Harvest Fund Management Co. Ltd Purchases New Stake in Comerica Incorporated (NYSE:CMA)

Harvest Fund Management Co. Ltd acquired a new position in Comerica Incorporated (NYSE:CMA) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,119 shares of the financial services provider’s stock, valued at approximately $118,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CMA. Fortitude Family Office LLC acquired a new stake in Comerica in the fourth quarter valued at $36,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Comerica in the fourth quarter valued at about $36,000. Authentikos Wealth Advisory LLC acquired a new stake in shares of Comerica in the third quarter valued at approximately $47,000. FNY Investment Advisers LLC purchased a new position in shares of Comerica during the 4th quarter worth approximately $50,000. Finally, CVA Family Office LLC acquired a new position in shares of Comerica during the 4th quarter worth approximately $56,000. 80.74% of the stock is owned by institutional investors and hedge funds.

Comerica Stock Performance

Shares of CMA stock opened at $52.16 on Friday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.94 and a current ratio of 0.95. The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of 10.37 and a beta of 1.27. Comerica Incorporated has a one year low of $28.40 and a one year high of $57.39. The company’s 50-day simple moving average is $51.51 and its 200-day simple moving average is $49.58.

Comerica (NYSE:CMA) last released its earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $807.57 million. During the same quarter in the previous year, the firm earned $2.39 earnings per share. Equities analysts anticipate that Comerica Incorporated will post 5.15 earnings per share for the current fiscal year.

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.44%. Comerica’s dividend payout ratio is currently 56.46%.

Insiders Place Their Bets

In related news, EVP Cassandra M. Mckinney sold 1,616 shares of the stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $54.64, for a total value of $88,298.24. Following the sale, the executive vice president now owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Cassandra M. Mckinney sold 1,616 shares of the company’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $54.64, for a total value of $88,298.24. Following the completion of the sale, the executive vice president now owns 8,314 shares in the company, valued at $454,276.96. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $52.74, for a total transaction of $160,013.16. Following the sale, the executive vice president now owns 17,460 shares of the company’s stock, valued at $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Royal Bank of Canada boosted their price target on Comerica from $61.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, April 19th. Keefe, Bruyette & Woods lowered their price target on shares of Comerica from $60.00 to $58.00 and set a “market perform” rating for the company in a report on Monday, January 22nd. The Goldman Sachs Group upgraded shares of Comerica from a “neutral” rating to a “buy” rating and set a $70.50 target price on the stock in a research report on Thursday, January 4th. Piper Sandler raised their price objective on Comerica from $53.00 to $54.00 and gave the stock a “neutral” rating in a report on Friday, April 19th. Finally, UBS Group cut their target price on Comerica from $59.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $56.89.

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.