Comerica Incorporated (NYSE:CMA) Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA lessened its stake in Comerica Incorporated (NYSE:CMA) by 21.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 123,265 shares of the financial services provider’s stock after selling 34,286 shares during the quarter. Glenmede Trust Co. NA’s holdings in Comerica were worth $7,385,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. OLD National Bancorp IN increased its stake in Comerica by 4.9% during the 2nd quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock worth $12,130,000 after buying an additional 11,049 shares during the period. SG Americas Securities LLC boosted its holdings in Comerica by 66.2% in the second quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock valued at $3,209,000 after purchasing an additional 25,040 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in Comerica by 39.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after purchasing an additional 62,269 shares in the last quarter. Point72 Europe London LLP purchased a new stake in Comerica during the 2nd quarter worth approximately $4,767,000. Finally, Vaughan Nelson Investment Management L.P. raised its position in shares of Comerica by 1.1% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock valued at $93,621,000 after purchasing an additional 19,068 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Price Performance

Shares of CMA opened at $72.27 on Friday. The firm has a market capitalization of $9.50 billion, a price-to-earnings ratio of 18.07 and a beta of 1.22. The stock’s fifty day moving average is $64.16 and its 200-day moving average is $56.74. Comerica Incorporated has a one year low of $44.63 and a one year high of $73.45. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.16. Comerica had a net margin of 11.17% and a return on equity of 12.54%. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $806.49 million. During the same period in the prior year, the business posted $1.84 EPS. Equities analysts anticipate that Comerica Incorporated will post 5.37 EPS for the current year.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s dividend payout ratio is presently 71.00%.

Comerica announced 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 repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages recently issued reports on CMA. Morgan Stanley upped their price target on shares of Comerica from $63.00 to $67.00 and gave the company an “equal weight” 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 company an “in-line” rating in a research note on Wednesday, October 30th. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $52.00 to $75.00 in a report on Tuesday, September 24th. DA Davidson raised their price objective on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Finally, The Goldman Sachs Group increased their target price on shares of Comerica from $71.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $65.10.

Insider Activity

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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 completion of the transaction, the executive vice president now directly owns 15,773 shares in the company, valued at $997,326.79. This represents a 29.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,456 shares of company stock worth $977,287 over the last 90 days. 0.19% of the stock is currently owned by company insiders.

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.