Principal Street Partners LLC Trims Stock Position in Comerica Incorporated (NYSE:CMA)

Principal Street Partners LLC lessened its stake in shares of Comerica Incorporated (NYSE:CMA) by 20.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 94,852 shares of the financial services provider’s stock after selling 23,723 shares during the period. Principal Street Partners LLC’s holdings in Comerica were worth $5,682,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its position in Comerica by 5.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock valued at $257,975,000 after purchasing an additional 226,285 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Comerica by 51.3% during the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after buying an additional 1,370,886 shares during the period. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Comerica by 31.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock valued at $144,312,000 after acquiring an additional 574,516 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Comerica by 9.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock worth $78,288,000 after acquiring an additional 130,458 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its position in Comerica by 6.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,431,750 shares of the financial services provider’s stock valued at $73,077,000 after purchasing an additional 87,101 shares during the period. Institutional investors own 80.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CMA. Truist Financial upped their price target on shares of Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, October 21st. JPMorgan Chase & Co. upped their target price on Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Barclays lifted their price target on 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 objective on Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Finally, Robert W. Baird lifted their target price on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, November 18th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $65.10.

Insider Activity

In other Comerica news, EVP James Harry Weber sold 6,500 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Bruce Mitchell sold 7,564 shares of Comerica stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction of $470,480.80. Following the transaction, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. This trade represents a 31.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,456 shares of company stock valued at $977,287 in the last ninety days. Insiders own 0.19% of the company’s stock.

Comerica Price Performance

NYSE CMA opened at $72.73 on Tuesday. The company has a market cap of $9.57 billion, a price-to-earnings ratio of 18.20 and a beta of 1.22. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. The stock’s fifty day moving average price is $63.40 and its 200 day moving average price is $56.39. Comerica Incorporated has a 1 year low of $42.55 and a 1 year high of $73.45.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $806.49 million. During the same period in the prior year, the company earned $1.84 earnings per share. As a group, equities research analysts forecast that Comerica Incorporated will post 5.37 earnings per share for the current year.

Comerica Announces Dividend

The firm also recently disclosed 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. This represents a $2.84 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s payout ratio is 71.00%.

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

About Comerica

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.