Rafferty Asset Management LLC Buys 4,540 Shares of Comerica Incorporated (NYSE:CMA)

Rafferty Asset Management LLC raised its stake in Comerica Incorporated (NYSE:CMAFree Report) by 8.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 57,179 shares of the financial services provider’s stock after acquiring an additional 4,540 shares during the quarter. Rafferty Asset Management LLC’s holdings in Comerica were worth $3,191,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of CMA. Raymond James & Associates increased its holdings in shares of Comerica by 18.1% during the fourth quarter. Raymond James & Associates now owns 203,324 shares of the financial services provider’s stock worth $11,348,000 after purchasing an additional 31,125 shares during the period. Avaii Wealth Management LLC bought a new position in shares of Comerica during the fourth quarter worth approximately $679,000. NewEdge Wealth LLC bought a new position in shares of Comerica during the fourth quarter worth approximately $10,068,000. Aigen Investment Management LP bought a new position in shares of Comerica during the fourth quarter worth approximately $891,000. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Comerica by 1.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 47,903 shares of the financial services provider’s stock worth $2,673,000 after purchasing an additional 501 shares during the period. 80.74% of the stock is owned by institutional investors.

Insider Buying and Selling

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 transaction of $382,381.89. Following the completion of the transaction, the executive vice president now owns 7,236 shares of the company’s stock, valued at $380,541.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.19% of the stock is owned by insiders.

Comerica Price Performance

Shares of NYSE:CMA opened at $48.05 on Friday. Comerica Incorporated has a 52 week low of $37.40 and a 52 week high of $57.39. The firm’s fifty day moving average is $51.98 and its 200-day moving average is $51.82. The firm has a market cap of $6.37 billion, a PE ratio of 9.55 and a beta of 1.25. 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:CMAGet Free Report) last announced its earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $807.57 million. During the same quarter last year, the firm earned $2.39 earnings per share. Sell-side analysts predict that Comerica Incorporated will post 5.19 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. Investors of record on Friday, June 14th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 5.91%. The ex-dividend date of this dividend is Friday, June 14th. Comerica’s dividend payout ratio is presently 56.46%.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Jefferies Financial Group lowered their target price on shares of Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, April 8th. DA Davidson reaffirmed a “neutral” rating and set a $56.00 target price on shares of Comerica in a report on Wednesday, March 6th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Comerica in a research note on Wednesday, April 10th. They issued a “hold” rating and a $59.00 price objective on the stock. 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 note on Friday, April 19th. Finally, Stephens reissued an “overweight” rating and issued a $64.00 price objective on shares of Comerica in a research note on Thursday, May 23rd. Three analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $56.50.

Check Out Our Latest Stock Analysis on CMA

Comerica Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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