Comerica Incorporated (NYSE:CMA) EVP Sells $285,000.00 in Stock

Comerica Incorporated (NYSE:CMA) EVP James Harry Weber sold 3,800 shares of the stock in a transaction that occurred on Thursday, April 29th. The shares were sold at an average price of $75.00, for a total transaction of $285,000.00. The sale was disclosed in a filing with the SEC, which is available at this link.

Shares of NYSE:CMA traded down $0.21 during mid-day trading on Monday, reaching $74.95. 1,379,810 shares of the company traded hands, compared to its average volume of 1,509,180. The company’s 50 day moving average price is $70.53 and its 200-day moving average price is $59.86. The firm has a market cap of $10.45 billion, a PE ratio of 20.77 and a beta of 1.67. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.97 and a quick ratio of 0.97. Comerica Incorporated has a 52 week low of $27.84 and a 52 week high of $76.18.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Monday, April 19th. The financial services provider reported $2.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.37 by $1.06. Comerica had a return on equity of 7.12% and a net margin of 16.17%. During the same quarter in the prior year, the firm posted ($0.46) earnings per share. On average, research analysts predict that Comerica Incorporated will post 2.98 earnings per share for the current fiscal year.

Comerica declared that its board has approved a share buyback program on Tuesday, April 27th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 1st. Investors of record on Tuesday, June 15th will be issued a $0.68 dividend. The ex-dividend date of this dividend is Monday, June 14th. This represents a $2.72 dividend on an annualized basis and a yield of 3.63%. Comerica’s dividend payout ratio is presently 34.83%.

A number of hedge funds and other institutional investors have recently bought and sold shares of CMA. First Command Bank purchased a new stake in shares of Comerica during the 1st quarter worth approximately $37,000. Fort Pitt Capital Group LLC purchased a new stake in shares of Comerica during the 4th quarter worth approximately $32,000. Creative Financial Designs Inc. ADV purchased a new stake in shares of Comerica during the 1st quarter worth approximately $51,000. Salem Investment Counselors Inc. purchased a new stake in shares of Comerica during the 4th quarter worth approximately $47,000. Finally, FAI Wealth Management purchased a new stake in Comerica during the 4th quarter valued at $55,000. 78.17% of the stock is currently owned by institutional investors.

A number of research analysts have commented on CMA shares. Wells Fargo & Company increased their price target on shares of Comerica from $54.00 to $65.00 and gave the company an “underweight” rating in a research report on Thursday, April 1st. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded shares of Comerica from a “neutral” rating to a “buy” rating and raised their target price for the stock from $65.00 to $90.00 in a report on Thursday. Morgan Stanley lifted their price target on shares of Comerica from $73.00 to $79.00 and gave the company an “equal weight” rating in a report on Thursday. Robert W. Baird cut shares of Comerica from an “outperform” rating to a “neutral” rating and set a $60.00 price target on the stock. in a report on Wednesday, January 13th. Finally, Zacks Investment Research cut shares of Comerica from a “buy” rating to a “hold” rating and set a $76.00 price target on the stock. in a report on Tuesday, March 9th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $64.14.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It 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, 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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