Entropy Technologies LP Sells 30,952 Shares of Comerica Incorporated (NYSE:CMA)

Entropy Technologies LP lessened its stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 76.2% in the third quarter, according to its most recent filing with the SEC. The fund owned 9,670 shares of the financial services provider's stock after selling 30,952 shares during the period. Entropy Technologies LP's holdings in Comerica were worth $579,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Comerica by 105.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider's stock valued at $10,031,000 after acquiring an additional 3,595,036 shares during the period. Dimensional Fund Advisors LP raised its stake in Comerica by 51.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider's stock valued at $206,468,000 after purchasing an additional 1,370,886 shares during the period. Samlyn Capital LLC purchased a new stake in shares of Comerica in the second quarter valued at $35,375,000. Principal Financial Group Inc. boosted its position in shares of Comerica by 311.2% in the second quarter. Principal Financial Group Inc. now owns 663,100 shares of the financial services provider's stock worth $33,845,000 after buying an additional 501,857 shares during the period. Finally, Hsbc Holdings PLC grew its holdings in shares of Comerica by 183.5% during the second quarter. Hsbc Holdings PLC now owns 548,786 shares of the financial services provider's stock valued at $27,608,000 after buying an additional 355,229 shares in the last quarter. 80.74% of the stock is owned by institutional investors.

Comerica Price Performance

Shares of NYSE:CMA opened at $70.09 on Friday. 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 business has a 50 day moving average price of $61.61 and a 200 day moving average price of $55.51. The company has a market cap of $9.22 billion, a price-to-earnings ratio of 17.52 and a beta of 1.22. Comerica Incorporated has a twelve month low of $42.55 and a twelve month high of $71.63.

Comerica (NYSE:CMA - Get Free Report) last posted its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.16. The company had revenue of $1.26 billion during the quarter, compared to analysts' expectations of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same period in the prior year, the business earned $1.84 earnings per share. Research analysts predict that Comerica Incorporated will post 5.39 earnings per share for the current year.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.05%. The ex-dividend date is Friday, December 13th. Comerica's payout ratio is presently 71.00%.

Comerica declared that its board has approved a share buyback 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 purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have commented on CMA shares. Wells Fargo & Company raised their price objective on Comerica from $43.00 to $51.00 and gave the stock an "underweight" rating in a research report on Monday, October 21st. Morgan Stanley boosted their price objective on shares of Comerica from $63.00 to $67.00 and gave the company an "equal weight" rating in a research report on Monday, October 21st. Piper Sandler increased their target price on shares of Comerica from $51.00 to $52.00 and gave the stock a "neutral" rating in a research report on Monday, July 22nd. Stephens boosted their price target on shares of Comerica from $64.00 to $70.00 and gave the company an "overweight" rating in a report on Monday, October 21st. Finally, StockNews.com upgraded Comerica from a "sell" rating to 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 assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $62.81.

Insider Transactions at Comerica

In other news, EVP Christine M. Moore sold 2,545 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now directly owns 27,910 shares of the company's stock, valued at approximately $1,605,104.10. This represents a 8.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Allysun C. Fleming sold 1,392 shares of the business's stock in a transaction on 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 sale, the executive vice president now owns 8,730 shares in the company, valued at $600,885.90. This represents a 13.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,001 shares of company stock valued at $1,123,650. 0.19% of the stock is owned by corporate insiders.

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.