Point72 Asia Singapore Pte. Ltd. Takes Position in Comerica Incorporated (NYSE:CMA)

Point72 Asia Singapore Pte. Ltd. bought a new stake in Comerica Incorporated (NYSE:CMA) in the 3rd quarter, Holdings Channel reports. The fund bought 3,285 shares of the financial services provider’s stock, valued at approximately $197,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Point72 Hong Kong Ltd purchased a new position in shares of Comerica in the third quarter valued at $383,000. Maverick Capital Ltd. acquired a new stake in Comerica in the third quarter valued at $1,150,000. Verition Fund Management LLC raised its holdings in Comerica by 687.5% in the third quarter. Verition Fund Management LLC now owns 140,680 shares of the financial services provider’s stock valued at $8,428,000 after acquiring an additional 122,815 shares in the last quarter. Captrust Financial Advisors raised its holdings in Comerica by 19.1% in the third quarter. Captrust Financial Advisors now owns 14,085 shares of the financial services provider’s stock valued at $844,000 after acquiring an additional 2,263 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Comerica by 9.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,325 shares of the financial services provider’s stock valued at $1,757,000 after acquiring an additional 2,586 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Comerica

In related news, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the transaction, the executive vice president now owns 16,428 shares in the company, valued at $1,021,821.60. This represents a 31.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction dated Thursday, November 7th. The shares were 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 owns 8,730 shares of the company’s stock, valued at $600,885.90. This represents a 13.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,456 shares of company stock worth $977,287 in the last 90 days. Corporate insiders own 0.19% of the company’s stock.

Comerica Stock Up 0.0 %

CMA stock opened at $70.83 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. Comerica Incorporated has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. The firm’s 50-day simple moving average is $64.80 and its 200 day simple moving average is $57.14. The stock has a market cap of $9.31 billion, a PE ratio of 17.71 and a beta of 1.23.

Comerica (NYSE:CMA) last released its quarterly earnings data 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 business had revenue of $1.26 billion for 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 last year, the company earned $1.84 EPS. As a group, sell-side analysts predict that Comerica Incorporated will post 5.37 EPS for the current year.

Comerica declared that its board has authorized a stock buyback plan on Tuesday, November 5th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Comerica Dividend Announcement

The business also recently announced 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. The ex-dividend date is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.01%. Comerica’s dividend payout ratio is presently 71.00%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CMA shares. Barclays upped their price target on shares of Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a report on Monday, October 21st. Evercore ISI upped their price target on shares of Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Stephens upped their price target on shares of Comerica from $64.00 to $70.00 and gave the company an “overweight” 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 upped their price target for the company from $51.00 to $73.00 in a report on Friday, November 15th. Finally, StockNews.com raised shares of Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Comerica currently has a consensus rating of “Hold” and an average target price of $66.67.

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.