Glenmede Trust Co. NA Cuts Stake in Comerica Incorporated (NYSE:CMA)

Glenmede Trust Co. NA lowered its stake in shares of Comerica Incorporated (NYSE:CMA) by 21.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 123,265 shares of the financial services provider’s stock after selling 34,286 shares during the period. Glenmede Trust Co. NA owned 0.09% of Comerica worth $7,385,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in shares of Comerica during the third quarter worth $36,000. Family Firm Inc. purchased a new position in shares of Comerica during the second quarter worth $37,000. UMB Bank n.a. lifted its holdings in Comerica by 39.3% in the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 208 shares during the period. Versant Capital Management Inc lifted its stake in shares of Comerica by 2,723.3% in the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 817 shares during the period. Finally, Abich Financial Wealth Management LLC raised its position 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 acquiring an additional 300 shares during the period. 80.74% of the stock is currently owned by institutional investors.

Insider Activity

In other Comerica news, EVP James Harry Weber sold 6,500 shares of the stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the sale, the executive vice president now owns 15,773 shares in the company, valued at approximately $997,326.79. This represents a 29.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Bruce Mitchell sold 7,564 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the sale, the executive vice president now directly owns 16,428 shares in the company, valued at $1,021,821.60. This represents a 31.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,456 shares of company stock worth $977,287 in the last 90 days. 0.19% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CMA. The Goldman Sachs Group upped their price objective on shares of Comerica from $71.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday. Morgan Stanley raised their price objective on shares of Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Robert W. Baird increased their price target on shares of Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, November 18th. Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $52.00 to $75.00 in a research report on Tuesday, September 24th. Finally, StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Comerica currently has an average rating of “Hold” and a consensus price target of $65.10.

Comerica Stock Down 0.1 %

CMA opened at $72.27 on Friday. The business has a 50 day moving average price of $64.16 and a two-hundred day moving average price of $56.74. Comerica Incorporated has a 52 week low of $44.63 and a 52 week high of $73.45. The company has a market cap of $9.50 billion, a PE ratio of 18.07 and a beta of 1.22. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.17 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations 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 business earned $1.84 earnings per share. As a group, research analysts anticipate that Comerica Incorporated will post 5.37 EPS for the current year.

Comerica declared that its board has approved a share buyback plan on Tuesday, November 5th that authorizes the company to buyback 10,000,000 shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.93%. The ex-dividend date of this dividend is Friday, December 13th. Comerica’s payout ratio is 71.00%.

About Comerica

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.