Comerica Incorporated (NYSE:CMA) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lowered its stake in Comerica Incorporated (NYSE:CMA) by 80.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 15,000 shares of the financial services provider’s stock after selling 60,722 shares during the quarter. State of Alaska Department of Revenue’s holdings in Comerica were worth $927,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of CMA. Truist Financial Corp acquired a new stake in shares of Comerica in the second quarter valued at about $318,000. Sanctuary Advisors LLC acquired a new stake in Comerica during the 2nd quarter valued at approximately $449,000. CX Institutional acquired a new stake in Comerica during the 3rd quarter valued at approximately $213,000. Bleakley Financial Group LLC grew its stake in Comerica by 8.5% during the 3rd quarter. Bleakley Financial Group LLC now owns 4,478 shares of the financial services provider’s stock valued at $268,000 after purchasing an additional 351 shares in the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in Comerica during the 3rd quarter valued at approximately $36,000. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Trading Down 0.1 %

Shares of NYSE CMA opened at $66.79 on Friday. The company has a market cap of $8.78 billion, a price-to-earnings ratio of 13.30 and a beta of 1.25. Comerica Incorporated has a 12-month low of $45.32 and a 12-month high of $73.45. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 1.09. The stock’s 50 day simple moving average is $64.41 and its 200 day simple moving average is $62.12.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, missing the consensus estimate 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 period in the prior year, the company posted $1.46 earnings per share. Equities research analysts expect that Comerica Incorporated will post 5.34 EPS for the current year.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Evercore ISI raised their price objective on Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. DA Davidson lowered their price objective on Comerica from $71.00 to $67.00 and set a “neutral” rating for the company in a research note on Thursday, January 23rd. Barclays raised their price objective on Comerica from $66.00 to $68.00 and gave the company an “underweight” rating in a research note on Monday, January 6th. Truist Financial upgraded Comerica to a “hold” rating in a research note on Monday, January 6th. Finally, Compass Point raised their price objective on Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $68.57.

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.