Stifel Financial Corp Boosts Stake in Comerica Incorporated (NYSE:CMA)

Stifel Financial Corp increased its position in shares of Comerica Incorporated (NYSE:CMA) by 23.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 264,730 shares of the financial services provider’s stock after buying an additional 49,861 shares during the quarter. Stifel Financial Corp’s holdings in Comerica were worth $15,860,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Quantinno Capital Management LP grew its position in shares of Comerica by 8.2% during the third quarter. Quantinno Capital Management LP now owns 34,507 shares of the financial services provider’s stock worth $2,067,000 after acquiring an additional 2,615 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Comerica during the 3rd quarter worth $6,118,000. Jacobs Levy Equity Management Inc. grew its position in Comerica by 15.9% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 1,002,588 shares of the financial services provider’s stock worth $60,065,000 after purchasing an additional 137,425 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of Comerica by 1.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 94,935 shares of the financial services provider’s stock valued at $5,688,000 after buying an additional 1,280 shares during the last quarter. Finally, HighTower Advisors LLC boosted its stake in shares of Comerica by 6.8% during the third quarter. HighTower Advisors LLC now owns 40,915 shares of the financial services provider’s stock worth $2,450,000 after buying an additional 2,590 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Wall Street Analysts Forecast Growth

CMA has been the topic of several recent research reports. Compass Point boosted their price target on Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a research report on Tuesday. Keefe, Bruyette & Woods boosted their target price on Comerica from $72.00 to $82.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Stephens increased their price target on Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. StockNews.com raised shares of Comerica from a “sell” rating to a “hold” rating in a research note on Monday, October 21st. Finally, Piper Sandler raised their target price on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Comerica currently has a consensus rating of “Hold” and a consensus target price of $67.27.

Insider Activity

In related news, EVP James Harry Weber sold 6,500 shares of the company’s 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 completion of the transaction, the executive vice president now directly 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total value of $470,480.80. Following the transaction, the executive vice president now owns 16,428 shares in the company, valued at $1,021,821.60. This trade represents a 31.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,456 shares of company stock valued at $977,287 over the last 90 days. Insiders own 0.19% of the company’s stock.

Comerica Trading Down 0.1 %

Shares of Comerica stock opened at $67.64 on Wednesday. The business has a 50 day moving average price of $65.79 and a 200 day moving average price of $57.73. The company has a market capitalization of $8.90 billion, a P/E ratio of 16.91 and a beta of 1.23. 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 1 year low of $45.32 and a 1 year high of $73.45.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.16. The business had revenue of $1.26 billion for 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 period in the prior year, the business earned $1.84 earnings per share. Sell-side analysts anticipate that Comerica Incorporated will post 5.37 EPS for the current fiscal year.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.71 per share. The ex-dividend date is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.20%. Comerica’s dividend payout ratio (DPR) is presently 71.00%.

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

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.