Legacy Capital Group California Inc. Cuts Stock Holdings in Comerica Incorporated (NYSE:CMA)

Legacy Capital Group California Inc. cut its position in shares of Comerica Incorporated (NYSE:CMA) by 16.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,669 shares of the financial services provider’s stock after selling 2,250 shares during the period. Legacy Capital Group California Inc.’s holdings in Comerica were worth $699,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CMA. V Square Quantitative Management LLC purchased a new stake in shares of Comerica during the 3rd quarter worth about $36,000. Family Firm Inc. acquired a new stake in Comerica in the second quarter valued at approximately $37,000. UMB Bank n.a. increased its position in shares of Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after buying an additional 208 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of 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 buying an additional 817 shares during the period. Finally, Abich Financial Wealth Management LLC lifted its position in shares of Comerica by 50.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after buying an additional 300 shares in the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Comerica Price Performance

CMA stock opened at $62.92 on Friday. Comerica Incorporated has a 52-week low of $37.48 and a 52-week high of $66.06. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. The stock has a market cap of $8.34 billion, a price-to-earnings ratio of 12.51 and a beta of 1.23. The business has a fifty day moving average of $58.59 and a two-hundred day moving average of $54.02.

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 analysts’ consensus estimates of $1.17 by $0.16. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. During the same period last year, the company earned $1.84 EPS. As a group, research analysts anticipate that Comerica Incorporated will post 5.12 earnings per share for the current year.

Insider Buying and Selling at Comerica

In other news, EVP Bruce Mitchell sold 7,564 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following the transaction, the executive vice president now directly owns 16,428 shares in the company, valued at approximately $1,021,821.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the transaction, the executive vice president now owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on CMA shares. Wells Fargo & Company boosted their price target on shares of Comerica from $43.00 to $51.00 and gave the stock an “underweight” rating in a report on Monday. Keefe, Bruyette & Woods upgraded shares of Comerica from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $50.00 to $69.00 in a research report on Thursday, September 5th. DA Davidson raised their price target on shares of Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday. Raymond James upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a research note on Tuesday, July 2nd. Finally, The Goldman Sachs Group raised their target price on Comerica from $63.00 to $71.00 and gave the company a “buy” rating in a research report on Tuesday. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $62.57.

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.