State of New Jersey Common Pension Fund D Has $2.49 Million Stake in Comerica Incorporated (NYSE:CMA)

State of New Jersey Common Pension Fund D grew its holdings in Comerica Incorporated (NYSE:CMA) by 10.5% in the 3rd quarter, Holdings Channel reports. The fund owned 41,542 shares of the financial services provider’s stock after purchasing an additional 3,939 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Comerica were worth $2,489,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. V Square Quantitative Management LLC bought a new stake in Comerica during the 3rd quarter worth approximately $36,000. Family Firm Inc. acquired a new position in shares of Comerica in the second quarter valued at approximately $37,000. UMB Bank n.a. increased its position 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 in the last quarter. Versant Capital Management Inc raised its holdings in shares of Comerica by 2,723.3% during the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 817 shares during the period. Finally, Abich Financial Wealth Management LLC lifted its position in Comerica by 50.2% in the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 300 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Wedbush raised Comerica from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $52.00 to $75.00 in a research note on Tuesday, September 24th. The Goldman Sachs Group lifted their target price on Comerica from $63.00 to $71.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. DA Davidson upped their price target on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Wells Fargo & Company lifted their price objective on shares of Comerica from $43.00 to $51.00 and gave the company an “underweight” rating in a report on Monday, October 21st. Finally, Morgan Stanley increased their target price on shares of Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $62.81.

Insider Transactions at Comerica

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the transaction, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at $1,605,104.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total transaction of $470,480.80. Following the transaction, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christine M. Moore sold 2,545 shares of the business’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 value of $146,362.95. Following the completion of the sale, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,001 shares of company stock worth $1,123,650. Company insiders own 0.19% of the company’s stock.

Comerica Trading Up 0.3 %

CMA stock opened at $70.24 on Thursday. Comerica Incorporated has a one year low of $42.55 and a one year high of $71.63. The stock has a market cap of $9.24 billion, a price-to-earnings ratio of 17.56 and a beta of 1.22. The company has a fifty day moving average price of $61.31 and a two-hundred day moving average price of $55.41. 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 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. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same quarter in the previous year, the firm posted $1.84 EPS. Equities analysts anticipate that Comerica Incorporated will post 5.39 EPS for the current year.

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 4.04%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s payout ratio is 71.00%.

Comerica announced that its board has authorized a share repurchase plan on Tuesday, November 5th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes 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 board believes its stock is undervalued.

Comerica Company 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.