Comerica Incorporated (NYSE:CMA) Shares Sold by Huntington National Bank

Huntington National Bank lowered its stake in Comerica Incorporated (NYSE:CMA) by 16.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 46,418 shares of the financial services provider’s stock after selling 8,835 shares during the period. Huntington National Bank’s holdings in Comerica were worth $2,781,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Pitcairn Co. increased its stake in Comerica by 2.9% in the 1st quarter. Pitcairn Co. now owns 6,800 shares of the financial services provider’s stock valued at $374,000 after buying an additional 190 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Comerica by 19.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock valued at $66,000 after acquiring an additional 199 shares in the last quarter. Summit Securities Group LLC boosted its holdings in shares of Comerica by 22.4% in the second quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after acquiring an additional 202 shares in the last quarter. UMB Bank n.a. increased its stake in shares of Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 208 shares during the period. Finally, Centennial Wealth Advisory LLC raised its holdings in Comerica by 5.2% during the third quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock worth $304,000 after purchasing an additional 252 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Wall Street Analyst Weigh In

CMA has been the topic of several recent analyst reports. The Goldman Sachs Group boosted their target price on Comerica from $63.00 to $71.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Royal Bank of Canada dropped their price objective on Comerica from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and raised their target price for the company from $50.00 to $69.00 in a report on Thursday, September 5th. Barclays upped their price target on shares of Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research note on Monday, October 21st. Finally, Wedbush upgraded shares of Comerica from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $52.00 to $75.00 in a research note on Tuesday, September 24th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Comerica has an average rating of “Hold” and an average target price of $63.86.

Insider Buying and Selling at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the completion of the transaction, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. This represents a 8.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP James Harry Weber sold 6,500 shares of Comerica 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 transaction, the executive vice president now owns 15,773 shares in the company, valued at approximately $997,326.79. This trade represents a 29.18 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 18,001 shares of company stock worth $1,123,650. Insiders own 0.19% of the company’s stock.

Comerica Stock Down 1.7 %

Shares of NYSE:CMA opened at $68.90 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $9.06 billion, a P/E ratio of 17.23 and a beta of 1.22. Comerica Incorporated has a 52-week low of $42.55 and a 52-week high of $71.63. The stock’s fifty day simple moving average is $61.89 and its 200-day simple moving average is $55.63.

Comerica (NYSE:CMA) last released its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same period in the prior year, the firm earned $1.84 EPS. As a group, equities research analysts forecast that Comerica Incorporated will post 5.39 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.12%. Comerica’s dividend payout ratio (DPR) is currently 71.00%.

Comerica declared that its board has approved a share repurchase program on Tuesday, November 5th that permits the company to repurchase 10,000,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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.