Greenwood Capital Associates LLC Invests $854,000 in Comerica Incorporated (NYSE:CMA)

Greenwood Capital Associates LLC purchased a new position in shares of Comerica Incorporated (NYSE:CMA) in the third quarter, HoldingsChannel reports. The firm purchased 14,257 shares of the financial services provider’s stock, valued at approximately $854,000.

A number of other hedge funds have also modified their holdings of CMA. Price T Rowe Associates Inc. MD raised its holdings in shares of Comerica by 105.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 182,402 shares of the financial services provider’s stock valued at $10,031,000 after buying an additional 3,595,036 shares during the period. Dimensional Fund Advisors LP increased its stake in 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 period. Samlyn Capital LLC acquired a new stake in shares of Comerica during the second quarter worth about $35,375,000. Principal Financial Group Inc. boosted its stake in shares of Comerica by 311.2% in the second quarter. Principal Financial Group Inc. now owns 663,100 shares of the financial services provider’s stock valued at $33,845,000 after purchasing an additional 501,857 shares during the period. Finally, Hsbc Holdings PLC grew its holdings in shares of Comerica by 183.5% in the second quarter. Hsbc Holdings PLC now owns 548,786 shares of the financial services provider’s stock valued at $27,608,000 after purchasing an additional 355,229 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Stock Up 1.4 %

CMA opened at $63.26 on Wednesday. Comerica Incorporated has a one year low of $40.41 and a one year high of $66.06. 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 $8.32 billion, a P/E ratio of 15.82 and a beta of 1.22. The business’s 50-day simple moving average is $59.55 and its 200-day simple moving average is $54.62.

Comerica (NYSE:CMA) last released its quarterly 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 company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same quarter in the previous year, the company posted $1.84 earnings per share. Analysts anticipate that Comerica Incorporated will post 5.37 EPS for the current year.

Comerica Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.49%. Comerica’s dividend payout ratio (DPR) is 71.00%.

Comerica declared that its board has initiated a stock repurchase program on Tuesday, November 5th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CMA. Barclays increased their target price on shares of Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a report on Monday, October 21st. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $52.00 to $75.00 in a report on Tuesday, September 24th. Evercore ISI increased their price target on Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. DA Davidson increased their price target on Comerica from $64.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. Finally, Royal Bank of Canada reduced their price target on Comerica from $58.00 to $56.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Comerica currently has a consensus rating of “Hold” and a consensus price target of $62.81.

Insider Buying and Selling

In other news, EVP Bruce Mitchell sold 7,564 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the sale, the executive vice president now directly owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of Comerica stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP James Harry Weber sold 6,500 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the sale, the executive vice president now owns 15,773 shares of the company’s stock, valued at $997,326.79. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,609 shares of company stock worth $1,027,839 in the last 90 days. Company insiders own 0.19% of the company’s stock.

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.