Traders Buy Shares of Comerica (CMA) on Weakness

Investors bought shares of Comerica Incorporated (NYSE:CMA) on weakness during trading on Friday. $48.10 million flowed into the stock on the tick-up and $21.95 million flowed out of the stock on the tick-down, for a money net flow of $26.15 million into the stock. Of all equities tracked, Comerica had the 32nd highest net in-flow for the day. Comerica traded down ($1.01) for the day and closed at $78.25

CMA has been the subject of several recent analyst reports. ValuEngine upgraded shares of Comerica from a “strong sell” rating to a “sell” rating in a research report on Wednesday, January 2nd. Goldman Sachs Group cut shares of Comerica from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $89.00 to $84.00 in a research report on Thursday, April 4th. Morgan Stanley cut their price objective on shares of Comerica from $98.00 to $96.00 and set an “overweight” rating for the company in a research report on Tuesday, January 8th. Zacks Investment Research cut shares of Comerica from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Finally, DA Davidson cut their price objective on shares of Comerica to $87.00 and set a “neutral” rating for the company in a research report on Thursday, January 17th. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $91.91.

The stock has a market cap of $12.36 billion, a price-to-earnings ratio of 10.81, a PEG ratio of 1.14 and a beta of 1.43. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.03 and a current ratio of 1.03.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.15. Comerica had a net margin of 34.24% and a return on equity of 15.84%. The business had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $852.88 million. During the same period last year, the business earned $1.59 earnings per share. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. Research analysts expect that Comerica Incorporated will post 8.11 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, April 1st. Shareholders of record on Friday, March 15th were given a dividend of $0.67 per share. The ex-dividend date was Thursday, March 14th. This is a boost from Comerica’s previous quarterly dividend of $0.60. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.42%. Comerica’s dividend payout ratio (DPR) is currently 37.02%.

Comerica announced that its Board of Directors has authorized a share repurchase plan on Tuesday, January 22nd that authorizes the company to buyback 15,000,000 shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

In other news, EVP Megan D. Burkhart sold 7,443 shares of the firm’s stock in a transaction that occurred on Wednesday, February 27th. The shares were sold at an average price of $87.55, for a total value of $651,634.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Paul R. Obermeyer sold 8,200 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $86.75, for a total transaction of $711,350.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,565 shares of company stock valued at $1,603,348. Company insiders own 0.98% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Claybrook Capital LLC purchased a new position in shares of Comerica in the fourth quarter valued at approximately $29,000. TrimTabs Asset Management LLC boosted its stake in shares of Comerica by 5.0% in the first quarter. TrimTabs Asset Management LLC now owns 12,951 shares of the financial services provider’s stock valued at $950,000 after purchasing an additional 616 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Comerica by 49.8% in the first quarter. State of Alaska Department of Revenue now owns 64,016 shares of the financial services provider’s stock valued at $4,691,000 after purchasing an additional 21,275 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Comerica by 14.3% in the third quarter. Pacer Advisors Inc. now owns 8,969 shares of the financial services provider’s stock valued at $809,000 after purchasing an additional 1,122 shares during the period. Finally, MUFG Securities EMEA plc purchased a new position in shares of Comerica in the fourth quarter valued at approximately $34,383,000. 84.40% of the stock is owned by institutional investors and hedge funds.

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About Comerica (NYSE:CMA)

Comerica Incorporated, through its subsidiaries, provides various financial products and services. It operates through three segments: Business Bank, Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services middle market businesses, multinational corporations, and governmental entities.

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