Caprock Group LLC Buys Shares of 3,371 Comerica Incorporated (NYSE:CMA)

Caprock Group LLC purchased a new position in shares of Comerica Incorporated (NYSE:CMA) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 3,371 shares of the financial services provider’s stock, valued at approximately $204,000.

A number of other hedge funds also recently modified their holdings of CMA. OLD National Bancorp IN increased its position in Comerica by 4.9% in the second quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock worth $12,130,000 after buying an additional 11,049 shares during the last quarter. SG Americas Securities LLC increased its holdings in Comerica by 66.2% in the 2nd quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock worth $3,209,000 after acquiring an additional 25,040 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in Comerica by 39.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock valued at $11,262,000 after acquiring an additional 62,269 shares during the period. Point72 Europe London LLP bought a new position in Comerica during the second quarter worth about $4,767,000. Finally, Vaughan Nelson Investment Management L.P. increased its stake in shares of Comerica by 1.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock worth $93,621,000 after purchasing an additional 19,068 shares in the last quarter. Institutional investors own 80.74% of the company’s stock.

Comerica Price Performance

Shares of NYSE:CMA opened at $71.09 on Monday. The company’s fifty day moving average is $63.10 and its 200 day moving average is $56.25. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. Comerica Incorporated has a 52 week low of $42.55 and a 52 week high of $71.63. The stock has a market cap of $9.35 billion, a PE ratio of 17.77 and a beta of 1.22.

Comerica (NYSE:CMA) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $806.49 million. During the same quarter in the previous year, the business earned $1.84 earnings per share. Research analysts anticipate that Comerica Incorporated will post 5.37 earnings per share for the current year.

Comerica Announces Dividend

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 paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.99%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s payout ratio is 71.00%.

Comerica announced that its Board of Directors has approved a share repurchase program on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Barclays upped their price target on shares of Comerica from $56.00 to $66.00 and gave the company an “underweight” rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $50.00 to $69.00 in a report on Thursday, September 5th. Robert W. Baird boosted their price objective on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, November 18th. Truist Financial raised their target price on Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a research note on Monday, October 21st. Finally, The Goldman Sachs Group upped their price target on Comerica from $63.00 to $71.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $64.43.

Insider Activity at Comerica

In other news, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total value of $95,811.36. Following the completion of the transaction, the executive vice president now owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. This represents a 13.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP James Harry Weber sold 6,500 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $63.23, for a total value of $410,995.00. Following the completion of the transaction, the executive vice president now owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. The trade was a 29.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,456 shares of company stock worth $977,287 in the last three months. 0.19% of the stock is owned by 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.