PNC Financial Services Group Inc. Has $2.75 Million Stock Position in Comerica Incorporated (NYSE:CMA)

PNC Financial Services Group Inc. decreased its stake in Comerica Incorporated (NYSE:CMA) by 4.6% in the third quarter, HoldingsChannel reports. The firm owned 45,915 shares of the financial services provider’s stock after selling 2,231 shares during the period. PNC Financial Services Group Inc.’s holdings in Comerica were worth $2,751,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. V Square Quantitative Management LLC acquired a new stake in Comerica during the 3rd quarter worth about $36,000. Family Firm Inc. bought a new position in shares of Comerica in the 2nd quarter valued at approximately $37,000. UMB Bank n.a. raised its stake in shares of Comerica by 39.3% in the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 208 shares in the last quarter. Versant Capital Management Inc increased its position in Comerica by 2,723.3% in the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after buying an additional 817 shares during the period. Finally, Abich Financial Wealth Management LLC increased its position 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 worth $49,000 after buying an additional 300 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Wall Street Analyst Weigh In

CMA has been the topic of several recent analyst reports. JPMorgan Chase & Co. lifted their price target on Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Morgan Stanley lifted their price objective on Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a report on Monday, October 21st. The Goldman Sachs Group lifted their price objective on Comerica from $63.00 to $71.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $50.00 to $69.00 in a report on Thursday, September 5th. Finally, Bank of America lowered Comerica from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $55.00 to $52.00 in a report on Monday, October 7th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Comerica presently has a consensus rating of “Hold” and a consensus price target of $64.43.

Comerica Price Performance

Comerica stock opened at $72.79 on Tuesday. 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 firm has a market cap of $9.57 billion, a P/E ratio of 18.20 and a beta of 1.22. The business’s fifty day moving average is $63.40 and its two-hundred day moving average is $56.39. Comerica Incorporated has a 52 week low of $42.55 and a 52 week high of $73.45.

Comerica (NYSE:CMA) last released its 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. The company 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 quarter in the previous year, the company posted $1.84 earnings per share. Equities research analysts forecast that Comerica Incorporated will post 5.37 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.90%. Comerica’s payout ratio is currently 71.00%.

Comerica announced that its board has approved a share repurchase plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Transactions at Comerica

In other news, EVP Allysun C. Fleming sold 1,392 shares of the business’s stock in a transaction 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 owns 8,730 shares in the company, valued at $600,885.90. The trade was a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Bruce Mitchell sold 7,564 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 16,428 shares of the company’s stock, valued at approximately $1,021,821.60. The trade was a 31.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,456 shares of company stock worth $977,287 over the last 90 days. 0.19% of the stock is owned by insiders.

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.