Skopos Labs Inc. Buys New Position in Comerica Incorporated (NYSE:CMA)

Skopos Labs Inc. acquired a new stake in Comerica Incorporated (NYSE:CMA) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,054 shares of the financial services provider’s stock, valued at approximately $226,000.

Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Comerica by 1.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,343,131 shares of the financial services provider’s stock worth $186,580,000 after buying an additional 48,526 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Comerica by 4.4% in the third quarter. Invesco Ltd. now owns 3,097,572 shares of the financial services provider’s stock worth $128,704,000 after buying an additional 130,997 shares during the last quarter. North Reef Capital Management LP boosted its stake in shares of Comerica by 43.0% in the third quarter. North Reef Capital Management LP now owns 2,880,000 shares of the financial services provider’s stock worth $119,664,000 after buying an additional 865,870 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Comerica by 60.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,605,943 shares of the financial services provider’s stock worth $145,444,000 after purchasing an additional 984,391 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its position in Comerica by 129.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,930,045 shares of the financial services provider’s stock worth $107,716,000 after purchasing an additional 1,088,330 shares in the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CMA. Citigroup cut Comerica from a “buy” rating to a “neutral” rating and reduced their target price for the company from $60.00 to $56.00 in a report on Monday, May 6th. Stephens reaffirmed an “overweight” rating and issued a $64.00 price target on shares of Comerica in a report on Thursday. Argus cut Comerica from a “buy” rating to a “hold” rating in a research note on Monday, January 29th. Evercore ISI raised their target price on Comerica from $55.00 to $58.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Finally, Truist Financial lowered their price target on Comerica from $62.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Three analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $56.89.

Comerica Stock Performance

Shares of CMA traded up $0.53 during midday trading on Friday, reaching $50.77. 1,949,797 shares of the stock were exchanged, compared to its average volume of 1,575,341. The business’s 50-day moving average price is $52.56 and its 200 day moving average price is $51.44. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95. Comerica Incorporated has a twelve month low of $34.88 and a twelve month high of $57.39. The company has a market capitalization of $6.73 billion, a price-to-earnings ratio of 10.09 and a beta of 1.27.

Comerica (NYSE:CMA) last issued 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 firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $807.57 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same quarter in the previous year, the firm posted $2.39 EPS. On average, sell-side analysts expect that Comerica Incorporated will post 5.19 EPS for the current fiscal year.

Comerica Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be issued a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 5.59%. The ex-dividend date of this dividend is Friday, June 14th. Comerica’s dividend payout ratio is presently 56.46%.

Insider Transactions at Comerica

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 7,236 shares of the company’s stock, valued at approximately $380,541.24. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.19% of the company’s stock.

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.