6,393 Shares in Comerica Incorporated (NYSE:CMA) Bought by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd acquired a new stake in shares of Comerica Incorporated (NYSE:CMA) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 6,393 shares of the financial services provider’s stock, valued at approximately $383,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Maverick Capital Ltd. acquired a new stake in shares of Comerica during the 3rd quarter valued at about $1,150,000. Verition Fund Management LLC raised its position in Comerica by 687.5% during the third quarter. Verition Fund Management LLC now owns 140,680 shares of the financial services provider’s stock valued at $8,428,000 after acquiring an additional 122,815 shares in the last quarter. Captrust Financial Advisors lifted its stake in Comerica by 19.1% in the third quarter. Captrust Financial Advisors now owns 14,085 shares of the financial services provider’s stock valued at $844,000 after acquiring an additional 2,263 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Comerica by 9.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,325 shares of the financial services provider’s stock worth $1,757,000 after acquiring an additional 2,586 shares in the last quarter. Finally, Bridgewater Associates LP acquired a new position in shares of Comerica during the 3rd quarter worth $720,000. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Insiders Place Their Bets

In related news, EVP James Harry Weber sold 6,500 shares of the firm’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the transaction, the executive vice president now owns 15,773 shares in the company, 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 Comerica stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the sale, the executive vice president now owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. The trade was a 31.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 15,456 shares of company stock valued at $977,287. Insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CMA shares. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and lifted their price objective for the company from $52.00 to $75.00 in a research note on Tuesday, September 24th. Morgan Stanley upped their price target on Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. DA Davidson raised their price objective on Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Stephens upped their target price on Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Finally, Barclays lifted their price target on shares of Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a research report on Monday, October 21st. Two investment 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $65.10.

Comerica Stock Down 1.7 %

Shares of CMA opened at $71.04 on Tuesday. Comerica Incorporated has a 12 month low of $45.32 and a 12 month high of $73.45. The stock has a market cap of $9.34 billion, a price-to-earnings ratio of 17.76 and a beta of 1.22. The company has a 50-day moving average price of $64.37 and a two-hundred day moving average price of $56.91. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97.

Comerica (NYSE:CMA) last announced its earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.17 by $0.16. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $806.49 million. During the same quarter in the prior year, the business earned $1.84 earnings per share. Equities analysts predict that Comerica Incorporated will post 5.37 EPS for the current fiscal year.

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

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s payout ratio is presently 71.00%.

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.