Nisa Investment Advisors LLC lessened its position in shares of Comerica Incorporated (NYSE:CMA – Free Report) by 5.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 61,320 shares of the financial services provider’s stock after selling 3,540 shares during the period. Nisa Investment Advisors LLC’s holdings in Comerica were worth $3,836,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the company. Mercer Global Advisors Inc. ADV increased its holdings in Comerica by 11.8% in the second quarter. Mercer Global Advisors Inc. ADV now owns 7,079 shares of the financial services provider’s stock valued at $361,000 after buying an additional 749 shares during the last quarter. Sei Investments Co. boosted its position in shares of Comerica by 198.4% during the 2nd quarter. Sei Investments Co. now owns 117,572 shares of the financial services provider’s stock worth $6,001,000 after acquiring an additional 78,176 shares in the last quarter. Profund Advisors LLC increased its holdings in shares of Comerica by 30.3% in the 2nd quarter. Profund Advisors LLC now owns 6,225 shares of the financial services provider’s stock valued at $318,000 after acquiring an additional 1,449 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Comerica by 19.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,207 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 199 shares in the last quarter. Finally, Caxton Associates LP purchased a new stake in Comerica during the second quarter worth approximately $225,000. 80.74% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
CMA has been the topic of several recent analyst reports. The Goldman Sachs Group lowered shares of Comerica from a “buy” rating to a “neutral” rating and dropped their price target for the company from $85.00 to $71.00 in a research note on Tuesday, January 7th. Evercore ISI lifted their price target on shares of Comerica from $64.00 to $69.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 30th. Compass Point raised their price objective on Comerica from $64.00 to $80.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Piper Sandler lifted their target price on Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Barclays raised their price target on Comerica from $66.00 to $68.00 and gave the stock an “underweight” rating in a research note on Monday, January 6th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $68.33.
Comerica Stock Up 1.2 %
Comerica stock opened at $63.26 on Friday. The stock’s 50 day moving average price is $65.56 and its 200 day moving average price is $60.95. Comerica Incorporated has a 1-year low of $45.32 and a 1-year high of $73.45. The company has a market cap of $8.32 billion, a PE ratio of 12.60 and a beta of 1.26. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97.
Comerica (NYSE:CMA – Get Free Report) last issued its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.05). Comerica had a return on equity of 12.04% and a net margin of 13.98%. During the same quarter in the previous year, the business earned $1.46 EPS. On average, sell-side analysts predict that Comerica Incorporated will post 5.36 EPS for the current fiscal year.
Comerica announced that its Board of Directors has authorized a stock 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 buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Comerica Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th were given a dividend of $0.71 per share. The ex-dividend date was Friday, December 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.49%. Comerica’s payout ratio is 56.57%.
Insider Transactions at Comerica
In related news, EVP Allysun C. Fleming sold 1,392 shares of Comerica stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.19% of the company’s stock.
Comerica 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.
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