First Horizon Advisors Inc. raised its stake in Comerica Incorporated (NYSE:CMA) by 1,025.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,925 shares of the financial services provider’s stock after acquiring an additional 1,754 shares during the quarter. First Horizon Advisors Inc.’s holdings in Comerica were worth $136,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. M&G Investment Management Ltd. purchased a new stake in shares of Comerica in the fourth quarter valued at approximately $306,000. California Public Employees Retirement System increased its position in shares of Comerica by 7.3% in the fourth quarter. California Public Employees Retirement System now owns 360,536 shares of the financial services provider’s stock valued at $20,140,000 after buying an additional 24,525 shares in the last quarter. Savant Capital LLC purchased a new stake in shares of Comerica in the fourth quarter valued at approximately $245,000. MUFG Americas Holdings Corp increased its position in shares of Comerica by 188.5% during the fourth quarter. MUFG Americas Holdings Corp now owns 3,347 shares of the financial services provider’s stock worth $187,000 after purchasing an additional 2,187 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC purchased a new stake in shares of Comerica during the fourth quarter worth approximately $214,000. 79.90% of the stock is owned by institutional investors.
Shares of Comerica stock opened at $73.75 on Friday. Comerica Incorporated has a 52 week low of $32.93 and a 52 week high of $79.86. The company has a fifty day simple moving average of $74.84. The firm has a market cap of $10.30 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 0.42 and a beta of 1.62. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.37.
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 1st. Investors of record on Tuesday, June 15th will be paid a dividend of $0.68 per share. This represents a $2.72 annualized dividend and a yield of 3.69%. The ex-dividend date is Monday, June 14th. Comerica’s payout ratio is 83.18%.
Comerica announced that its board has initiated a share repurchase plan on Tuesday, April 27th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Several analysts recently commented on CMA shares. Truist Securities upgraded Comerica from a “hold” rating to a “buy” rating and boosted their price target for the stock from $72.00 to $100.00 in a research report on Tuesday, May 11th. TheStreet upgraded Comerica from a “c+” rating to a “b” rating in a research report on Tuesday, April 20th. Raymond James boosted their price target on Comerica from $72.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 7th. Jefferies Financial Group upped their target price on Comerica from $63.00 to $74.00 and gave the company a “hold” rating in a report on Friday, April 9th. Finally, Stephens upped 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. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $71.04.
In related news, EVP James Harry Weber sold 3,800 shares of the stock in a transaction dated Thursday, April 29th. The stock was sold at an average price of $75.00, for a total transaction of $285,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jay K. Oberg sold 4,000 shares of the stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $74.61, for a total value of $298,440.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 8,600 shares of company stock worth $642,176. 0.67% of the stock is owned by corporate insiders.
Comerica Company Profile
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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