Bluefin Capital Management LLC Takes Position in Comerica Incorporated (NYSE:CMA)

Bluefin Capital Management LLC acquired a new position in shares of Comerica Incorporated (NYSE:CMA) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 4,800 shares of the financial services provider’s stock, valued at approximately $245,000.

Several other hedge funds also recently bought and sold shares of CMA. Allianz Asset Management GmbH acquired a new position in Comerica in the fourth quarter valued at about $4,096,000. Treasurer of the State of North Carolina grew its position in shares of Comerica by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 58,359 shares of the financial services provider’s stock valued at $3,257,000 after purchasing an additional 570 shares during the period. Bank of Nova Scotia lifted its stake in Comerica by 1,078.2% in the fourth quarter. Bank of Nova Scotia now owns 107,039 shares of the financial services provider’s stock valued at $5,974,000 after buying an additional 97,954 shares in the last quarter. KBC Group NV acquired a new position in shares of Comerica in the fourth quarter valued at approximately $140,000. Finally, Rafferty Asset Management LLC boosted its holdings in shares of Comerica by 8.6% in the fourth quarter. Rafferty Asset Management LLC now owns 57,179 shares of the financial services provider’s stock valued at $3,191,000 after buying an additional 4,540 shares during the period. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. cut their price objective on shares of Comerica from $62.00 to $57.00 and set a “neutral” rating on the stock in a research report on Thursday, June 27th. Keefe, Bruyette & Woods upgraded Comerica from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $50.00 to $69.00 in a research note on Thursday, September 5th. Morgan Stanley lifted their price objective on shares of Comerica from $61.00 to $63.00 and gave the company an “equal weight” rating in a report on Monday. Wedbush raised shares of Comerica from a “neutral” rating to an “outperform” rating and raised their target price for the company from $52.00 to $75.00 in a research report on Tuesday, September 24th. Finally, Raymond James upgraded Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a report on Tuesday, July 2nd. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Comerica currently has a consensus rating of “Hold” and an average target price of $58.33.

Comerica Stock Down 2.6 %

CMA opened at $58.33 on Wednesday. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a fifty day moving average of $55.94 and a 200-day moving average of $53.07. Comerica Incorporated has a fifty-two week low of $37.40 and a fifty-two week high of $61.84. The company has a market capitalization of $7.73 billion, a P/E ratio of 11.60 and a beta of 1.23.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. Comerica had a net margin of 12.15% and a return on equity of 15.01%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $812.79 million. During the same quarter in the previous year, the firm posted $2.01 EPS. On average, equities analysts expect that Comerica Incorporated will post 5.06 EPS for the current year.

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th were paid a dividend of $0.71 per share. The ex-dividend date was Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a yield of 4.87%. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Insider Activity

In related news, EVP Christine M. Moore sold 2,545 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the transaction, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.19% of the company’s stock.

About Comerica

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.