Rockefeller Capital Management L.P. Cuts Stock Holdings in Comerica Incorporated (NYSE:CMA)

Rockefeller Capital Management L.P. trimmed its position in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 90.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,457 shares of the financial services provider's stock after selling 214,888 shares during the period. Rockefeller Capital Management L.P.'s holdings in Comerica were worth $1,285,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in shares of 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 worth $206,468,000 after acquiring an additional 1,370,886 shares in the last quarter. Samlyn Capital LLC bought a new stake in shares of Comerica during the 2nd quarter valued at $35,375,000. Citigroup Inc. grew its position in shares of Comerica by 390.6% in the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider's stock worth $45,628,000 after buying an additional 606,375 shares during the period. Vaughan Nelson Investment Management L.P. increased its stake in shares of 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 worth $144,312,000 after acquiring an additional 574,516 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in Comerica by 311.2% during the 2nd quarter. Principal Financial Group Inc. now owns 663,100 shares of the financial services provider's stock valued at $33,845,000 after acquiring an additional 501,857 shares during the period. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CMA shares. Wells Fargo & Company upgraded shares of Comerica from an "underweight" rating to an "equal weight" rating and upped their price objective for the stock from $51.00 to $73.00 in a report on Friday, November 15th. Keefe, Bruyette & Woods upped their price target on Comerica from $72.00 to $82.00 and gave the stock an "outperform" rating in a research note on Wednesday. Evercore ISI lifted their price objective on Comerica from $64.00 to $69.00 and gave the company an "in-line" rating in a research note on Wednesday, October 30th. Robert W. Baird increased their target price on Comerica from $75.00 to $80.00 and gave the stock an "outperform" rating in a research note on Monday, November 18th. Finally, Truist Financial raised their price target on Comerica from $66.00 to $70.00 and gave the company a "hold" rating in a report 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 assigned a buy rating to the company. According to MarketBeat.com, Comerica has an average rating of "Hold" and an average price target of $66.67.

Insiders Place Their Bets

In other news, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the completion of the sale, the executive vice president now directly owns 8,730 shares of the company's stock, valued at $600,885.90. This represents a 13.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP James Harry Weber sold 6,500 shares of the firm's stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 15,456 shares of company stock worth $977,287 over the last quarter. 0.19% of the stock is currently owned by corporate insiders.

Comerica Stock Performance

Shares of NYSE:CMA traded down $0.54 during trading on Friday, hitting $69.38. The company's stock had a trading volume of 1,667,904 shares, compared to its average volume of 1,452,821. The company has a 50-day moving average of $65.45 and a 200-day moving average of $57.46. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market cap of $9.12 billion, a price-to-earnings ratio of 17.35 and a beta of 1.23. Comerica Incorporated has a 12 month low of $45.32 and a 12 month high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.16. The business 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. On average, sell-side analysts expect that Comerica Incorporated will post 5.37 earnings per share for the current year.

Comerica Dividend Announcement

The business also recently declared 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. This represents a $2.84 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date is Friday, December 13th. Comerica's payout ratio is 71.00%.

Comerica announced that its board has initiated a stock repurchase program on Tuesday, November 5th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

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.