Comerica Incorporated (NYSE:CMA) Position Boosted by LSV Asset Management

LSV Asset Management lifted its stake in Comerica Incorporated (NYSE:CMA) by 13.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 835,389 shares of the financial services provider’s stock after purchasing an additional 100,189 shares during the quarter. LSV Asset Management owned 0.63% of Comerica worth $45,938,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in CMA. Spire Wealth Management raised its stake in shares of Comerica by 95.9% during the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 235 shares in the last quarter. Fortitude Family Office LLC bought a new position in Comerica during the fourth quarter valued at approximately $36,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Comerica in the fourth quarter valued at approximately $36,000. FNY Investment Advisers LLC bought a new stake in Comerica in the fourth quarter worth approximately $50,000. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of Comerica during the 4th quarter worth $51,000. 80.74% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CMA shares. Raymond James raised shares of Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price objective for the company in a research note on Tuesday, July 2nd. Royal Bank of Canada decreased their price target on Comerica from $62.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, June 12th. Morgan Stanley reissued an “equal weight” rating and issued a $53.00 price objective on shares of Comerica in a research note on Monday, April 22nd. Evercore ISI reduced their target price on Comerica from $58.00 to $54.00 and set an “in-line” rating for the company in a report on Tuesday, June 25th. Finally, UBS Group lowered their price target on Comerica from $59.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $55.96.

Insider Activity

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 transaction 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 $380,541.24. The sale 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 Stock Performance

Shares of NYSE CMA traded down $0.22 during trading hours on Friday, reaching $55.55. The stock had a trading volume of 2,152,164 shares, compared to its average volume of 2,227,119. The company has a market cap of $7.37 billion, a price-to-earnings ratio of 11.08 and a beta of 1.25. Comerica Incorporated has a twelve month low of $37.40 and a twelve month high of $57.39. The business’s fifty day moving average is $50.57 and its two-hundred day moving average is $51.79. 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 (NYSE:CMA) last announced its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $807.57 million. During the same quarter in the prior year, the company posted $2.39 EPS. As a group, research analysts expect that Comerica Incorporated will post 5.01 EPS for the current year.

Comerica Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 14th were issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 5.11%. The ex-dividend date was Friday, June 14th. Comerica’s payout ratio is 56.46%.

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.