Allysun C. Fleming, Executive Vice President of Comerica Inc . (NYSE:CMA), has recently sold 1,392 shares of the company's common stock. The transaction, which took place on November 7, 2024, was executed at an average price of $68.825 per share, amounting to a total value of $95,804.
Following this sale, Fleming retains ownership of 8,730 shares in Comerica. These shares include those acquired through employee stock plans, reinvested dividends, and restricted stock units as of the transaction date.
Additionally, Fleming holds two sets of employee stock options. One set, with an exercise price of $71.16, comprises 2,195 shares and expires on January 24, 2033. The other set, consisting of 2,685 shares, has an exercise price of $53.96 and expires on January 23, 2034. These options vest in four equal annual installments starting from their respective exercise dates.
In other recent news, Comerica Incorporated (NYSE:CMA) announced a quarterly cash dividend and an increase in its share repurchase program. The company's Board approved the buyback of an additional 10 million shares of its common stock, supplementing the 5 million shares remaining from previous authorizations. This decision reflects Comerica's commitment to delivering value to its shareholders.
In analyst updates, Baird affirmed a positive outlook on Comerica, raising the bank's price target from $65.00 to $75.00. Other firms, including Raymond (NS:RYMD) James, Stephens, and Citi, also increased their price targets for Comerica, highlighting robust revenue growth and favorable credit trends.
Comerica reported strong third-quarter earnings of $184 million, driven by a 1.3% increase in average deposits and net interest income of $534 million. However, a projected 5% decline in average loans and a 3-4% decrease in average deposits for 2024 were also noted. These are the recent developments in the financial performance of Comerica Incorporated.
InvestingPro Insights
While Allysun C. Fleming's recent stock sale might raise eyebrows, it's essential to consider Comerica's broader financial picture. According to InvestingPro data, Comerica boasts a market capitalization of $9.2 billion and a P/E ratio of 17.34, suggesting a reasonable valuation relative to earnings. The company's dividend yield stands at an attractive 4.01%, with Comerica maintaining dividend payments for an impressive 54 consecutive years, as highlighted by an InvestingPro Tip.
Despite a 15.03% revenue decline over the last twelve months, Comerica's stock has shown remarkable strength. InvestingPro data reveals a staggering 80.81% price total return over the past year, with the stock trading near its 52-week high. This performance aligns with another InvestingPro Tip indicating significant returns over various time frames, including the last week, month, and three months.
Investors should note that while 13 analysts have revised their earnings upwards for the upcoming period, net income is expected to drop this year. This contrast underscores the importance of comprehensive analysis when evaluating insider transactions and company prospects.
For those seeking a deeper dive into Comerica's financial health and market position, InvestingPro offers 12 additional tips, providing a more nuanced view of the company's outlook and potential investment value.
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