Sunbelt Securities Inc. Purchases 2,000 Shares of Comerica Incorporated (NYSE:CMA)

Sunbelt Securities Inc. boosted its position in Comerica Incorporated (NYSE:CMA) by 80.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,500 shares of the financial services provider’s stock after purchasing an additional 2,000 shares during the period. Sunbelt Securities Inc.’s holdings in Comerica were worth $270,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new position in Comerica in the 3rd quarter valued at approximately $36,000. Family Firm Inc. acquired a new position in shares of Comerica during the second quarter worth $37,000. UMB Bank n.a. lifted its holdings in shares of Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 208 shares during the period. Summit Securities Group LLC grew its stake in shares of Comerica by 22.4% in the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 202 shares during the last quarter. Finally, Rothschild Investment LLC acquired a new stake in Comerica in the second quarter valued at $56,000. 80.74% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Truist Financial upped their price target on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, October 21st. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and increased their target price for the company from $52.00 to $75.00 in a research report on Tuesday, September 24th. Barclays boosted their price target on shares of Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research report on Monday, October 21st. Piper Sandler increased their price objective on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Evercore ISI lifted their target price on shares of Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $67.27.

Insider Activity at Comerica

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of the company’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 of the company’s stock, valued at approximately $600,885.90. This represents a 13.75 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the transaction, the executive vice president now directly 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. In the last three months, insiders sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is owned by insiders.

Comerica Stock Up 1.2 %

Shares of NYSE CMA opened at $66.58 on Friday. 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 company has a 50-day moving average price of $66.27 and a 200-day moving average price of $57.96. The stock has a market capitalization of $8.76 billion, a P/E ratio of 16.65 and a beta of 1.23. Comerica Incorporated has a 1 year low of $45.32 and a 1 year high of $73.45.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same quarter in the previous year, the business earned $1.84 EPS. On average, equities research analysts forecast that Comerica Incorporated will post 5.37 EPS for the current fiscal year.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued 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 4.27%. Comerica’s dividend payout ratio (DPR) is currently 71.00%.

Comerica announced that its Board of Directors has approved a share 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 repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

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.