Comerica Incorporated (NYSE:CMA) Shares Sold by LVM Capital Management Ltd. MI

LVM Capital Management Ltd. MI trimmed its holdings in Comerica Incorporated (NYSE:CMA) by 14.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 29,307 shares of the financial services provider’s stock after selling 5,000 shares during the period. LVM Capital Management Ltd. MI’s holdings in Comerica were worth $1,813,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. lifted its stake in Comerica by 134.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock valued at $51,309,000 after buying an additional 490,468 shares in the last quarter. Point72 Europe London LLP acquired a new position in shares of Comerica in the second quarter valued at approximately $4,767,000. Oppenheimer & Co. Inc. lifted its stake in shares of Comerica by 158.2% during the third quarter. Oppenheimer & Co. Inc. now owns 20,324 shares of the financial services provider’s stock valued at $1,218,000 after buying an additional 12,454 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Comerica by 5.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock worth $257,975,000 after acquiring an additional 226,285 shares during the last quarter. Finally, Citigroup Inc. grew its stake in Comerica by 390.6% in the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock worth $45,628,000 after acquiring an additional 606,375 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Stock Down 3.2 %

Shares of NYSE CMA traded down $2.00 during midday trading on Friday, reaching $60.29. 1,149,710 shares of the company’s stock were exchanged, compared to its average volume of 1,351,072. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. Comerica Incorporated has a 52-week low of $45.32 and a 52-week high of $73.45. The business’s fifty day moving average price is $66.47 and its two-hundred day moving average price is $59.80. The stock has a market capitalization of $7.93 billion, a PE ratio of 15.07 and a beta of 1.26.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, October 18th. The financial services provider reported $1.33 earnings per share (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 company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $806.49 million. During the same period in the previous year, the business earned $1.84 EPS. Analysts forecast that Comerica Incorporated will post 5.37 EPS for the current year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.71%. The ex-dividend date of this dividend was Friday, December 13th. Comerica’s dividend payout ratio is currently 71.00%.

Comerica announced that its Board of Directors has authorized a stock buyback program on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have recently issued reports on CMA. JPMorgan Chase & Co. decreased their price objective on Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a report on Tuesday. Morgan Stanley lifted their price target on Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Keefe, Bruyette & Woods increased their price objective on shares of Comerica from $72.00 to $82.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Piper Sandler increased their price target 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. Finally, The Goldman Sachs Group downgraded Comerica from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $85.00 to $71.00 in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Comerica currently has an average rating of “Hold” and an average target price of $67.14.

Insider Transactions at Comerica

In other Comerica news, EVP James Harry Weber sold 6,500 shares of the firm’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $63.23, for a total value of $410,995.00. Following the transaction, the executive vice president now owns 15,773 shares of the company’s stock, valued at $997,326.79. This trade represents a 29.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 8,730 shares of the company’s stock, valued at $600,885.90. This trade represents a 13.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,456 shares of company stock valued at $977,287. Insiders own 0.19% of the company’s stock.

Comerica 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.