Oppenheimer & Co. Inc. Grows Stock Position in Comerica Incorporated (NYSE:CMA)

Oppenheimer & Co. Inc. lifted its stake in shares of Comerica Incorporated (NYSE:CMA) by 158.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 20,324 shares of the financial services provider’s stock after buying an additional 12,454 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Comerica were worth $1,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of CMA. Price T Rowe Associates Inc. MD raised its stake in shares of Comerica by 105.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock worth $10,031,000 after purchasing an additional 3,595,036 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Comerica by 51.3% during the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock worth $206,468,000 after purchasing an additional 1,370,886 shares during the last quarter. Samlyn Capital LLC purchased a new stake in shares of Comerica during the second quarter worth approximately $35,375,000. Principal Financial Group Inc. raised its stake in shares of Comerica by 311.2% during the second quarter. Principal Financial Group Inc. now owns 663,100 shares of the financial services provider’s stock worth $33,845,000 after purchasing an additional 501,857 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of Comerica by 183.5% during the second quarter. Hsbc Holdings PLC now owns 548,786 shares of the financial services provider’s stock worth $27,608,000 after purchasing an additional 355,229 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CMA shares. Royal Bank of Canada cut their price target on Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Morgan Stanley upped their price objective on Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Robert W. Baird upped their price objective on Comerica from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday. Finally, DA Davidson upped their price objective on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $64.43.

Comerica Stock Down 0.9 %

CMA opened at $68.28 on Tuesday. 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 firm has a market cap of $8.98 billion, a P/E ratio of 17.07 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 business’s fifty day simple moving average is $62.15 and its 200 day simple moving average is $55.82.

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

Comerica Announces Dividend

The firm 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 of this dividend is Friday, December 13th. This represents a $2.84 annualized dividend and a yield of 4.16%. Comerica’s dividend payout ratio (DPR) is presently 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.

Insider Buying and Selling

In related news, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was 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 in the company, valued at approximately $1,021,821.60. This represents a 31.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $68.83, for a total value of $95,811.36. Following the transaction, the executive vice president now owns 8,730 shares in the company, valued at $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. Over the last ninety days, insiders have sold 18,001 shares of company stock worth $1,123,650. 0.19% of the stock is owned by company insiders.

About Comerica

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.