Comerica Incorporated (NYSE:CMA) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC raised its stake in Comerica Incorporated (NYSE:CMA - Free Report) by 1.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,111,845 shares of the financial services provider's stock after buying an additional 29,661 shares during the quarter. Geode Capital Management LLC owned approximately 1.61% of Comerica worth $126,555,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CMA. Point72 Europe London LLP purchased a new stake in shares of Comerica in the second quarter valued at about $4,767,000. Oppenheimer & Co. Inc. increased its holdings in shares of Comerica by 158.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider's stock worth $1,218,000 after buying an additional 12,454 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Comerica by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider's stock valued at $257,975,000 after buying an additional 226,285 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in Comerica by 186.8% in the second quarter. Oregon Public Employees Retirement Fund now owns 32,200 shares of the financial services provider's stock valued at $1,643,000 after acquiring an additional 20,974 shares during the last quarter. Finally, Citigroup Inc. grew its position in Comerica by 390.6% in the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider's stock worth $45,628,000 after acquiring an additional 606,375 shares during the period. 80.74% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP James Harry Weber sold 6,500 shares of the company's stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total value of $410,995.00. Following the completion of the sale, the executive vice president now owns 15,773 shares in the company, valued at $997,326.79. This represents a 29.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Allysun C. Fleming sold 1,392 shares of the firm's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction of $95,811.36. Following the transaction, the executive vice president now directly owns 8,730 shares in the company, valued at $600,885.90. The trade was a 13.75 % 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. 0.19% of the stock is currently owned by insiders.

Comerica Stock Down 5.1 %

NYSE CMA traded down $3.28 during trading on Wednesday, reaching $61.13. 2,216,691 shares of the company's stock were exchanged, compared to its average volume of 2,121,991. Comerica Incorporated has a 1 year low of $45.32 and a 1 year high of $73.45. The stock has a market cap of $8.04 billion, a P/E ratio of 15.28 and a beta of 1.23. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The company has a 50 day moving average price of $66.57 and a two-hundred day moving average price of $58.28.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.17 by $0.16. The firm 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 posted $1.84 earnings per share. On average, equities research analysts anticipate that Comerica Incorporated will post 5.37 EPS for the current fiscal year.

Comerica declared that its Board of Directors has approved a share buyback program on Tuesday, November 5th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its shares are undervalued.

Comerica Announces Dividend

The business 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 annualized dividend and a yield of 4.65%. Comerica's dividend payout ratio is presently 71.00%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CMA shares. Compass Point upped their price target on Comerica from $64.00 to $80.00 and gave the company a "buy" rating in a research note on Tuesday, December 10th. Wells Fargo & Company upgraded shares of Comerica from an "underweight" rating to an "equal weight" rating and boosted their price objective for the company from $51.00 to $73.00 in a report on Friday, November 15th. Piper Sandler increased their target price on shares of Comerica from $64.00 to $72.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 3rd. DA Davidson boosted their price target on shares of Comerica from $64.00 to $68.00 and gave the company a "neutral" rating in a research note on Monday, October 21st. Finally, Morgan Stanley increased their price objective on shares of Comerica from $63.00 to $67.00 and gave the stock an "equal weight" rating in a research report 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $67.68.

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.