Holocene Advisors LP Takes Position in Comerica Incorporated (NYSE:CMA)

Holocene Advisors LP acquired a new position in Comerica Incorporated (NYSE:CMA - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 271,612 shares of the financial services provider's stock, valued at approximately $16,272,000. Holocene Advisors LP owned about 0.21% of Comerica as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its position in shares of Comerica by 5.5% in 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 last quarter. Dimensional Fund Advisors LP increased its holdings 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 acquiring an additional 1,370,886 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in Comerica by 31.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider's stock valued at $144,312,000 after acquiring an additional 574,516 shares in the last quarter. Azora Capital LP grew its holdings in shares of Comerica by 7.8% during the third quarter. Azora Capital LP now owns 2,230,369 shares of the financial services provider's stock worth $133,621,000 after buying an additional 161,181 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Comerica by 9.3% during the second quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider's stock worth $78,288,000 after buying an additional 130,458 shares in the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Morgan Stanley lifted their price target 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. Robert W. Baird upped their price target on shares of Comerica from $75.00 to $80.00 and gave the company an "outperform" rating in a report on Monday, November 18th. The Goldman Sachs Group upped their price target on shares of Comerica from $71.00 to $85.00 and gave the company a "buy" rating in a report on Tuesday, November 26th. StockNews.com raised shares of Comerica from a "sell" rating to a "hold" rating in a report on Monday, October 21st. Finally, Truist Financial increased their target price on shares of Comerica from $66.00 to $70.00 and gave the stock a "hold" rating in a report on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $66.67.

Comerica Price Performance

Shares of CMA traded up $0.03 during trading hours on Wednesday, hitting $70.83. 1,939,549 shares of the company were exchanged, compared to its average volume of 2,103,318. The company has a market cap of $9.31 billion, a price-to-earnings ratio of 17.43 and a beta of 1.23. Comerica Incorporated has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. 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 firm's fifty day moving average is $64.80 and its 200 day moving average is $57.14.

Comerica (NYSE:CMA - Get Free Report) last released its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. During the same period in the prior year, the firm posted $1.84 EPS. On average, equities analysts anticipate that Comerica Incorporated will post 5.37 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be given a $0.71 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 annualized dividend and a yield of 4.01%. Comerica's dividend payout ratio is presently 71.00%.

Comerica declared that its Board of Directors has initiated a stock buyback plan on Tuesday, November 5th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Comerica

In other news, EVP Allysun C. Fleming sold 1,392 shares of the firm's stock in a transaction dated Thursday, November 7th. The stock was 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 trade represents a 13.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Bruce Mitchell sold 7,564 shares of the firm's stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the sale, the executive vice president now directly owns 16,428 shares of the company's stock, valued at $1,021,821.60. This represents a 31.53 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 15,456 shares of company stock worth $977,287. 0.19% of the stock is currently owned by insiders.

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.