Comerica Incorporated (NYSE:CMA) Shares Sold by Pitcairn Co.

Pitcairn Co. decreased its holdings in shares of Comerica Incorporated (NYSE:CMA) by 18.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,062 shares of the financial services provider’s stock after selling 1,172 shares during the quarter. Pitcairn Co.’s holdings in Comerica were worth $303,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMA. Charles Schwab Investment Management Inc. increased its position in shares of Comerica by 5.5% during the third 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 acquiring an additional 226,285 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Comerica by 51.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock worth $206,468,000 after acquiring an additional 1,370,886 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in Comerica by 31.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock worth $144,312,000 after acquiring an additional 574,516 shares in the last quarter. Bank of New York Mellon Corp boosted 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 valued at $78,288,000 after acquiring an additional 130,458 shares during the period. Finally, Thrivent Financial for Lutherans increased its stake in Comerica by 6.5% during the second quarter. Thrivent Financial for Lutherans now owns 1,431,750 shares of the financial services provider’s stock worth $73,077,000 after purchasing an additional 87,101 shares during the period. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on CMA shares. DA Davidson upped their target price on shares of Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $50.00 to $69.00 in a research note on Thursday, September 5th. Stephens upped their target price on shares of Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. JPMorgan Chase & Co. boosted their price target on shares of Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Finally, StockNews.com upgraded shares of Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Comerica presently has a consensus rating of “Hold” and an average target price of $65.10.

Insider Transactions at Comerica

In related news, EVP James Harry Weber sold 6,500 shares of the stock in a transaction 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 sale, the executive vice president now owns 15,773 shares of the company’s stock, valued at $997,326.79. This trade represents a 29.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the sale, the executive vice president now directly owns 16,428 shares in the company, valued at $1,021,821.60. This represents a 31.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,456 shares of company stock valued at $977,287 in the last ninety days. Corporate insiders own 0.19% of the company’s stock.

Comerica Trading Down 0.4 %

Shares of CMA opened at $72.32 on Thursday. Comerica Incorporated has a twelve month low of $42.55 and a twelve month high of $73.45. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $9.51 billion, a P/E ratio of 18.08 and a beta of 1.22. The firm’s 50-day moving average is $63.68 and its two-hundred day moving average is $56.52.

Comerica (NYSE:CMA) last posted its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates 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 prior year, the company earned $1.84 earnings per share. On average, research analysts predict that Comerica Incorporated will post 5.37 earnings per share for the current fiscal year.

Comerica Dividend Announcement

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

Comerica declared that its board has authorized a share buyback program on Tuesday, November 5th that authorizes the company to buyback 10,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.