Hotchkis & Wiley Capital Management LLC Has $5.69 Million Stake in Comerica Incorporated (NYSE:CMA)

Hotchkis & Wiley Capital Management LLC grew its holdings in Comerica Incorporated (NYSE:CMA) by 1.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 94,935 shares of the financial services provider’s stock after buying an additional 1,280 shares during the period. Hotchkis & Wiley Capital Management LLC owned 0.07% of Comerica worth $5,688,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. V Square Quantitative Management LLC acquired a new stake in Comerica during the 3rd quarter worth approximately $36,000. Family Firm Inc. acquired a new stake in Comerica during the 2nd quarter worth approximately $37,000. UMB Bank n.a. lifted 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 worth $38,000 after purchasing an additional 208 shares during the last quarter. Summit Securities Group LLC lifted 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 worth $56,000 after purchasing an additional 202 shares during the last quarter. Finally, Rothschild Investment LLC acquired a new stake in Comerica during the 2nd quarter worth approximately $56,000. 80.74% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Allysun C. Fleming sold 1,392 shares of the company’s 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 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 transaction was disclosed in a legal filing with the SEC, which is available at 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 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 directly owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. This represents a 29.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,456 shares of company stock valued at $977,287. Corporate insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CMA. Evercore ISI lifted their price target on Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a report on Wednesday, October 30th. Wells Fargo & Company raised Comerica from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $51.00 to $73.00 in a report on Friday, November 15th. JPMorgan Chase & Co. lifted their price objective on Comerica from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Monday, October 21st. Truist Financial lifted their price objective on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a report on Monday, October 21st. Finally, Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $52.00 to $75.00 in a research note on Tuesday, September 24th. Two equities 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. According to data from MarketBeat.com, Comerica presently has a consensus rating of “Hold” and a consensus price target of $66.67.

Comerica Stock Down 1.3 %

CMA stock opened at $69.92 on Friday. The stock’s 50 day simple moving average is $65.04 and its 200 day simple moving average is $57.23. Comerica Incorporated has a fifty-two week low of $45.32 and a fifty-two week high of $73.45. 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 company has a market cap of $9.20 billion, a P/E ratio of 17.48 and a beta of 1.23.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping 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 the consensus estimate of $806.49 million. During the same period in the prior year, the business earned $1.84 EPS. On average, research analysts expect that Comerica Incorporated will post 5.37 earnings per share for the current fiscal year.

Comerica declared that its Board of Directors has authorized a stock repurchase plan 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 plans are usually an indication that the company’s management believes its shares are undervalued.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date is Friday, December 13th. Comerica’s dividend payout ratio is currently 71.00%.

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.