Comerica Incorporated (NYSE:CMA) Shares Sold by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd lowered its holdings in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 65.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,475 shares of the financial services provider's stock after selling 63,671 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Comerica were worth $2,005,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of CMA. V Square Quantitative Management LLC bought a new position in Comerica during the third quarter valued at $36,000. Family Firm Inc. bought a new position in Comerica during the second quarter valued at $37,000. UMB Bank n.a. lifted its holdings in shares of Comerica by 39.3% in the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider's stock worth $38,000 after acquiring an additional 208 shares during the last quarter. Summit Securities Group LLC lifted its holdings in shares of Comerica by 22.4% in 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 during the last quarter. Finally, Rothschild Investment LLC bought a new stake in shares of Comerica in the 2nd quarter worth about $56,000. Institutional investors own 80.74% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on CMA shares. Compass Point raised their target price on shares of Comerica from $64.00 to $80.00 and gave the stock a "buy" rating in a report on Tuesday. 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 report on Wednesday, October 30th. Keefe, Bruyette & Woods raised their price target on shares of Comerica from $72.00 to $82.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Bank of America downgraded shares of Comerica from a "neutral" rating to an "underperform" rating and reduced their price target for the stock from $55.00 to $52.00 in a research note on Monday, October 7th. Finally, Stephens raised their price target on shares of Comerica from $64.00 to $70.00 and gave the stock an "overweight" rating in a research note on Monday, October 21st. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $67.27.

Comerica Stock Down 1.4 %

Shares of NYSE CMA traded down $0.95 during trading hours on Wednesday, hitting $66.71. 3,065,544 shares of the stock were exchanged, compared to its average volume of 2,109,887. 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 company has a market cap of $8.77 billion, a PE ratio of 16.71 and a beta of 1.23. The firm has a fifty day moving average price of $65.79 and a 200-day moving average price of $57.73. Comerica Incorporated has a 12 month low of $45.32 and a 12 month high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last issued its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.17 by $0.16. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $806.49 million. During the same quarter in the prior year, the business posted $1.84 EPS. On average, sell-side analysts expect that Comerica Incorporated will post 5.37 EPS for the current year.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, December 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.26%. Comerica's dividend payout ratio is presently 71.00%.

Comerica announced that its Board of Directors has authorized a stock repurchase program on Tuesday, November 5th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Insider Activity

In related news, EVP Allysun C. Fleming sold 1,392 shares of the company's stock in a transaction 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 of the company's stock, valued at $600,885.90. This represents a 13.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Bruce Mitchell sold 7,564 shares of the company's stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the transaction, the executive vice president now directly owns 16,428 shares in the company, 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. In the last quarter, insiders sold 15,456 shares of company stock worth $977,287. Insiders own 0.19% of the company's stock.

Comerica 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.