Retirement Systems of Alabama Sells 733 Shares of Comerica Incorporated (NYSE:CMA)

Retirement Systems of Alabama trimmed its holdings in shares of Comerica Incorporated (NYSE:CMA) by 2.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 29,063 shares of the financial services provider’s stock after selling 733 shares during the quarter. Retirement Systems of Alabama’s holdings in Comerica were worth $1,622,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the business. Charles Schwab Investment Management Inc. grew its position in shares of Comerica by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,294,605 shares of the financial services provider’s stock valued at $136,891,000 after acquiring an additional 115,446 shares during the period. Invesco Ltd. grew its position in shares of Comerica by 4.4% during the 3rd quarter. Invesco Ltd. now owns 3,097,572 shares of the financial services provider’s stock valued at $128,704,000 after acquiring an additional 130,997 shares during the period. North Reef Capital Management LP grew its position in shares of Comerica by 43.0% during the 3rd quarter. North Reef Capital Management LP now owns 2,880,000 shares of the financial services provider’s stock valued at $119,664,000 after acquiring an additional 865,870 shares during the period. Vaughan Nelson Investment Management L.P. increased its stake in shares of Comerica by 129.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,930,045 shares of the financial services provider’s stock worth $107,716,000 after purchasing an additional 1,088,330 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its position in shares of Comerica by 46.1% during 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 period. Institutional investors own 80.74% of the company’s stock.

Insider Activity

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

Wall Street Analyst Weigh In

CMA has been the subject of several recent analyst reports. Piper Sandler upped their target price on shares of Comerica from $54.00 to $56.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. Raymond James cut Comerica from an “outperform” rating to a “market perform” rating in a report on Monday, January 22nd. Royal Bank of Canada lifted their price objective on shares of Comerica from $61.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, April 19th. Jefferies Financial Group dropped their target price on shares of Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Finally, DA Davidson reiterated a “neutral” rating and issued a $56.00 price target on shares of Comerica in a report on Wednesday, March 6th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Comerica presently has an average rating of “Hold” and an average price target of $56.89.

Comerica Stock Performance

Shares of NYSE:CMA opened at $53.88 on Thursday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.26. Comerica Incorporated has a 12 month low of $30.98 and a 12 month high of $57.39. The company has a market capitalization of $7.14 billion, a price-to-earnings ratio of 10.71 and a beta of 1.27. The firm’s 50-day moving average is $51.98 and its 200 day moving average is $50.34.

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 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 business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $807.57 million. During the same quarter in the previous year, the business earned $2.39 earnings per share. Research analysts predict that Comerica Incorporated will post 5.16 EPS for the current year.

Comerica Dividend Announcement

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

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.