Point72 Asset Management L.P. Acquires Shares of 102,112 Comerica Incorporated (NYSE:CMA)

Point72 Asset Management L.P. purchased a new position in shares of Comerica Incorporated (NYSE:CMA - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 102,112 shares of the financial services provider's stock, valued at approximately $6,118,000. Point72 Asset Management L.P. owned 0.08% of Comerica at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. SG Americas Securities LLC lifted its stake in Comerica by 66.2% in the second quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider's stock valued at $3,209,000 after purchasing an additional 25,040 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Comerica by 39.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider's stock valued at $11,262,000 after buying an additional 62,269 shares during the last quarter. Point72 Europe London LLP bought a new position in shares of Comerica during the 2nd quarter worth $4,767,000. Vaughan Nelson Investment Management L.P. increased its holdings in Comerica by 1.1% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider's stock worth $93,621,000 after acquiring an additional 19,068 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its stake in Comerica by 158.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider's stock valued at $1,218,000 after acquiring an additional 12,454 shares during the period. Hedge funds and other institutional investors own 80.74% of the company's stock.

Comerica Price Performance

NYSE CMA traded down $1.59 on Monday, reaching $67.79. 1,937,628 shares of the company's stock traded hands, compared to its average volume of 2,102,146. The stock has a market cap of $8.92 billion, a PE ratio of 17.35 and a beta of 1.23. 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 12 month low of $45.32 and a 12 month high of $73.45. The stock has a 50-day simple moving average of $65.45 and a 200 day simple moving average of $57.49.

Comerica (NYSE:CMA - Get Free Report) last issued its earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, topping analysts' consensus estimates of $1.17 by $0.16. Comerica had a net margin of 11.17% and a return on equity of 12.54%. The company had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $806.49 million. During the same quarter last year, the company earned $1.84 EPS. As a group, research analysts predict that Comerica Incorporated will post 5.37 earnings per share for the current year.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, December 13th. This represents a $2.84 annualized dividend and a yield of 4.19%. Comerica's payout ratio is 71.00%.

Comerica declared that its board has initiated a share repurchase program on Tuesday, November 5th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several analysts have recently issued reports on CMA shares. Truist Financial boosted their price target on shares of Comerica from $66.00 to $70.00 and gave the company a "hold" rating in a research report on Monday, October 21st. Bank of America downgraded Comerica from a "neutral" rating to an "underperform" rating and dropped their target price for the stock from $55.00 to $52.00 in a research report on Monday, October 7th. Wedbush upgraded Comerica from a "neutral" rating to an "outperform" rating and lifted their price target for the company from $52.00 to $75.00 in a research report on Tuesday, September 24th. Wells Fargo & Company upgraded 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 research note on Friday, November 15th. Finally, JPMorgan Chase & Co. raised their target price on Comerica from $65.00 to $70.00 and gave the stock a "neutral" rating in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Comerica has an average rating of "Hold" and a consensus target price of $66.67.

Insider Buying and Selling at Comerica

In related news, EVP James Harry Weber sold 6,500 shares of Comerica 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 sale, the executive vice president now owns 15,773 shares in the company, valued at $997,326.79. The trade was a 29.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Allysun C. Fleming sold 1,392 shares of the business's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total transaction of $95,811.36. Following the transaction, the executive vice president now owns 8,730 shares in the company, valued at $600,885.90. This represents a 13.75 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,456 shares of company stock worth $977,287. 0.19% of the stock is currently owned by insiders.

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.