Federated Hermes Inc. Trims Position in Comerica Incorporated (NYSE:CMA)

Federated Hermes Inc. trimmed its stake in Comerica Incorporated (NYSE:CMA) by 56.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 1,446 shares of the financial services provider’s stock after selling 1,875 shares during the period. Federated Hermes Inc.’s holdings in Comerica were worth $81,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Raymond James & Associates boosted its holdings in shares of Comerica by 18.1% in the fourth quarter. Raymond James & Associates now owns 203,324 shares of the financial services provider’s stock valued at $11,348,000 after purchasing an additional 31,125 shares during the period. NewEdge Wealth LLC purchased a new position in shares of Comerica during the fourth quarter valued at $10,068,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Comerica by 73.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 56,771 shares of the financial services provider’s stock worth $3,168,000 after acquiring an additional 23,947 shares during the period. LSV Asset Management grew its holdings in Comerica by 3.5% during the 3rd quarter. LSV Asset Management now owns 678,976 shares of the financial services provider’s stock worth $28,211,000 after acquiring an additional 22,800 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Comerica by 607.3% in the 3rd quarter. Mackenzie Financial Corp now owns 303,143 shares of the financial services provider’s stock valued at $12,007,000 after purchasing an additional 260,286 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors.

Insider Activity at Comerica

In other Comerica news, EVP Wendy Bridges sold 3,034 shares of Comerica stock in a transaction on Monday, February 12th. The shares were sold at an average price of $52.74, for a total value of $160,013.16. Following the completion of the transaction, the executive vice president now owns 17,460 shares of the company’s stock, valued at $920,840.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Cassandra M. Mckinney sold 7,271 shares of Comerica stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total value of $382,381.89. Following the sale, the executive vice president now owns 7,236 shares of the company’s stock, valued at approximately $380,541.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Wendy Bridges sold 3,034 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $52.74, for a total transaction of $160,013.16. Following the transaction, the executive vice president now directly owns 17,460 shares in the company, valued at $920,840.40. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Comerica Price Performance

Shares of CMA opened at $53.93 on Tuesday. The business’s 50-day moving average is $51.69 and its two-hundred day moving average is $50.12. The company has a market capitalization of $7.15 billion, a P/E ratio of 10.56 and a beta of 1.27. Comerica Incorporated has a fifty-two week low of $30.98 and a fifty-two week high of $57.39. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.95 and a current ratio of 0.95.

Comerica (NYSE:CMA) last posted its earnings results on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, topping the consensus estimate of $1.13 by $0.16. Comerica had a return on equity of 16.51% and a net margin of 13.11%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $807.57 million. During the same period last year, the company earned $2.39 earnings per share. Research analysts predict that Comerica Incorporated will post 5.16 earnings per share for the current year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 5.27%. The ex-dividend date is Friday, June 14th. Comerica’s dividend payout ratio (DPR) is 56.46%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CMA shares. Evercore ISI increased their price objective on shares of Comerica from $55.00 to $58.00 and gave the company an “in-line” rating in a research note on Thursday, March 28th. Argus downgraded Comerica from a “buy” rating to a “hold” rating in a research report on Monday, January 29th. Morgan Stanley reiterated an “equal weight” rating and issued a $53.00 target price on shares of Comerica in a report on Monday, April 22nd. Citigroup downgraded shares of Comerica from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $60.00 to $56.00 in a research report on Monday. Finally, Truist Financial decreased their target price on shares of Comerica from $62.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $56.89.

About Comerica

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.