Comerica Incorporated (NYSE:CMA) Shares Sold by 1834 Investment Advisors Co.

1834 Investment Advisors Co. cut its position in shares of Comerica Incorporated (NYSE:CMA) by 10.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 91,570 shares of the financial services provider’s stock after selling 10,777 shares during the quarter. 1834 Investment Advisors Co.’s holdings in Comerica were worth $5,664,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in Comerica by 134.0% during the third 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 during the period. Oppenheimer & Co. Inc. boosted its position in shares of Comerica by 158.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock valued at $1,218,000 after purchasing an additional 12,454 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Comerica by 5.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock worth $257,975,000 after purchasing an additional 226,285 shares during the last quarter. Citigroup Inc. raised its holdings in shares of Comerica by 390.6% in the 3rd 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. Finally, Wolverine Asset Management LLC bought a new stake in shares of Comerica in the 3rd quarter worth approximately $1,905,000. Institutional investors own 80.74% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction on 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

Comerica Stock Performance

Shares of NYSE CMA opened at $63.26 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97. Comerica Incorporated has a one year low of $45.32 and a one year high of $73.45. The business’s 50-day moving average price is $65.56 and its two-hundred day moving average price is $60.95. The company has a market capitalization of $8.32 billion, a P/E ratio of 12.60 and a beta of 1.26.

Comerica (NYSE:CMA) last released its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 EPS for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a return on equity of 12.04% and a net margin of 13.98%. During the same period last year, the company posted $1.46 earnings per share. Analysts anticipate that Comerica Incorporated will post 5.36 earnings per share for the current fiscal year.

Comerica declared that its board has approved a share repurchase program on Tuesday, November 5th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.49%. The ex-dividend date of this dividend was Friday, December 13th. Comerica’s payout ratio is 56.57%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Piper Sandler lifted their price target 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. JPMorgan Chase & Co. decreased their target price on Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Keefe, Bruyette & Woods cut their target price on Comerica from $82.00 to $77.00 and set an “outperform” rating on the stock in a research report on Thursday. Barclays increased their price target on Comerica from $66.00 to $68.00 and gave the company an “underweight” rating in a research report on Monday, January 6th. Finally, DA Davidson cut their price objective on Comerica from $71.00 to $67.00 and set a “neutral” rating on the stock in a report on Thursday. Three research 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. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $68.33.

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.