Public Sector Pension Investment Board Has $16.86 Million Holdings in Comerica Incorporated (NYSE:CMA)

Public Sector Pension Investment Board lessened its position in Comerica Incorporated (NYSE:CMA) by 3.5% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 281,453 shares of the financial services provider’s stock after selling 10,300 shares during the period. Public Sector Pension Investment Board’s holdings in Comerica were worth $16,862,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new stake in Comerica in the third quarter valued at approximately $36,000. Family Firm Inc. acquired a new stake in Comerica in the second quarter valued at approximately $37,000. UMB Bank n.a. grew its stake in Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 208 shares during the period. Versant Capital Management Inc grew its stake in Comerica by 2,723.3% in the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 817 shares during the period. Finally, Abich Financial Wealth Management LLC boosted its position in shares of Comerica by 50.2% during the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Trading Down 0.4 %

Shares of CMA stock opened at $72.32 on Friday. The stock has a market capitalization of $9.51 billion, a PE ratio of 18.08 and a beta of 1.22. Comerica Incorporated has a 1-year low of $42.55 and a 1-year high of $73.45. The business has a 50-day moving average of $63.93 and a 200 day moving average of $56.63. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97.

Comerica (NYSE:CMA) last released its quarterly earnings results 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 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 posted $1.84 EPS. As a group, sell-side analysts anticipate that Comerica Incorporated will post 5.37 earnings per share for the current year.

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

Comerica Announces Dividend

The company also recently announced 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. This represents a $2.84 annualized dividend and a dividend yield of 3.93%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s dividend payout ratio is currently 71.00%.

Insider Transactions at Comerica

In related news, EVP Bruce Mitchell sold 7,564 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the sale, the executive vice president now owns 16,428 shares in the company, valued at $1,021,821.60. This represents a 31.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total value of $95,811.36. Following the completion of the sale, the executive vice president now owns 8,730 shares in the company, valued at $600,885.90. The trade was a 13.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 15,456 shares of company stock valued at $977,287. Corporate insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CMA shares. Wells Fargo & Company raised Comerica from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $51.00 to $73.00 in a research report on Friday, November 15th. Evercore ISI lifted their target price on Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Wedbush raised Comerica from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $52.00 to $75.00 in a research report on Tuesday, September 24th. Barclays lifted their target price on Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a research report on Monday, October 21st. Finally, Stephens lifted their target price on Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, October 21st. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $65.10.

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.