Public Sector Pension Investment Board Has $16.86 Million Stock Position in Comerica Incorporated (NYSE:CMA)

Public Sector Pension Investment Board lowered its position in shares of Comerica Incorporated (NYSE:CMA) by 3.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 281,453 shares of the financial services provider’s stock after selling 10,300 shares during the quarter. Public Sector Pension Investment Board owned 0.21% of Comerica worth $16,862,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CMA. Price T Rowe Associates Inc. MD raised its stake in shares of Comerica by 105.3% during the 1st 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 in the last quarter. Comerica Bank raised its stake in Comerica by 2.1% in the 1st quarter. Comerica Bank now owns 150,608 shares of the financial services provider’s stock valued at $8,282,000 after acquiring an additional 3,076 shares during the period. iA Global Asset Management Inc. bought a new stake in Comerica in the 1st quarter valued at $244,000. Cetera Advisors LLC bought a new stake in Comerica in the 1st quarter valued at $259,000. Finally, Abich Financial Wealth Management LLC raised its stake 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 during the period. Institutional investors own 80.74% of the company’s stock.

Insider Buying and Selling at Comerica

In other news, EVP Bruce Mitchell sold 7,564 shares of the firm’s 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 completion of the transaction, the executive vice president now directly owns 16,428 shares in the company, valued at $1,021,821.60. This trade represents a 31.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Allysun C. Fleming sold 1,392 shares of the firm’s 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 of the company’s stock, 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 three months, insiders sold 15,456 shares of company stock worth $977,287. 0.19% of the stock is currently owned by insiders.

Comerica Stock Performance

NYSE:CMA opened at $72.32 on Friday. The stock’s 50-day simple moving average is $63.93 and its 200 day simple moving average is $56.63. The firm has a market capitalization of $9.51 billion, a PE ratio of 18.08 and a beta of 1.22. 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 twelve month low of $42.55 and a twelve month high of $73.45.

Comerica (NYSE:CMA) last posted its earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.17 by $0.16. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same period last year, the company earned $1.84 earnings per share. On average, analysts anticipate that Comerica Incorporated will post 5.37 EPS for the current fiscal year.

Comerica declared that its Board of Directors has initiated a share buyback program on Tuesday, November 5th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be given a $0.71 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 annualized dividend and a yield of 3.93%. Comerica’s dividend payout ratio is presently 71.00%.

Analyst Ratings Changes

CMA has been the topic of a number of research analyst reports. Truist Financial increased their price target on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, October 21st. Evercore ISI upped their price objective on Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a report on Wednesday, October 30th. Wedbush raised Comerica from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $52.00 to $75.00 in a report on Tuesday, September 24th. Stephens upped their price objective on Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Finally, StockNews.com raised Comerica from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $65.10.

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.