Holocene Advisors LP Buys Shares of 271,612 Comerica Incorporated (NYSE:CMA)

Holocene Advisors LP bought a new stake in shares of Comerica Incorporated (NYSE:CMA) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 271,612 shares of the financial services provider’s stock, valued at approximately $16,272,000.

Other hedge funds have also bought and sold shares of the company. V Square Quantitative Management LLC bought a new stake in Comerica during the third quarter valued at approximately $36,000. Family Firm Inc. bought a new stake in Comerica during the 2nd quarter valued at $37,000. UMB Bank n.a. raised its holdings in Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after buying an additional 208 shares during the last quarter. Summit Securities Group LLC raised its holdings in Comerica by 22.4% during the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after buying an additional 202 shares during the last quarter. Finally, Rothschild Investment LLC bought a new stake in Comerica during the 2nd quarter valued at $56,000. 80.74% of the stock is currently owned by institutional investors.

Comerica Price Performance

CMA opened at $70.79 on Wednesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $9.31 billion, a P/E ratio of 17.70 and a beta of 1.23. The company’s 50-day simple moving average is $64.59 and its two-hundred day simple moving average is $57.02. Comerica Incorporated has a 52-week low of $45.32 and a 52-week high of $73.45.

Comerica (NYSE:CMA) last posted its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.16. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations 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 prior year, the business earned $1.84 EPS. As a group, analysts predict that Comerica Incorporated will post 5.37 EPS for the current year.

Comerica announced that its Board of Directors has initiated 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. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders 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 4.01%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s dividend payout ratio (DPR) is presently 71.00%.

Insider Transactions at Comerica

In other news, EVP James Harry Weber sold 6,500 shares of the 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 transaction, the executive vice president now owns 15,773 shares in the company, valued at $997,326.79. This represents a 29.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction of $95,811.36. Following the completion of the sale, the executive vice president now directly owns 8,730 shares of the company’s stock, valued at $600,885.90. This represents a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,456 shares of company stock worth $977,287 in the last quarter. Company insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on CMA shares. Robert W. Baird upped their price target on shares of Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, November 18th. Morgan Stanley boosted their price objective on shares of Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $52.00 to $75.00 in a research report on Tuesday, September 24th. Truist Financial boosted their price objective on shares of Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research report on Monday, October 21st. Finally, Piper Sandler upped their target price on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Comerica has a consensus rating of “Hold” and a consensus price target of $66.05.

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.