Fifth Third Bancorp cut its holdings in shares of Comerica Incorporated (NYSE:CMA – Free Report) by 7.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 10,966 shares of the financial services provider’s stock after selling 939 shares during the period. Fifth Third Bancorp’s holdings in Comerica were worth $678,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. State Street Corp grew its position in shares of Comerica by 2.0% during the third quarter. State Street Corp now owns 4,977,670 shares of the financial services provider’s stock worth $301,745,000 after purchasing an additional 96,084 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Comerica by 5.5% during the 3rd 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 buying an additional 226,285 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings 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 valued at $144,312,000 after buying an additional 574,516 shares in the last quarter. Azora Capital LP raised its position in shares of Comerica by 7.8% during the third quarter. Azora Capital LP now owns 2,230,369 shares of the financial services provider’s stock valued at $133,621,000 after buying an additional 161,181 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Comerica by 1.4% during the third quarter. Geode Capital Management LLC now owns 2,111,845 shares of the financial services provider’s stock worth $126,555,000 after acquiring an additional 29,661 shares during the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.
Comerica Trading Up 2.8 %
NYSE CMA opened at $65.30 on Thursday. The stock has a market cap of $8.59 billion, a PE ratio of 13.01 and a beta of 1.26. Comerica Incorporated has a 12 month low of $45.32 and a 12 month high of $73.45. The company’s 50-day moving average price is $65.32 and its 200-day moving average price is $61.14. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.09.
Comerica Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.35%. The ex-dividend date of this dividend was Friday, December 13th. Comerica’s dividend payout ratio is 56.57%.
Comerica declared that its Board of Directors has approved a share repurchase program on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
Analyst Upgrades and Downgrades
A number of 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 company a “neutral” rating in a report on Tuesday, December 3rd. StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Royal Bank of Canada cut their price target on Comerica from $78.00 to $76.00 and set an “outperform” rating for the company in a report on Thursday, January 23rd. Wells Fargo & Company raised Comerica from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $51.00 to $73.00 in a report on Friday, November 15th. Finally, Barclays raised their target price on shares of Comerica from $66.00 to $68.00 and gave the company an “underweight” rating in a report on Monday, January 6th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $68.33.
Get Our Latest Stock Analysis on CMA
Insider Transactions at Comerica
In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of the firm’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 transaction, the executive vice president now owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.19% of the company’s stock.
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.
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