped their price target on shares of Comerica from $66.00 to $70.00 and gave the stock a "hold" rating in a research report on Monday, October 21st. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $66.05.
View Our Latest Research Report on CMA
Comerica Stock Performance
Shares of NYSE CMA traded down $0.12 during midday trading on Tuesday, reaching $70.92. 260,761 shares of the company traded hands, compared to its average volume of 2,100,731. The company has a market cap of $9.33 billion, a price-to-earnings ratio of 17.62 and a beta of 1.23. The stock has a 50-day moving average price of $64.59 and a 200 day moving average price of $57.02. Comerica Incorporated has a 52 week low of $45.32 and a 52 week high of $73.45. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97.
Comerica (NYSE:CMA - Get Free Report) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, topping analysts' consensus estimates of $1.17 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate 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 previous year, the firm earned $1.84 EPS. Sell-side analysts anticipate that Comerica Incorporated will post 5.37 earnings per share for the current fiscal year.
Comerica declared that its Board of Directors has approved a stock repurchase program on Tuesday, November 5th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are often 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. Stockholders of record on Friday, December 13th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.00%. The ex-dividend date is Friday, December 13th. Comerica's dividend payout ratio (DPR) is currently 71.00%.
About Comerica
(
Free Report)
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.
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