Teachers Retirement System of The State of Kentucky Purchases 13,784 Shares of Comerica Incorporated (NYSE:CMA)

Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 42.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 46,184 shares of the financial services provider's stock after purchasing an additional 13,784 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Comerica were worth $2,767,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new stake in Comerica during the 3rd quarter valued at about $36,000. Family Firm Inc. purchased a new stake in Comerica during the 2nd quarter valued at $37,000. UMB Bank n.a. raised its stake in shares of Comerica by 39.3% during the second 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. Rothschild Investment LLC purchased a new stake in shares of Comerica during the second quarter worth about $56,000. Finally, Summit Securities Group LLC grew its stake in shares of Comerica by 22.4% in the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider's stock worth $56,000 after purchasing an additional 202 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CMA shares. Stephens boosted 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. Bank of America downgraded shares of Comerica from a "neutral" rating to an "underperform" rating and reduced their price objective for the company from $55.00 to $52.00 in a research report on Monday, October 7th. Piper Sandler raised their target price on shares of Comerica from $64.00 to $72.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 3rd. Robert W. Baird boosted their price target 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. Finally, StockNews.com upgraded shares of Comerica from a "sell" rating to a "hold" rating in a report on Monday, October 21st. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, Comerica presently has a consensus rating of "Hold" and an average target price of $67.27.

Insider Activity

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of the company's stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 8,730 shares of the company's stock, valued at approximately $600,885.90. This represents a 13.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the transaction, the executive vice president now owns 15,773 shares in the company, valued at $997,326.79. This represents a 29.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,456 shares of company stock valued at $977,287 in the last ninety days. 0.19% of the stock is currently owned by company insiders.

Comerica Stock Performance

Shares of Comerica stock traded up $0.81 during trading on Friday, hitting $66.58. 3,631,386 shares of the company's stock traded hands, compared to its average volume of 2,121,829. Comerica Incorporated has a 1 year low of $45.32 and a 1 year high of $73.45. The business has a 50-day simple moving average of $66.27 and a 200-day simple moving average of $58.01. The stock has a market capitalization of $8.76 billion, a P/E ratio of 16.65 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 (NYSE:CMA - Get Free Report) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $806.49 million. During the same quarter last year, the firm posted $1.84 EPS. As a group, analysts forecast that Comerica Incorporated will post 5.37 EPS for the current year.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.27%. Comerica's payout ratio is 71.00%.

Comerica declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, November 5th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are 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.