4,259 Shares in Comerica Incorporated (NYSE:CMA) Purchased by Simon Quick Advisors LLC

Simon Quick Advisors LLC acquired a new stake in Comerica Incorporated (NYSE:CMA) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 4,259 shares of the financial services provider’s stock, valued at approximately $263,000.

A number of other institutional investors have also modified their holdings of the stock. Citigroup Inc. grew its stake in Comerica by 390.6% in the third quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after purchasing an additional 606,375 shares in the last quarter. 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. JPMorgan Chase & Co. grew its holdings in Comerica by 134.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after acquiring an additional 490,468 shares in the last quarter. Primecap Management Co. CA purchased a new position in Comerica during the 3rd quarter valued at about $26,630,000. Finally, Holocene Advisors LP purchased a new stake in shares of Comerica in the 3rd quarter worth approximately $16,272,000. 80.74% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Allysun C. Fleming sold 1,392 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total transaction of $95,811.36. Following the completion of the sale, the executive vice president now owns 8,730 shares of the company’s stock, valued at $600,885.90. The trade was a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CMA has been the subject of a number of analyst reports. Barclays upped their target price on Comerica from $66.00 to $68.00 and gave the stock an “underweight” rating in a report on Monday, January 6th. Robert W. Baird cut their price objective on shares of Comerica from $80.00 to $75.00 and set an “outperform” rating on the stock in a research report on Thursday. The Goldman Sachs Group downgraded shares of Comerica from a “buy” rating to a “neutral” rating and lowered their target price for the company from $85.00 to $71.00 in a research note on Tuesday, January 7th. Keefe, Bruyette & Woods lowered their price objective on Comerica from $82.00 to $77.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Truist Financial upgraded Comerica to a “hold” rating in a research note on Monday, January 6th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $68.33.

Comerica Price Performance

Shares of NYSE CMA opened at $62.48 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 firm’s 50 day simple moving average is $65.68 and its 200-day simple moving average is $60.79. Comerica Incorporated has a 12 month low of $45.32 and a 12 month high of $73.45. The stock has a market capitalization of $8.22 billion, a price-to-earnings ratio of 15.62 and a beta of 1.26.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same quarter last year, the company posted $1.46 earnings per share. Analysts expect that Comerica Incorporated will post 5.38 EPS for the current year.

Comerica announced that its board has approved a stock buyback program on Tuesday, November 5th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Comerica Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 13th were paid a $0.71 dividend. The ex-dividend date was Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.55%. Comerica’s dividend payout ratio is currently 71.00%.

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.