Charles Schwab Investment Management Inc. Increases Stake in Comerica Incorporated (NYSE:CMA)

Charles Schwab Investment Management Inc. raised its stake in shares of Comerica Incorporated (NYSE:CMA) by 5.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,306,042 shares of the financial services provider’s stock after purchasing an additional 226,285 shares during the period. Charles Schwab Investment Management Inc. owned 3.27% of Comerica worth $257,975,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. OLD National Bancorp IN lifted its holdings in shares of Comerica by 4.9% during the 2nd quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock valued at $12,130,000 after acquiring an additional 11,049 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Comerica by 66.2% during the 2nd quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock valued at $3,209,000 after buying an additional 25,040 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Comerica by 39.3% during the second quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock worth $11,262,000 after buying an additional 62,269 shares in the last quarter. Point72 Europe London LLP bought a new stake in shares of Comerica in the second quarter worth $4,767,000. Finally, Vaughan Nelson Investment Management L.P. raised its holdings in Comerica by 1.1% in the second 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. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Insider Buying and Selling

In related news, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the transaction, the executive vice president now directly owns 15,773 shares in the company, valued at $997,326.79. The trade was a 29.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the sale, the executive vice president now directly owns 8,730 shares of the company’s stock, valued at approximately $600,885.90. This represents a 13.75 % 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. Company insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CMA. The Goldman Sachs Group boosted their target price on shares of Comerica from $63.00 to $71.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Barclays increased their target price on Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a report on Monday, October 21st. Bank of America lowered Comerica from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $55.00 to $52.00 in a research report on Monday, October 7th. JPMorgan Chase & Co. lifted their price objective on shares of Comerica from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Finally, Truist Financial increased their target price on shares of Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a report on Monday, October 21st. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Comerica currently has a consensus rating of “Hold” and an average price target of $64.43.

Comerica Stock Up 3.2 %

CMA stock opened at $71.10 on Friday. The firm’s 50-day moving average is $63.10 and its two-hundred day moving average is $56.22. The company has a market capitalization of $9.35 billion, a price-to-earnings ratio of 17.78 and a beta of 1.22. Comerica Incorporated has a 52 week low of $42.55 and a 52 week 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.

Comerica (NYSE:CMA) last announced its earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, topping 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 firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $806.49 million. During the same quarter in the previous year, the company earned $1.84 earnings per share. On average, analysts forecast that Comerica Incorporated will post 5.37 earnings per share for the current fiscal year.

Comerica announced that its board has approved a share 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 typically a sign that the company’s management believes its shares are undervalued.

Comerica Dividend Announcement

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 paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $2.84 annualized dividend and a yield of 3.99%. 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.