Comerica Incorporated (NYSE:CMA) Position Boosted by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its position in Comerica Incorporated (NYSE:CMA - Free Report) by 134.0% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 856,431 shares of the financial services provider's stock after purchasing an additional 490,468 shares during the period. JPMorgan Chase & Co. owned 0.65% of Comerica worth $51,309,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new position in Comerica during the 3rd quarter worth approximately $36,000. Wilmington Savings Fund Society FSB bought a new position in Comerica during the third quarter worth $42,000. EverSource Wealth Advisors LLC lifted its stake in Comerica by 19.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider's stock worth $66,000 after purchasing an additional 199 shares during the last quarter. Cranbrook Wealth Management LLC acquired a new position in Comerica in the second quarter worth $79,000. Finally, Morton Brown Family Wealth LLC bought a new stake in Comerica during the third quarter valued at $138,000. 80.74% of the stock is owned by institutional investors.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of the business'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 sale, the executive vice president now owns 8,730 shares in the company, valued at approximately $600,885.90. The trade was a 13.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 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. The trade was a 31.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,456 shares of company stock valued at $977,287. Corporate insiders own 0.19% of the company's stock.

Comerica Price Performance

Shares of Comerica stock traded up $1.03 during trading on Friday, hitting $62.48. The stock had a trading volume of 1,333,212 shares, compared to its average volume of 1,151,506. The business has a fifty day moving average of $66.53 and a two-hundred day moving average of $59.55. Comerica Incorporated has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. The firm has a market cap of $8.22 billion, a P/E ratio of 15.62 and a beta of 1.26. 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 issued its quarterly earnings results 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 company had revenue of $1.26 billion during 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 prior year, the company earned $1.84 EPS. On average, sell-side analysts expect that Comerica Incorporated will post 5.37 earnings per share for the current fiscal year.

Comerica announced that its Board of Directors has approved a stock buyback program on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 13th were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 4.55%. The ex-dividend date was Friday, December 13th. Comerica's payout ratio is 71.00%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CMA. UBS Group assumed coverage on shares of Comerica in a report on Tuesday, December 17th. They issued a "sell" rating and a $64.00 price target for the company. Wedbush upgraded Comerica from a "neutral" rating to an "outperform" rating and lifted their target price for the company from $52.00 to $75.00 in a research note on Tuesday, September 24th. Compass Point upped their target price on Comerica from $64.00 to $80.00 and gave the company a "buy" rating in a report on Tuesday, December 10th. DA Davidson raised their price target on Comerica from $64.00 to $68.00 and gave the stock a "neutral" rating in a report on Monday, October 21st. Finally, Barclays upped their price objective on Comerica from $56.00 to $66.00 and gave the stock an "underweight" rating in a research note on Monday, October 21st. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $67.68.

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.