Principal Street Partners LLC Trims Stake in Comerica Incorporated (NYSE:CMA)

Principal Street Partners LLC cut its stake in shares of Comerica Incorporated (NYSE:CMA) by 20.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 94,852 shares of the financial services provider’s stock after selling 23,723 shares during the period. Principal Street Partners LLC owned about 0.07% of Comerica worth $5,682,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC raised its stake in shares of Comerica by 19.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after buying an additional 199 shares during the period. Summit Securities Group LLC raised its stake in Comerica by 22.4% during the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 202 shares during the period. UMB Bank n.a. lifted its holdings in Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 208 shares in the last quarter. Centennial Wealth Advisory LLC boosted its position in shares of Comerica by 5.2% in the third quarter. Centennial Wealth Advisory LLC now owns 5,068 shares of the financial services provider’s stock worth $304,000 after purchasing an additional 252 shares during the period. Finally, Abich Financial Wealth Management LLC increased its stake in shares of Comerica by 50.2% in the first quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 300 shares in the last quarter. Institutional investors own 80.74% of the company’s stock.

Wall Street Analysts Forecast Growth

CMA has been the topic of a number of analyst reports. Wells Fargo & Company upgraded shares of Comerica from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $51.00 to $73.00 in a research note on Friday, November 15th. Barclays upped their price objective on Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a research note on Monday, October 21st. Truist Financial lifted their target price on Comerica from $66.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, October 21st. Evercore ISI upped their price target on Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Finally, Robert W. Baird lifted their price objective on shares of Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, November 18th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $65.10.

Insider Activity at Comerica

In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $62.20, for a total value of $470,480.80. Following the completion of the sale, the executive vice president now owns 16,428 shares of the company’s stock, valued at $1,021,821.60. This trade represents a 31.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP James Harry Weber sold 6,500 shares of the company’s stock in a transaction that occurred on 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 directly owns 15,773 shares in the company, valued at approximately $997,326.79. This represents a 29.18 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,456 shares of company stock worth $977,287. Insiders own 0.19% of the company’s stock.

Comerica Trading Up 2.3 %

Shares of CMA stock opened at $72.73 on Tuesday. The company has a market cap of $9.57 billion, a PE ratio of 18.20 and a beta of 1.22. Comerica Incorporated has a 1 year low of $42.55 and a 1 year high of $73.45. The stock’s 50 day simple moving average is $63.40 and its two-hundred day simple moving average is $56.39. 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 (NYSE:CMA) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same quarter in the prior year, the firm posted $1.84 EPS. Research analysts predict that Comerica Incorporated will post 5.37 earnings per share for the current year.

Comerica Announces Dividend

The company also recently declared 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 is Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 3.90%. Comerica’s dividend payout ratio is presently 71.00%.

Comerica announced that its board has authorized a stock repurchase program on Tuesday, November 5th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are 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.