Tidal Investments LLC Boosts Stake in Comerica Incorporated (NYSE:CMA)

Tidal Investments LLC grew its stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 96.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,138 shares of the financial services provider's stock after buying an additional 15,758 shares during the period. Tidal Investments LLC's holdings in Comerica were worth $1,925,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CMA. Nisa Investment Advisors LLC raised its position in shares of Comerica by 10.5% in the second quarter. Nisa Investment Advisors LLC now owns 71,757 shares of the financial services provider's stock worth $3,713,000 after buying an additional 6,797 shares in the last quarter. First Horizon Advisors Inc. raised its stake in Comerica by 21.8% in the second quarter. First Horizon Advisors Inc. now owns 1,873 shares of the financial services provider's stock valued at $96,000 after purchasing an additional 335 shares in the last quarter. Fifth Third Wealth Advisors LLC bought a new stake in Comerica during the second quarter valued at approximately $228,000. Busey Bank grew its stake in Comerica by 4.5% in the 2nd quarter. Busey Bank now owns 7,305 shares of the financial services provider's stock worth $373,000 after buying an additional 313 shares in the last quarter. Finally, LaFleur & Godfrey LLC increased its holdings in shares of Comerica by 13.4% in the 2nd quarter. LaFleur & Godfrey LLC now owns 63,537 shares of the financial services provider's stock worth $3,243,000 after buying an additional 7,496 shares during the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CMA. Morgan Stanley increased their price objective on Comerica from $63.00 to $67.00 and gave the company an "equal weight" rating in a research report on Monday, October 21st. DA Davidson lifted their price target on shares of Comerica from $64.00 to $68.00 and gave the stock a "neutral" rating in a research note on Monday, October 21st. Wedbush upgraded shares of Comerica from a "neutral" rating to an "outperform" rating and boosted their price objective for the stock from $52.00 to $75.00 in a report on Tuesday, September 24th. 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 report on Monday, November 18th. Finally, UBS Group assumed coverage on shares of Comerica in a research note on Tuesday. They issued a "sell" rating and a $64.00 price target for the company. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $67.68.

Insider Activity at Comerica

In other news, EVP Allysun C. Fleming sold 1,392 shares of the firm's stock in a transaction on 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 James Harry Weber sold 6,500 shares of the company's stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the completion of the transaction, the executive vice president now owns 15,773 shares in the company, valued at approximately $997,326.79. The trade was 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 worth $977,287 over the last ninety days. 0.19% of the stock is owned by corporate insiders.

Comerica Trading Down 3.1 %

Comerica stock traded down $2.06 during mid-day trading on Tuesday, reaching $64.41. 2,209,651 shares of the company traded hands, compared to its average volume of 2,121,479. 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 52-week low of $45.32 and a 52-week high of $73.45. The firm has a market capitalization of $8.47 billion, a price-to-earnings ratio of 16.22 and a beta of 1.23. The firm's 50 day moving average price is $66.44 and its 200 day moving average price is $58.19.

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 the consensus estimate 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 in the previous year, the company earned $1.84 earnings per share. On average, 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. Stockholders of record on Friday, December 13th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.41%. The ex-dividend date of this dividend is Friday, December 13th. Comerica's payout ratio is presently 71.00%.

Comerica declared that its Board of Directors has initiated a stock 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 purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company's board believes its shares are undervalued.

About Comerica

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.