Comerica Incorporated (NYSE:CMA) Shares Bought by Easterly Investment Partners LLC

Easterly Investment Partners LLC grew its position in shares of Comerica Incorporated (NYSE:CMA) by 323.9% during the third quarter, Holdings Channel reports. The firm owned 63,415 shares of the financial services provider’s stock after acquiring an additional 48,455 shares during the quarter. Easterly Investment Partners LLC’s holdings in Comerica were worth $3,799,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. V Square Quantitative Management LLC purchased a new position in Comerica in the third quarter valued at $36,000. Family Firm Inc. purchased a new stake in Comerica during the 2nd quarter worth about $37,000. UMB Bank n.a. lifted its holdings in Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider’s stock worth $38,000 after buying an additional 208 shares during the last quarter. Versant Capital Management Inc lifted its holdings in Comerica by 2,723.3% during the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider’s stock worth $43,000 after buying an additional 817 shares during the last quarter. Finally, Abich Financial Wealth Management LLC lifted its holdings in Comerica by 50.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider’s stock worth $49,000 after buying an additional 300 shares during the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on CMA. Truist Financial lifted their target price on Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, October 21st. The Goldman Sachs Group lifted their target price on Comerica from $63.00 to $71.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Morgan Stanley boosted their price target on Comerica from $63.00 to $67.00 and gave the company an “equal weight” rating in a research report on Monday, October 21st. Piper Sandler boosted their price target on Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a research report on Monday, July 22nd. Finally, Wedbush upgraded Comerica from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $52.00 to $75.00 in a research report on Tuesday, September 24th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $62.81.

Comerica Price Performance

Shares of NYSE:CMA traded up $1.06 during trading on Friday, hitting $69.27. 333,313 shares of the stock were exchanged, compared to its average volume of 2,143,010. The company has a fifty day moving average price of $60.20 and a two-hundred day moving average price of $54.90. The company has a market cap of $9.11 billion, a PE ratio of 17.05 and a beta of 1.22. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97. Comerica Incorporated has a 12-month low of $40.41 and a 12-month high of $70.38.

Comerica (NYSE:CMA) last posted its earnings results on Friday, October 18th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.16. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $806.49 million. During the same quarter in the prior year, the company earned $1.84 EPS. On average, analysts forecast that Comerica Incorporated will post 5.39 EPS for the current year.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be paid a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 4.10%. The ex-dividend date is Friday, December 13th. Comerica’s payout ratio is currently 71.00%.

Comerica announced that its board has approved a share repurchase program on Tuesday, November 5th that permits the company to buyback 10,000,000 shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Comerica

In other Comerica news, EVP James Harry Weber sold 6,500 shares of the stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the transaction, the executive vice president now owns 15,773 shares of the company’s stock, valued at $997,326.79. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Comerica news, EVP Bruce Mitchell sold 7,564 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the transaction, the executive vice president now owns 16,428 shares of the company’s stock, valued at $1,021,821.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP James Harry Weber sold 6,500 shares of the company’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the sale, the executive vice president now owns 15,773 shares of the company’s stock, valued at approximately $997,326.79. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,609 shares of company stock valued at $1,027,839. 0.19% of the stock is owned by corporate insiders.

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.