Allysun C. Fleming Sells 1,392 Shares of Comerica Incorporated (NYSE:CMA) Stock

Comerica Incorporated (NYSE:CMA) EVP Allysun C. Fleming sold 1,392 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the completion of the sale, the executive vice president now directly owns 8,730 shares in the company, valued at approximately $600,885.90. The trade was a 13.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Comerica Stock Performance

Comerica stock opened at $70.09 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 company has a market capitalization of $9.22 billion, a P/E ratio of 17.52 and a beta of 1.22. The stock’s 50 day moving average is $61.61 and its 200 day moving average is $55.51. Comerica Incorporated has a twelve month low of $42.55 and a twelve month high of $71.63.

Comerica (NYSE:CMA) last issued its earnings results 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 return on equity of 12.54% and a net margin of 11.17%. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $806.49 million. During the same period last year, the business posted $1.84 EPS. On average, equities research analysts predict that Comerica Incorporated will post 5.39 earnings per share for the current fiscal year.

Comerica Announces Dividend

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 paid 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 4.05%. Comerica’s dividend payout ratio is 71.00%.

Comerica declared that its board has authorized a stock repurchase plan on Tuesday, November 5th that permits the company to buyback 10,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Comerica

Hedge funds and other institutional investors have recently modified their holdings of the company. V Square Quantitative Management LLC bought a new position in shares of Comerica during the 3rd quarter valued at $36,000. Family Firm Inc. bought a new position in shares of Comerica during the 2nd quarter valued at $37,000. UMB Bank n.a. lifted 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 buying an additional 208 shares during the period. Versant Capital Management Inc lifted its holdings 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 valued at $43,000 after buying an additional 817 shares during the period. Finally, Abich Financial Wealth Management LLC lifted its holdings 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 during the period. 80.74% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CMA shares. JPMorgan Chase & Co. raised their price objective on Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Monday, October 21st. DA Davidson raised their price objective on Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Bank of America cut Comerica from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $55.00 to $52.00 in a research note on Monday, October 7th. Morgan Stanley lifted their price target on Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. Finally, Wedbush raised Comerica from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $52.00 to $75.00 in a research note on Tuesday, September 24th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $62.81.

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.