Comerica Incorporated (NYSE:CMA) Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC boosted its position in Comerica Incorporated (NYSE:CMA) by 8.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,084 shares of the financial services provider’s stock after purchasing an additional 499 shares during the quarter. GAMMA Investing LLC’s holdings in Comerica were worth $376,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CMA. JPMorgan Chase & Co. raised its position in shares of Comerica by 134.0% in the third quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock valued at $51,309,000 after buying an additional 490,468 shares during the last quarter. Point72 Europe London LLP acquired a new stake in Comerica in the 2nd quarter valued at about $4,767,000. Oppenheimer & Co. Inc. raised its holdings in Comerica by 158.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock valued at $1,218,000 after acquiring an additional 12,454 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Comerica by 5.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock worth $257,975,000 after purchasing an additional 226,285 shares in the last quarter. Finally, Citigroup Inc. boosted its holdings in shares of Comerica by 390.6% during the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after purchasing an additional 606,375 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Stock Performance

Shares of CMA stock opened at $63.08 on Tuesday. Comerica Incorporated has a 52 week low of $45.32 and a 52 week high of $73.45. The firm has a 50 day moving average of $66.54 and a two-hundred day moving average of $59.67. 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 stock has a market capitalization of $8.30 billion, a PE ratio of 15.77 and a beta of 1.26.

Comerica (NYSE:CMA) last released 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 firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. During the same period in the previous year, the firm posted $1.84 EPS. On average, research analysts predict that Comerica Incorporated will post 5.37 EPS for the current fiscal year.

Comerica Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 13th were paid a dividend of $0.71 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.50%. Comerica’s payout ratio is 71.00%.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CMA shares. Bank of America downgraded Comerica from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $55.00 to $52.00 in a research report on Monday, October 7th. StockNews.com raised shares of Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Wells Fargo & Company upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $51.00 to $73.00 in a research report on Friday, November 15th. Wedbush upgraded shares of Comerica from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $52.00 to $75.00 in a report on Tuesday, September 24th. Finally, Truist Financial raised their price target on shares of Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, October 21st. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Comerica presently has a consensus rating of “Hold” and a consensus price target of $67.77.

Insider Activity at Comerica

In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following the sale, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. This represents a 31.53 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction of $95,811.36. Following the sale, the executive vice president now directly owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,456 shares of company stock valued at $977,287 over the last 90 days. 0.19% of the stock is owned by corporate insiders.

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.