Fifth Third Bancorp Trims Stock Position in Comerica Incorporated (NYSE:CMA)

Fifth Third Bancorp trimmed its stake in Comerica Incorporated (NYSE:CMA) by 7.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,966 shares of the financial services provider’s stock after selling 939 shares during the period. Fifth Third Bancorp’s holdings in Comerica were worth $678,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of CMA. State Street Corp lifted its holdings in Comerica by 2.0% in the third quarter. State Street Corp now owns 4,977,670 shares of the financial services provider’s stock worth $301,745,000 after buying an additional 96,084 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Comerica by 5.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock valued at $257,975,000 after purchasing an additional 226,285 shares during the period. Vaughan Nelson Investment Management L.P. boosted its position in shares of Comerica by 31.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock valued at $144,312,000 after purchasing an additional 574,516 shares in the last quarter. Azora Capital LP grew its stake in Comerica by 7.8% in the third quarter. Azora Capital LP now owns 2,230,369 shares of the financial services provider’s stock worth $133,621,000 after purchasing an additional 161,181 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Comerica by 1.4% in the third quarter. Geode Capital Management LLC now owns 2,111,845 shares of the financial services provider’s stock worth $126,555,000 after purchasing an additional 29,661 shares in the last quarter. Institutional investors own 80.74% of the company’s stock.

Insider Buying and Selling

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction dated 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 sale, the executive vice president now owns 8,730 shares in the company, valued at $600,885.90. This represents a 13.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.19% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CMA has been the topic of a number of research reports. Compass Point boosted their target price on shares of Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Bank of America downgraded shares of Comerica from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $55.00 to $52.00 in a research note on Monday, October 7th. Barclays boosted their price target on Comerica from $66.00 to $68.00 and gave the stock an “underweight” rating in a research report on Monday, January 6th. Truist Financial raised Comerica to a “hold” rating in a research report on Monday, January 6th. Finally, DA Davidson dropped their target price on Comerica from $71.00 to $67.00 and set a “neutral” rating on the stock in a report on Thursday, January 23rd. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Comerica has an average rating of “Hold” and a consensus price target of $68.33.

Comerica Stock Up 2.8 %

CMA stock opened at $65.30 on Thursday. The business’s 50-day moving average is $65.32 and its two-hundred day moving average is $61.14. The company has a market cap of $8.59 billion, a price-to-earnings ratio of 13.01 and a beta of 1.26. 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 1.09, a quick ratio of 0.97 and a current ratio of 0.97.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a return on equity of 12.04% and a net margin of 13.98%. During the same quarter in the previous year, the company posted $1.46 earnings per share. As a group, analysts forecast that Comerica Incorporated will post 5.36 earnings per share for the current year.

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

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th were paid a $0.71 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.35%. Comerica’s dividend payout ratio (DPR) is 56.57%.

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.