Jacobs Levy Equity Management Inc. increased its holdings in Comerica Incorporated (NYSE:CMA - Free Report) by 15.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,002,588 shares of the financial services provider's stock after acquiring an additional 137,425 shares during the period. Jacobs Levy Equity Management Inc. owned about 0.76% of Comerica worth $60,065,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its holdings 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 worth $257,975,000 after acquiring an additional 226,285 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Comerica by 51.3% in 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 buying an additional 1,370,886 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Comerica by 31.3% in 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 buying an additional 574,516 shares during the last quarter. Azora Capital LP increased its stake in Comerica by 7.8% in the 3rd quarter. Azora Capital LP now owns 2,230,369 shares of the financial services provider's stock valued at $133,621,000 after buying an additional 161,181 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Comerica by 9.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider's stock valued at $78,288,000 after buying an additional 130,458 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company's stock.
Insider Activity
In other news, EVP Allysun C. Fleming sold 1,392 shares of the firm'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 sale, the executive vice president now owns 8,730 shares in the company, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Bruce Mitchell sold 7,564 shares of Comerica 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 transaction, the executive vice president now owns 16,428 shares in the company, valued at approximately $1,021,821.60. The trade was a 31.53 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,456 shares of company stock worth $977,287. 0.19% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
Several equities research analysts have commented on CMA shares. Truist Financial increased their price objective on shares of Comerica from $66.00 to $70.00 and gave the company a "hold" rating in a research note on Monday, October 21st. The Goldman Sachs Group increased their price objective on shares of Comerica from $71.00 to $85.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Evercore ISI increased their target price on shares of Comerica from $64.00 to $69.00 and gave the company an "in-line" rating in a research report on Wednesday, October 30th. StockNews.com raised shares of Comerica from a "sell" rating to a "hold" rating in a research report on Monday, October 21st. Finally, Robert W. Baird increased their target price on shares of Comerica from $75.00 to $80.00 and gave the company an "outperform" rating in a research report on Monday, November 18th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Comerica has an average rating of "Hold" and an average target price of $66.67.
Get Our Latest Analysis on Comerica
Comerica Price Performance
NYSE:CMA traded down $1.00 during trading hours on Wednesday, hitting $69.80. The stock had a trading volume of 306,018 shares, compared to its average volume of 2,096,234. The company has a 50 day simple moving average of $64.80 and a two-hundred day simple moving average of $57.14. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. Comerica Incorporated has a one year low of $45.32 and a one year high of $73.45. The firm has a market capitalization of $9.18 billion, a price-to-earnings ratio of 17.43 and a beta of 1.23.
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 firm had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same quarter last year, the company posted $1.84 EPS. Research analysts forecast that Comerica Incorporated will post 5.37 earnings per share for the current fiscal year.
Comerica declared that its Board of Directors has approved a share repurchase program on Tuesday, November 5th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.
Comerica Dividend Announcement
The business 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 dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 4.07%. The ex-dividend date is Friday, December 13th. Comerica's dividend payout ratio (DPR) is currently 71.00%.
Comerica Profile
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Free Report)
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.
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