Meeder Asset Management Inc. Increases Stock Position in Comerica Incorporated (NYSE:CMA)

Meeder Asset Management Inc. boosted its holdings in Comerica Incorporated (NYSE:CMA) by 21,148.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,134 shares of the financial services provider’s stock after purchasing an additional 42,931 shares during the quarter. Meeder Asset Management Inc.’s holdings in Comerica were worth $2,584,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in CMA. OLD National Bancorp IN raised its holdings in Comerica by 4.9% during the second quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock worth $12,130,000 after purchasing an additional 11,049 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Comerica by 66.2% in the second quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock valued at $3,209,000 after buying an additional 25,040 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Comerica by 39.3% during the second quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock worth $11,262,000 after acquiring an additional 62,269 shares during the period. Point72 Europe London LLP acquired a new position in shares of Comerica during the 2nd quarter worth $4,767,000. Finally, UniSuper Management Pty Ltd increased its holdings in shares of Comerica by 1,159.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 16,736 shares of the financial services provider’s stock valued at $920,000 after purchasing an additional 15,407 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Price Performance

Shares of CMA opened at $68.28 on Tuesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $8.98 billion, a PE ratio of 17.07 and a beta of 1.22. Comerica Incorporated has a twelve month low of $42.55 and a twelve month high of $71.63. The firm’s 50 day moving average price is $62.15 and its 200 day moving average price is $55.82.

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 analysts’ consensus estimates of $1.17 by $0.16. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $806.49 million. Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same quarter last year, the firm earned $1.84 EPS. As a group, research analysts expect that Comerica Incorporated will post 5.39 EPS for the current fiscal year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders 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 annualized dividend and a dividend yield of 4.16%. Comerica’s dividend payout ratio (DPR) is presently 71.00%.

Comerica declared that its Board of Directors has initiated a share buyback program on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CMA shares. StockNews.com upgraded shares of Comerica from a “sell” rating to a “hold” rating in a research report on Monday, October 21st. Barclays upped their price target on Comerica from $56.00 to $66.00 and gave the stock an “underweight” rating in a report on Monday, October 21st. Stephens lifted their price objective on Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Morgan Stanley upped their target price on Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a report on Monday, October 21st. Finally, DA Davidson lifted their price objective on Comerica from $64.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. 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. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $64.43.

Insider Transactions at Comerica

In related news, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $68.83, for a total value of $95,811.36. Following the completion of the sale, the executive vice president now owns 8,730 shares in the company, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the sale, the executive vice president now directly owns 15,773 shares in the company, valued at $997,326.79. The trade was a 29.18 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,001 shares of company stock worth $1,123,650. 0.19% of the stock is owned by corporate insiders.

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.