Prospera Financial Services Inc Has $292,000 Stock Position in Comerica Incorporated (NYSE:CMA)

Prospera Financial Services Inc cut its holdings in Comerica Incorporated (NYSE:CMA) by 28.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 4,874 shares of the financial services provider’s stock after selling 1,925 shares during the quarter. Prospera Financial Services Inc’s holdings in Comerica were worth $292,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. O Shaughnessy Asset Management LLC increased its holdings in shares of Comerica by 99.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 15,644 shares of the financial services provider’s stock worth $860,000 after purchasing an additional 7,798 shares during the period. CANADA LIFE ASSURANCE Co increased its stake in Comerica by 0.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 63,348 shares of the financial services provider’s stock worth $3,485,000 after acquiring an additional 594 shares during the period. Axxcess Wealth Management LLC acquired a new position in Comerica in the 1st quarter valued at $220,000. Toronto Dominion Bank lifted its position in shares of Comerica by 8.5% during the 1st quarter. Toronto Dominion Bank now owns 78,365 shares of the financial services provider’s stock valued at $4,309,000 after acquiring an additional 6,123 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings 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. 80.74% of the stock is owned by institutional investors.

Comerica Trading Up 3.2 %

NYSE:CMA opened at $71.09 on Monday. Comerica Incorporated has a 12 month low of $42.55 and a 12 month high of $71.63. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $9.35 billion, a price-to-earnings ratio of 17.77 and a beta of 1.22. The firm has a fifty day simple moving average of $63.10 and a two-hundred day simple moving average of $56.25.

Comerica (NYSE:CMA) last issued 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. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. During the same period last year, the business posted $1.84 EPS. Analysts expect that Comerica Incorporated will post 5.37 EPS for the current fiscal year.

Comerica announced that its Board of Directors has approved a stock buyback plan on Tuesday, November 5th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

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

Insider Activity at Comerica

In related 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 transaction of $470,480.80. Following the transaction, the executive vice president now owns 16,428 shares of the company’s stock, valued at $1,021,821.60. The trade was a 31.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP James Harry Weber sold 6,500 shares of the stock in a transaction 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 sale, the executive vice president now directly owns 15,773 shares of the company’s stock, valued at $997,326.79. The trade was a 29.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,456 shares of company stock valued at $977,287. 0.19% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms recently commented on CMA. Evercore ISI boosted their price target on Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Stephens lifted their price objective on shares of Comerica from $64.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. DA Davidson upped their target price on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Morgan Stanley lifted their price target on Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research note on Monday, October 21st. Finally, The Goldman Sachs Group upped their price objective on Comerica from $63.00 to $71.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Two 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. Based on data from MarketBeat, Comerica presently has an average rating of “Hold” and an average price target of $64.43.

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.