Public Sector Pension Investment Board Raises Position in Comerica Incorporated (NYSE:CMA)

Public Sector Pension Investment Board boosted its stake in shares of Comerica Incorporated (NYSE:CMA) by 1,375.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 291,753 shares of the financial services provider’s stock after purchasing an additional 271,974 shares during the period. Public Sector Pension Investment Board’s holdings in Comerica were worth $14,891,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMA. Family Firm Inc. purchased a new position in shares of Comerica during the 2nd quarter valued at about $37,000. UMB Bank n.a. increased its position in shares of Comerica by 39.3% during the second quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 208 shares in the last quarter. Versant Capital Management Inc raised its position in shares of Comerica by 2,723.3% in the second quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock valued at $43,000 after buying an additional 817 shares during the last quarter. Abich Financial Wealth Management LLC boosted its holdings in shares of Comerica by 50.2% during the 1st 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 during the last quarter. Finally, Summit Securities Group LLC grew its holdings in Comerica by 22.4% in the 2nd quarter. Summit Securities Group LLC now owns 1,102 shares of the financial services provider’s stock valued at $56,000 after buying an additional 202 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CMA. Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $50.00 to $69.00 in a research note on Thursday, September 5th. Truist Financial upped their price objective on Comerica from $53.00 to $66.00 and gave the stock a “hold” rating in a research report on Friday. Royal Bank of Canada decreased their price target on shares of Comerica from $58.00 to $56.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Raymond James raised Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a research report on Tuesday, July 2nd. Finally, Piper Sandler upped their price objective on shares of Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $56.32.

Comerica Price Performance

Shares of CMA stock opened at $60.19 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23. Comerica Incorporated has a 12 month low of $37.40 and a 12 month high of $61.84. The stock has a 50-day moving average price of $55.31 and a 200 day moving average price of $52.72. The firm has a market cap of $7.98 billion, a price-to-earnings ratio of 11.97 and a beta of 1.23.

Comerica (NYSE:CMA) last released its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. During the same quarter last year, the business posted $2.01 EPS. Research analysts expect that Comerica Incorporated will post 5.05 EPS for the current year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.72%. Comerica’s dividend payout ratio (DPR) is currently 56.46%.

Insider Activity

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total transaction of $146,362.95. Following the sale, the executive vice president now owns 27,910 shares of the company’s stock, valued at $1,605,104.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.19% of the stock is currently owned by company 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.