Comerica Incorporated (NYSE:CMA) Shares Bought by State Street Corp

State Street Corp lifted its stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 2.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,977,670 shares of the financial services provider's stock after acquiring an additional 96,084 shares during the period. State Street Corp owned 3.79% of Comerica worth $301,745,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. 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 position in Comerica by 22.4% in the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider's stock valued at $56,000 after buying an additional 202 shares during the last quarter. UMB Bank n.a. boosted its stake in Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider's stock worth $38,000 after buying an additional 208 shares during the period. Centennial Wealth Advisory LLC increased its position in shares of Comerica by 5.2% during the third 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 during the last quarter. Finally, Busey Bank raised its stake in shares of Comerica by 4.5% in the 2nd quarter. Busey Bank now owns 7,305 shares of the financial services provider's stock valued at $373,000 after acquiring an additional 313 shares during the period. Institutional investors and hedge funds own 80.74% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CMA. DA Davidson increased their price objective on shares of Comerica from $64.00 to $68.00 and gave the stock a "neutral" rating in a research report on Monday, October 21st. Barclays raised their price target on Comerica from $56.00 to $66.00 and gave the stock an "underweight" rating in a research report on Monday, October 21st. JPMorgan Chase & Co. raised their target price on Comerica from $65.00 to $70.00 and gave the company a "neutral" rating in a report on Monday, October 21st. Wells Fargo & Company raised shares of Comerica from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $51.00 to $73.00 in a research report on Friday, November 15th. Finally, StockNews.com upgraded shares of Comerica from a "sell" rating to a "hold" rating in a report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $67.27.

Insider Activity

In related news, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction on 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 sale, the executive vice president now directly owns 16,428 shares of the company's stock, valued at $1,021,821.60. This trade represents a 31.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 transaction, the executive vice president now directly owns 8,730 shares in the company, valued at $600,885.90. This represents a 13.75 % decrease in their ownership of the stock. 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.

Comerica Stock Performance

Shares of Comerica stock traded down $1.13 on Wednesday, hitting $66.53. The stock had a trading volume of 2,134,200 shares, compared to its average volume of 2,105,439. The company's 50 day moving average price is $65.79 and its 200 day moving average price is $57.73. The stock has a market cap of $8.75 billion, a price-to-earnings ratio of 16.71 and a beta of 1.23. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. Comerica Incorporated has a 52-week low of $45.32 and a 52-week high of $73.45.

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 business had revenue of $1.26 billion during the quarter, compared to the consensus estimate 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 company earned $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 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 has initiated a stock buyback program on Tuesday, November 5th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its stock is undervalued.

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.