Pathstone Holdings LLC Has $6.41 Million Holdings in Comerica Incorporated (NYSE:CMA)

Pathstone Holdings LLC boosted its position in shares of Comerica Incorporated (NYSE:CMA) by 4.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 107,009 shares of the financial services provider’s stock after buying an additional 4,282 shares during the quarter. Pathstone Holdings LLC’s holdings in Comerica were worth $6,414,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMA. OLD National Bancorp IN boosted its position in shares of Comerica by 4.9% in the second quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock worth $12,130,000 after buying an additional 11,049 shares during the period. SG Americas Securities LLC lifted its stake in Comerica by 66.2% in the 2nd quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock worth $3,209,000 after acquiring an additional 25,040 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Comerica by 39.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock worth $11,262,000 after acquiring an additional 62,269 shares during the period. Point72 Europe London LLP purchased a new position in Comerica during the 2nd quarter valued at about $4,767,000. Finally, Vaughan Nelson Investment Management L.P. grew its stake in Comerica by 1.1% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock valued at $93,621,000 after acquiring an additional 19,068 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Bank of America cut shares of Comerica from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $55.00 to $52.00 in a report on Monday, October 7th. Keefe, Bruyette & Woods raised shares of Comerica from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $50.00 to $69.00 in a research note on Thursday, September 5th. Morgan Stanley upped their price target on shares of Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Monday, October 21st. JPMorgan Chase & Co. increased their price objective on Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Finally, Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $52.00 to $75.00 in a research note on Tuesday, September 24th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $64.43.

Comerica Stock Up 3.2 %

Comerica stock opened at $71.10 on Friday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97. Comerica Incorporated has a fifty-two week low of $42.55 and a fifty-two week high of $71.63. The firm has a fifty day moving average price of $63.10 and a two-hundred day moving average price of $56.22. The firm has a market cap of $9.35 billion, a price-to-earnings ratio of 17.78 and a beta of 1.22.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations 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 firm earned $1.84 EPS. As a group, analysts forecast that Comerica Incorporated will post 5.37 earnings per share for the current year.

Comerica Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 3.99%. The ex-dividend date is Friday, December 13th. Comerica’s payout ratio is presently 71.00%.

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

Insider Buying and Selling

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of the firm’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 sale, the executive vice president now owns 8,730 shares in the company, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP James Harry Weber sold 6,500 shares of the business’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 sale, the executive vice president now owns 15,773 shares in the company, 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. Insiders have sold a total of 15,456 shares of company stock valued at $977,287 over the last three months. 0.19% of the stock is owned by corporate 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.