MCF Advisors LLC Has $39,000 Position in Comerica Incorporated (NYSE:CMA)

MCF Advisors LLC boosted its position in shares of Comerica Incorporated (NYSE:CMA) by 56.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 633 shares of the financial services provider’s stock after purchasing an additional 228 shares during the quarter. MCF Advisors LLC’s holdings in Comerica were worth $39,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Citigroup Inc. raised its position in shares of Comerica by 390.6% during the 3rd quarter. Citigroup Inc. now owns 761,601 shares of the financial services provider’s stock valued at $45,628,000 after acquiring an additional 606,375 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in Comerica by 31.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock valued at $144,312,000 after buying an additional 574,516 shares during the period. JPMorgan Chase & Co. grew its position in shares of Comerica by 134.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 856,431 shares of the financial services provider’s stock worth $51,309,000 after buying an additional 490,468 shares during the period. Primecap Management Co. CA bought a new stake in shares of Comerica in the 3rd quarter valued at about $26,630,000. Finally, Holocene Advisors LP acquired a new stake in shares of Comerica in the 3rd quarter valued at approximately $16,272,000. 80.74% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Comerica

In related news, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $68.83, for a total transaction of $95,811.36. Following the sale, the executive vice president now owns 8,730 shares in the company, valued at approximately $600,885.90. This trade represents a 13.75 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.19% of the company’s stock.

Comerica Price Performance

Shares of Comerica stock opened at $62.73 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $8.25 billion, a price-to-earnings ratio of 15.68 and a beta of 1.26. Comerica Incorporated has a twelve month low of $45.32 and a twelve month high of $73.45. The company has a 50-day simple moving average of $65.83 and a two-hundred day simple moving average of $60.78.

Comerica (NYSE:CMA) last released its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 earnings per share for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.05). Comerica had a net margin of 11.17% and a return on equity of 12.54%. During the same quarter last year, the company earned $1.46 earnings per share. Analysts forecast that Comerica Incorporated will post 5.38 EPS for the current year.

Comerica announced that its Board of Directors has authorized a share buyback plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.53%. The ex-dividend date of this dividend was Friday, December 13th. Comerica’s dividend payout ratio is currently 71.00%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CMA. Robert W. Baird boosted their price objective on shares of Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, November 18th. Truist Financial upgraded shares of Comerica to a “hold” rating in a research report on Monday, January 6th. Piper Sandler raised their target price on shares of Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a report on Tuesday, December 3rd. Evercore ISI lifted their price target on Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Finally, Bank of America cut Comerica from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $55.00 to $52.00 in a research report on Monday, October 7th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Comerica presently has an average rating of “Hold” and a consensus price target of $67.71.

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.