Dynamic Technology Lab Private Ltd Makes New Investment in Comerica Incorporated (NYSE:CMA)

Dynamic Technology Lab Private Ltd purchased a new stake in Comerica Incorporated (NYSE:CMA) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 19,090 shares of the financial services provider’s stock, valued at approximately $1,144,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new stake in Comerica in the third quarter valued at approximately $36,000. Family Firm Inc. bought a new position in shares of Comerica in the 2nd quarter valued at $37,000. UMB Bank n.a. boosted its holdings in shares of Comerica by 39.3% during 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. Versant Capital Management Inc grew its position in Comerica by 2,723.3% during the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 817 shares during the last quarter. Finally, Abich Financial Wealth Management LLC increased its holdings in Comerica by 50.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 300 shares in the last quarter. 80.74% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CMA. JPMorgan Chase & Co. boosted their price target on Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Wells Fargo & Company raised shares of Comerica from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $51.00 to $73.00 in a report on Friday, November 15th. Keefe, Bruyette & Woods upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $50.00 to $69.00 in a report on Thursday, September 5th. DA Davidson boosted their price objective 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. Finally, Stephens raised their target price on Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $65.10.

Comerica Price Performance

CMA stock opened at $72.66 on Wednesday. Comerica Incorporated has a 1 year low of $42.55 and a 1 year high of $73.45. The stock has a market capitalization of $9.56 billion, a PE ratio of 18.16 and a beta of 1.22. The company’s 50-day moving average is $63.40 and its 200-day moving average is $56.39. 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) last issued its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same period in the prior year, the firm earned $1.84 earnings per share. Equities research analysts expect that Comerica Incorporated will post 5.37 EPS for the current fiscal year.

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 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 yield of 3.91%. Comerica’s dividend payout ratio (DPR) is currently 71.00%.

Comerica declared that its board has authorized a stock buyback program on Tuesday, November 5th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at Comerica

In other news, EVP James Harry Weber sold 6,500 shares of the stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $63.23, for a total value of $410,995.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Allysun C. Fleming sold 1,392 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction of $95,811.36. Following the transaction, the executive vice president now owns 8,730 shares in the company, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is owned by insiders.

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.