Comerica Incorporated (NYSE:CMA) EVP Allysun C. Fleming Sells 1,392 Shares

Comerica Incorporated (NYSE:CMA) EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 8,730 shares of the company’s stock, valued at $600,885.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Comerica Stock Performance

Shares of CMA opened at $70.24 on Thursday. The company’s 50 day simple moving average is $61.31 and its 200-day simple moving average is $55.41. The firm has a market cap of $9.24 billion, a PE ratio of 17.56 and a beta of 1.22. Comerica Incorporated has a 12-month low of $42.55 and a 12-month high of $71.63. 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) last issued its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same period last year, the firm posted $1.84 EPS. As a group, equities analysts predict that Comerica Incorporated will post 5.39 EPS for the current year.

Comerica announced that its board has authorized a share repurchase program on Tuesday, November 5th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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 $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.04%. The ex-dividend date is Friday, December 13th. Comerica’s dividend payout ratio (DPR) is presently 71.00%.

Wall Street Analyst Weigh In

CMA has been the topic of several research reports. Stephens raised their price target on shares of Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Morgan Stanley lifted their price target on Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Bank of America lowered shares of Comerica from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $55.00 to $52.00 in a report on Monday, October 7th. Evercore ISI lifted their target price on shares of Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Finally, Piper Sandler lifted their price target on shares of Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Comerica currently has an average rating of “Hold” and an average target price of $62.81.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its position in Comerica by 105.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock valued at $10,031,000 after purchasing an additional 3,595,036 shares during the period. Dimensional Fund Advisors LP lifted its holdings 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 valued at $206,468,000 after buying an additional 1,370,886 shares during the period. Samlyn Capital LLC acquired a new position in Comerica during the second quarter worth $35,375,000. Citigroup Inc. raised its position in Comerica by 390.6% in the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after acquiring an additional 606,375 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in Comerica by 31.3% in the third 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. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

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.