State Street Corp Has $301.75 Million Stock Holdings in Comerica Incorporated (NYSE:CMA)

State Street Corp boosted its holdings in shares of Comerica Incorporated (NYSE:CMA) by 2.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,977,670 shares of the financial services provider’s stock after purchasing an additional 96,084 shares during the period. State Street Corp’s holdings in Comerica were worth $301,745,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Stifel Financial Corp raised its holdings in shares of Comerica by 23.2% in the 3rd quarter. Stifel Financial Corp now owns 264,730 shares of the financial services provider’s stock worth $15,860,000 after buying an additional 49,861 shares in the last quarter. Quantinno Capital Management LP raised its stake in Comerica by 8.2% during the third quarter. Quantinno Capital Management LP now owns 34,507 shares of the financial services provider’s stock worth $2,067,000 after acquiring an additional 2,615 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Comerica during the third quarter valued at $6,118,000. Jacobs Levy Equity Management Inc. boosted its stake in shares of Comerica by 15.9% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,002,588 shares of the financial services provider’s stock valued at $60,065,000 after purchasing an additional 137,425 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Comerica by 1.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 94,935 shares of the financial services provider’s stock worth $5,688,000 after purchasing an additional 1,280 shares during the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMA has been the subject of several analyst reports. Compass Point lifted their price target on shares of Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday. DA Davidson increased their price target on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Stephens increased their target price on Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Finally, Truist Financial upped their price target on shares of Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, October 21st. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $67.27.

Comerica Stock Down 0.1 %

Shares of NYSE:CMA opened at $67.64 on Wednesday. The company has a 50 day moving average price of $65.79 and a two-hundred day moving average price of $57.73. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market capitalization of $8.90 billion, a PE ratio of 16.91 and a beta of 1.23. Comerica Incorporated has a 52 week low of $45.32 and a 52 week high of $73.45.

Comerica (NYSE:CMA) last released its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 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 analysts’ expectations of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same quarter in the prior year, the company earned $1.84 EPS. Analysts forecast that Comerica Incorporated will post 5.37 earnings per share for the current year.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Investors 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 4.20%. Comerica’s dividend payout ratio is presently 71.00%.

Comerica announced that its board has approved a stock buyback plan on Tuesday, November 5th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Activity at Comerica

In other news, EVP James Harry Weber sold 6,500 shares of the stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total transaction of $410,995.00. Following the completion of the sale, the executive vice president now owns 15,773 shares of the company’s stock, valued at $997,326.79. This represents a 29.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Allysun C. Fleming sold 1,392 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction of $95,811.36. Following the sale, the executive vice president now owns 8,730 shares in the company, valued at approximately $600,885.90. The trade was a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 15,456 shares of company stock worth $977,287. 0.19% of the stock is 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.