Clarkston Capital Partners LLC Invests $217,000 in Comerica Incorporated (NYSE:CMA)

Clarkston Capital Partners LLC acquired a new stake in Comerica Incorporated (NYSE:CMA) in the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 3,615 shares of the financial services provider’s stock, valued at approximately $217,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Pitcairn Co. lifted its stake in Comerica by 2.9% in the first quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock valued at $374,000 after buying an additional 190 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Comerica by 19.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 199 shares during the period. Summit Securities Group LLC lifted its position in Comerica by 22.4% in the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 202 shares in the last quarter. UMB Bank n.a. lifted its position in Comerica by 39.3% in the 2nd 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 in the last quarter. Finally, Centennial Wealth Advisory LLC boosted its stake in Comerica by 5.2% in the 3rd quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock worth $304,000 after purchasing an additional 252 shares during the period. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Comerica Stock Performance

CMA opened at $68.92 on Monday. The business has a fifty day simple moving average of $61.89 and a 200 day simple moving average of $55.70. The company has a market capitalization of $9.06 billion, a PE ratio of 17.23 and a beta of 1.22. 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 1 year low of $42.55 and a 1 year high of $71.63.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 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 business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. During the same period in the previous year, the business earned $1.84 earnings per share. Research analysts expect that Comerica Incorporated will post 5.39 EPS for the current year.

Comerica declared that its Board of Directors has initiated a share repurchase plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Comerica Dividend Announcement

The firm also recently announced 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 4.12%. The ex-dividend date is Friday, December 13th. Comerica’s dividend payout ratio is presently 71.00%.

Insider Transactions at Comerica

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of the firm’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 value of $95,811.36. Following the sale, the executive vice president now 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 filing with the SEC, which is available at this link. Also, EVP James Harry Weber sold 6,500 shares of the company’s 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 of the company’s stock, valued at $997,326.79. This trade represents a 29.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,001 shares of company stock valued at $1,123,650. 0.19% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have issued reports on the company. Evercore ISI lifted their price target on Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Keefe, Bruyette & Woods upgraded Comerica from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $50.00 to $69.00 in a research note on Thursday, September 5th. Morgan Stanley raised their price target on shares of Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Royal Bank of Canada lowered their price objective on shares of Comerica from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Finally, Barclays increased their target price on shares of Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a report on Monday, October 21st. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Comerica currently has an average rating of “Hold” and an average target price of $63.86.

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.