444,500 Shares in Comerica Incorporated (NYSE:CMA) Bought by Primecap Management Co. CA

Primecap Management Co. CA purchased a new stake in shares of Comerica Incorporated (NYSE:CMA) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 444,500 shares of the financial services provider’s stock, valued at approximately $26,630,000. Primecap Management Co. CA owned approximately 0.34% of Comerica at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. US Bancorp DE boosted its holdings in Comerica by 3.8% during the 1st quarter. US Bancorp DE now owns 9,067 shares of the financial services provider’s stock worth $499,000 after acquiring an additional 336 shares during the last quarter. O Shaughnessy Asset Management LLC grew its position in Comerica by 99.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 15,644 shares of the financial services provider’s stock worth $860,000 after purchasing an additional 7,798 shares in the last quarter. UniSuper Management Pty Ltd increased its stake in Comerica by 1,159.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 16,736 shares of the financial services provider’s stock valued at $920,000 after buying an additional 15,407 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of Comerica by 0.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 63,348 shares of the financial services provider’s stock worth $3,485,000 after buying an additional 594 shares in the last quarter. Finally, Pitcairn Co. boosted its stake in shares of Comerica by 2.9% in the 1st quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock worth $374,000 after buying an additional 190 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Insider Buying and Selling

In other news, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction dated Thursday, November 7th. The stock was 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 approximately $600,885.90. This represents a 13.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP James Harry Weber sold 6,500 shares of the company’s stock in a transaction that occurred on 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 approximately $997,326.79. This represents a 29.18 % 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 three months. Corporate insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Evercore ISI boosted their price target on shares of Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Barclays increased their price target on Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research note on Monday, October 21st. Wells Fargo & Company raised shares of Comerica from an “underweight” rating to an “equal weight” rating and upped their price objective for the company 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 target price for the stock from $50.00 to $69.00 in a research note on Thursday, September 5th. Finally, Stephens upped their price target on shares of Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Comerica presently has an average rating of “Hold” and a consensus price target of $64.43.

Comerica Stock Up 1.8 %

Shares of NYSE:CMA opened at $69.10 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. The business’s 50 day moving average is $62.83 and its 200 day moving average is $56.10. The stock has a market cap of $9.09 billion, a P/E ratio of 17.28 and a beta of 1.22. Comerica Incorporated has a 52-week low of $42.55 and a 52-week high of $71.63.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.16. The firm 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 earned $1.84 EPS. 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 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 reacquire shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.11%. The ex-dividend date is Friday, December 13th. Comerica’s dividend payout ratio is presently 71.00%.

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.