Avaii Wealth Management LLC Takes $679,000 Position in Comerica Incorporated (NYSE:CMA)

Avaii Wealth Management LLC purchased a new stake in Comerica Incorporated (NYSE:CMA) in the 4th quarter, HoldingsChannel reports. The firm purchased 12,169 shares of the financial services provider’s stock, valued at approximately $679,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Comerica by 129.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 1,930,045 shares of the financial services provider’s stock valued at $107,716,000 after purchasing an additional 1,088,330 shares in the last quarter. North Reef Capital Management LP boosted its holdings in shares of Comerica by 43.0% in the 3rd quarter. North Reef Capital Management LP now owns 2,880,000 shares of the financial services provider’s stock worth $119,664,000 after acquiring an additional 865,870 shares in the last quarter. rhino investment partners Inc grew its position in Comerica by 684.2% during the 3rd quarter. rhino investment partners Inc now owns 744,956 shares of the financial services provider’s stock worth $30,953,000 after acquiring an additional 649,956 shares during the last quarter. Artemis Investment Management LLP acquired a new stake in Comerica during the 4th quarter valued at $31,018,000. Finally, Adage Capital Partners GP L.L.C. raised its position in Comerica by 46.1% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,462,906 shares of the financial services provider’s stock valued at $60,784,000 after purchasing an additional 461,741 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Analyst Upgrades and Downgrades

CMA has been the topic of several recent research reports. Jefferies Financial Group decreased their price target on Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, April 8th. DA Davidson reaffirmed a “neutral” rating and set a $56.00 price target on shares of Comerica in a report on Wednesday, March 6th. The Goldman Sachs Group upgraded shares of Comerica from a “neutral” rating to a “buy” rating and set a $70.50 price objective on the stock in a report on Thursday, January 4th. Truist Financial reduced their target price on shares of Comerica from $62.00 to $60.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Finally, Bank Of America (Bofa) increased their target price on Comerica from $52.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, January 18th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Comerica currently has a consensus rating of “Hold” and an average price target of $56.98.

Comerica Price Performance

NYSE:CMA traded down $0.28 during midday trading on Monday, hitting $51.79. The company had a trading volume of 449,868 shares, compared to its average volume of 2,071,046. The company has a market capitalization of $6.86 billion, a PE ratio of 10.31 and a beta of 1.27. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.26. Comerica Incorporated has a 52-week low of $28.40 and a 52-week high of $57.39. The stock’s fifty day moving average price is $51.54 and its 200-day moving average price is $49.77.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. The firm had revenue of $1.26 billion during 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 period in the prior year, the business earned $2.39 EPS. As a group, research analysts expect that Comerica Incorporated will post 5.16 earnings per share for the current year.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.71 per share. The ex-dividend date is Friday, June 14th. This represents a $2.84 annualized dividend and a dividend yield of 5.48%. Comerica’s dividend payout ratio is presently 56.46%.

Insiders Place Their Bets

In related news, EVP Cassandra M. Mckinney sold 7,271 shares of Comerica stock in a transaction dated Wednesday, April 24th. The shares were 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 approximately $380,541.24. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Wendy Bridges sold 3,034 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the transaction, the executive vice president now owns 17,460 shares in the company, valued at approximately $920,840.40. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Cassandra M. Mckinney sold 7,271 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total transaction of $382,381.89. Following the sale, the executive vice president now owns 7,236 shares of the company’s stock, valued at $380,541.24. The disclosure for this sale can be found here. 0.19% of the stock is owned by corporate insiders.

Comerica 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.