31,795 Shares in Comerica Incorporated (NYSE:CMA) Acquired by Wolverine Asset Management LLC

Wolverine Asset Management LLC purchased a new position in shares of Comerica Incorporated (NYSE:CMA - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 31,795 shares of the financial services provider's stock, valued at approximately $1,905,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its holdings 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 acquiring an additional 1,370,886 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in shares of Comerica by 1.1% during 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 purchasing an additional 19,068 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings 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 purchasing an additional 130,458 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Comerica by 6.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,431,750 shares of the financial services provider's stock valued at $73,077,000 after purchasing an additional 87,101 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Comerica by 21.0% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 923,009 shares of the financial services provider's stock worth $50,756,000 after buying an additional 160,103 shares during the period. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Comerica Stock Down 1.1 %

CMA stock traded down $0.78 during mid-day trading on Tuesday, hitting $70.00. 891,843 shares of the company were exchanged, compared to its average volume of 2,140,682. Comerica Incorporated has a twelve month low of $40.41 and a twelve month high of $71.27. The company has a market capitalization of $9.21 billion, a PE ratio of 17.70 and a beta of 1.22. The firm has a fifty day simple moving average of $60.72 and a 200 day simple moving average of $55.18. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $1.26 billion during 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 in the prior year, the company posted $1.84 EPS. On average, research analysts forecast that Comerica Incorporated will post 5.39 earnings per share for the current fiscal year.

Comerica announced that its board has initiated a share repurchase plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company's board 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 4.06%. The ex-dividend date of this dividend is Friday, December 13th. Comerica's dividend payout ratio (DPR) is 71.00%.

Insider Buying and Selling

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the transaction, the executive vice president now owns 27,910 shares of the company's stock, valued at $1,605,104.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Comerica news, EVP James Harry Weber sold 6,500 shares of Comerica 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 sale, the executive vice president now owns 15,773 shares of the company's stock, valued at approximately $997,326.79. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Christine M. Moore sold 2,545 shares of the business's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the sale, the executive vice president now owns 27,910 shares of the company's stock, valued at approximately $1,605,104.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,609 shares of company stock worth $1,027,839 in the last ninety days. Corporate insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on CMA. Piper Sandler raised their price target on shares of Comerica from $51.00 to $52.00 and gave the stock a "neutral" rating in a research report on Monday, July 22nd. StockNews.com raised shares of Comerica from a "sell" rating to a "hold" rating in a report on Monday, October 21st. Evercore ISI upped their price target on Comerica from $64.00 to $69.00 and gave the company an "in-line" rating in a research report on Wednesday, October 30th. Wells Fargo & Company increased their price objective on Comerica from $43.00 to $51.00 and gave the company an "underweight" rating in a research note on Monday, October 21st. Finally, Keefe, Bruyette & Woods upgraded Comerica from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $50.00 to $69.00 in a report on Thursday, September 5th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $62.81.

Comerica 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.