OLD National Bancorp IN Decreases Stock Position in Comerica Incorporated (NYSE:CMA)

OLD National Bancorp IN cut its stake in shares of Comerica Incorporated (NYSE:CMA) by 8.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 223,472 shares of the financial services provider’s stock after selling 19,326 shares during the quarter. OLD National Bancorp IN’s holdings in Comerica were worth $13,822,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. New England Research & Management Inc. purchased a new stake in shares of Comerica during the fourth quarter valued at approximately $784,000. R Squared Ltd bought a new stake in Comerica during the 4th quarter valued at $132,000. Pacer Advisors Inc. purchased a new stake in Comerica during the 4th quarter valued at $1,184,000. KBC Group NV grew its holdings in Comerica by 45.9% in the 4th quarter. KBC Group NV now owns 5,772 shares of the financial services provider’s stock worth $357,000 after acquiring an additional 1,817 shares during the last quarter. Finally, Blue Trust Inc. increased its position in shares of Comerica by 5.2% in the fourth quarter. Blue Trust Inc. now owns 4,040 shares of the financial services provider’s stock valued at $242,000 after acquiring an additional 200 shares during the period. 80.74% of the stock is currently owned by institutional investors.

Comerica Price Performance

CMA opened at $65.30 on Thursday. The firm has a market cap of $8.59 billion, a PE ratio of 13.01 and a beta of 1.26. The stock has a 50-day moving average price of $65.32 and a 200-day moving average price of $61.14. Comerica Incorporated has a 1 year low of $45.32 and a 1 year high of $73.45. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97.

Comerica (NYSE:CMA) last issued its 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 quarter in the previous year, the firm earned $1.46 earnings per share. Sell-side analysts predict that Comerica Incorporated will post 5.36 earnings per share for the current fiscal year.

Comerica announced that its Board of Directors has initiated 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 buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Investors of record on Friday, December 13th were given a $0.71 dividend. The ex-dividend date was Friday, December 13th. This represents a $2.84 annualized dividend and a yield of 4.35%. Comerica’s dividend payout ratio (DPR) is presently 56.57%.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Allysun C. Fleming sold 1,392 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total transaction of $95,811.36. Following the transaction, the executive vice president now owns 8,730 shares in the company, valued at approximately $600,885.90. This represents a 13.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CMA shares. Royal Bank of Canada dropped their target price on shares of Comerica from $78.00 to $76.00 and set an “outperform” rating for the company in a report on Thursday, January 23rd. JPMorgan Chase & Co. cut their price objective on Comerica from $73.00 to $70.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Truist Financial upgraded Comerica to a “hold” rating in a report on Monday, January 6th. Wells Fargo & Company upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $51.00 to $73.00 in a report on Friday, November 15th. Finally, Compass Point lifted their target price on shares of Comerica from $64.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $68.33.

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.