New York Life Investment Management LLC Lowers Stock Holdings in Comerica Incorporated (NYSE:CMA)

New York Life Investment Management LLC lessened its stake in shares of Comerica Incorporated (NYSE:CMA) by 43.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,336 shares of the financial services provider’s stock after selling 14,093 shares during the quarter. New York Life Investment Management LLC’s holdings in Comerica were worth $1,023,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Raymond James & Associates raised its position in Comerica by 34.0% during the 3rd quarter. Raymond James & Associates now owns 172,199 shares of the financial services provider’s stock worth $7,155,000 after buying an additional 43,679 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Comerica by 3.5% during the third quarter. Bank of New York Mellon Corp now owns 1,267,247 shares of the financial services provider’s stock worth $52,654,000 after acquiring an additional 42,641 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Comerica by 13.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,628 shares of the financial services provider’s stock worth $1,106,000 after purchasing an additional 3,130 shares in the last quarter. Mackenzie Financial Corp lifted its position in Comerica by 607.3% in the third 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 during the period. Finally, Advisor Partners II LLC boosted its holdings in Comerica by 101.3% in the 3rd quarter. Advisor Partners II LLC now owns 31,483 shares of the financial services provider’s stock valued at $1,308,000 after purchasing an additional 15,843 shares in the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.

Comerica Trading Down 1.3 %

NYSE:CMA opened at $53.21 on Wednesday. The stock has a market cap of $7.06 billion, a price-to-earnings ratio of 10.58 and a beta of 1.27. Comerica Incorporated has a one year low of $30.98 and a one year 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. The business’s 50-day simple moving average is $51.87 and its 200 day simple moving average is $50.31.

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

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders 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 yield of 5.34%. The ex-dividend date of this dividend is Friday, June 14th. Comerica’s dividend payout ratio is currently 56.46%.

Insider Transactions at Comerica

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Jefferies Financial Group cut their target price on Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, April 8th. UBS Group lowered their target price on Comerica from $59.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, April 19th. Piper Sandler upped their price objective on Comerica from $54.00 to $56.00 and gave the company a “neutral” rating in a research report on Friday, April 26th. DA Davidson reiterated a “neutral” rating and set a $56.00 price target on shares of Comerica in a report on Wednesday, March 6th. Finally, Bank Of America (Bofa) boosted their price target on Comerica from $52.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, January 18th. Three investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $56.89.

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.