Greenwood Capital Associates LLC Invests $854,000 in Comerica Incorporated (NYSE:CMA)

Greenwood Capital Associates LLC bought a new stake in Comerica Incorporated (NYSE:CMA - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 14,257 shares of the financial services provider's stock, valued at approximately $854,000.

Other large investors have also made changes to their positions in the company. V Square Quantitative Management LLC acquired a new stake in Comerica in the third quarter worth about $36,000. Family Firm Inc. acquired a new position in Comerica in the second quarter valued at approximately $37,000. UMB Bank n.a. raised its position in shares of Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider's stock valued at $38,000 after acquiring an additional 208 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Comerica by 2,723.3% in the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 817 shares during the period. Finally, Abich Financial Wealth Management LLC boosted its position in shares of Comerica by 50.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider's stock worth $49,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Stephens increased their target price on Comerica from $64.00 to $70.00 and gave the company an "overweight" rating in a research note on Monday, October 21st. Barclays upped their target price on shares of Comerica from $56.00 to $66.00 and gave the company an "underweight" rating in a research note on Monday, October 21st. Morgan Stanley increased their target price on shares of Comerica from $63.00 to $67.00 and gave the stock an "equal weight" rating in a report on Monday, October 21st. The Goldman Sachs Group boosted their price target on shares of Comerica from $63.00 to $71.00 and gave the company a "buy" rating in a report on Tuesday, October 22nd. Finally, StockNews.com raised Comerica from a "sell" rating to a "hold" rating in a research note on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Comerica currently has an average rating of "Hold" and an average target price of $62.81.

Insider Transactions at Comerica

In related news, EVP Bruce Mitchell sold 7,564 shares of Comerica 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 in the company, valued at approximately $1,021,821.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Comerica news, 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 transaction, the executive vice president now directly owns 16,428 shares in the company, valued at $1,021,821.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the sale, the executive vice president now directly owns 27,910 shares of the company's stock, valued at $1,605,104.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,609 shares of company stock worth $1,027,839 in the last ninety days. Insiders own 0.19% of the company's stock.

Comerica Stock Up 11.1 %

Shares of NYSE:CMA traded up $7.03 during midday trading on Wednesday, reaching $70.31. The company had a trading volume of 4,475,872 shares, compared to its average volume of 2,153,735. The business's 50 day moving average price is $59.69 and its 200 day moving average price is $54.70. Comerica Incorporated has a 1-year low of $40.41 and a 1-year high of $70.38. 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 stock has a market cap of $9.25 billion, a PE ratio of 15.82 and a beta of 1.22.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.17 by $0.16. The company had revenue of $1.26 billion for 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 quarter in the prior year, the business posted $1.84 EPS. Research analysts forecast that Comerica Incorporated will post 5.37 EPS for the current fiscal year.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date is Friday, December 13th. Comerica's dividend payout ratio (DPR) is presently 71.00%.

Comerica announced that its board has authorized 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 reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company's board believes its shares are 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.