Freestone Capital Holdings LLC Invests $522,000 in Comerica Incorporated (NYSE:CMA)

Freestone Capital Holdings LLC purchased a new position in shares of Comerica Incorporated (NYSE:CMA) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 9,500 shares of the financial services provider’s stock, valued at approximately $522,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Dynamic Advisor Solutions LLC acquired a new position in Comerica during the fourth quarter worth about $244,000. CX Institutional acquired a new position in Comerica during the fourth quarter worth about $204,000. HB Wealth Management LLC purchased a new stake in shares of Comerica in the fourth quarter valued at about $266,000. CoreCap Advisors LLC purchased a new stake in shares of Comerica in the fourth quarter valued at about $258,000. Finally, Raymond James & Associates lifted its holdings in shares of Comerica by 18.1% in the fourth quarter. Raymond James & Associates now owns 203,324 shares of the financial services provider’s stock valued at $11,348,000 after purchasing an additional 31,125 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CMA has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Comerica in a report on Wednesday, April 10th. They issued a “hold” rating and a $59.00 price target on the stock. Stephens reaffirmed an “overweight” rating and issued a $64.00 price target on shares of Comerica in a report on Tuesday, June 11th. Evercore ISI reduced their price target on shares of Comerica from $58.00 to $54.00 and set an “in-line” rating on the stock in a report on Tuesday, June 25th. Piper Sandler upped their price objective on shares of Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Jefferies Financial Group reduced their price objective on shares of Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $54.95.

Comerica Trading Up 0.8 %

Shares of Comerica stock traded up $0.40 during trading hours on Friday, hitting $53.22. The company’s stock had a trading volume of 544,379 shares, compared to its average volume of 2,260,238. Comerica Incorporated has a 1-year low of $37.40 and a 1-year high of $58.50. The business has a fifty day moving average of $50.62 and a 200 day moving average of $51.66. The company has a market capitalization of $7.06 billion, a PE ratio of 10.50 and a beta of 1.25. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last released its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.30. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $812.79 million. Comerica had a net margin of 12.15% and a return on equity of 15.01%. During the same quarter in the prior year, the business earned $2.01 earnings per share. As a group, equities analysts forecast that Comerica Incorporated will post 5.03 EPS for the current year.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 5.34%. The ex-dividend date of this dividend is Friday, September 13th. Comerica’s payout ratio is 56.46%.

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.