Comerica Incorporated (NYSE:CMA) Position Increased by Quantbot Technologies LP

Quantbot Technologies LP raised its holdings in shares of Comerica Incorporated (NYSE:CMA) by 1,213.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 139,984 shares of the financial services provider’s stock after purchasing an additional 129,323 shares during the period. Comerica comprises about 0.4% of Quantbot Technologies LP’s portfolio, making the stock its 26th largest holding. Quantbot Technologies LP’s holdings in Comerica were worth $7,698,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Raymond James & Associates lifted its holdings in Comerica by 18.1% in the fourth quarter. Raymond James & Associates now owns 203,324 shares of the financial services provider’s stock worth $11,348,000 after purchasing an additional 31,125 shares during the period. Avaii Wealth Management LLC acquired a new position in shares of Comerica in the 4th quarter valued at about $679,000. NewEdge Wealth LLC bought a new stake in shares of Comerica in the 4th quarter valued at approximately $10,068,000. Aigen Investment Management LP bought a new stake in shares of Comerica in the 4th quarter valued at approximately $891,000. Finally, PNC Financial Services Group Inc. boosted its position in Comerica by 1.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 47,903 shares of the financial services provider’s stock worth $2,673,000 after purchasing an additional 501 shares during the period. Institutional investors and hedge funds own 80.74% of the company’s stock.

Comerica Stock Performance

Shares of NYSE CMA traded down $0.22 during midday trading on Friday, hitting $55.55. 2,152,164 shares of the company’s stock were exchanged, compared to its average volume of 2,227,119. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.26. Comerica Incorporated has a 12 month low of $37.40 and a 12 month high of $57.39. The company’s 50 day moving average price is $50.57 and its 200 day moving average price is $51.79. The firm has a market capitalization of $7.37 billion, a PE ratio of 11.08 and a beta of 1.25.

Comerica (NYSE:CMA) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $807.57 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same period in the previous year, the company posted $2.39 EPS. As a group, analysts predict that Comerica Incorporated will post 5.01 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Friday, June 14th were paid a $0.71 dividend. The ex-dividend date was Friday, June 14th. This represents a $2.84 annualized dividend and a yield of 5.11%. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Insider Activity at Comerica

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of Comerica stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the completion of the transaction, the executive vice president now directly owns 7,236 shares of the company’s stock, valued at approximately $380,541.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Comerica from $62.00 to $57.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Royal Bank of Canada reduced their price objective on Comerica from $62.00 to $58.00 and set an “outperform” rating for the company in a research report on Wednesday, June 12th. Keefe, Bruyette & Woods cut their target price on Comerica from $58.00 to $56.00 and set a “market perform” rating for the company in a research note on Tuesday. Morgan Stanley restated an “equal weight” rating and issued a $53.00 target price on shares of Comerica in a research note on Monday, April 22nd. Finally, Truist Financial cut their target price on Comerica from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Thursday, June 13th. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $55.96.

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.