Truist Financial Corp grew its stake in Comerica Incorporated (NYSE:CMA) by 29.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 72,231 shares of the financial services provider’s stock after buying an additional 16,232 shares during the period. Truist Financial Corp’s holdings in Comerica were worth $4,035,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of CMA. Salem Investment Counselors Inc. acquired a new stake in shares of Comerica in the fourth quarter valued at about $47,000. FAI Wealth Management acquired a new stake in shares of Comerica in the fourth quarter valued at about $55,000. Vantage Consulting Group Inc acquired a new stake in shares of Comerica in the fourth quarter valued at about $100,000. Meeder Asset Management Inc. increased its stake in shares of Comerica by 11.7% in the fourth quarter. Meeder Asset Management Inc. now owns 2,033 shares of the financial services provider’s stock valued at $114,000 after buying an additional 213 shares during the period. Finally, Regent Peak Wealth Advisors LLC bought a new stake in shares of Comerica during the 4th quarter valued at about $132,000. 78.17% of the stock is owned by institutional investors.
In other Comerica news, EVP Christine M. Moore sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 23rd. The stock was sold at an average price of $68.67, for a total transaction of $206,010.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Cassandra M. Mckinney sold 4,643 shares of the company’s stock in a transaction that occurred on Thursday, February 4th. The stock was sold at an average price of $62.23, for a total value of $288,933.89. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by corporate insiders.
Comerica (NYSE:CMA) last announced its quarterly earnings results on Monday, January 18th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. Comerica had a return on equity of 7.12% and a net margin of 16.17%. The company had revenue of $734.00 million for the quarter, compared to the consensus estimate of $703.98 million. During the same quarter in the previous year, the business earned $1.85 EPS. Analysts expect that Comerica Incorporated will post 2.98 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, April 1st. Investors of record on Monday, March 15th were issued a dividend of $0.68 per share. The ex-dividend date was Friday, March 12th. This represents a $2.72 dividend on an annualized basis and a yield of 3.80%. Comerica’s dividend payout ratio is presently 34.83%.
CMA has been the topic of several research analyst reports. Zacks Investment Research lowered Comerica from a “buy” rating to a “hold” rating and set a $76.00 target price on the stock. in a research report on Tuesday, March 9th. Robert W. Baird lowered Comerica from an “outperform” rating to a “neutral” rating and set a $60.00 target price on the stock. in a report on Wednesday, January 13th. Stephens raised their target price on Comerica from $74.00 to $82.00 and gave the company an “overweight” rating in a report on Tuesday, March 30th. Truist increased their price target on Comerica from $67.00 to $72.00 in a research report on Monday, March 8th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $70.00 price target on shares of Comerica in a research report on Wednesday, January 20th. Six equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $56.75.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It 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, 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.
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