Kestra Advisory Services LLC grew its stake in Comerica Incorporated (NYSE:CMA) by 50.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,459 shares of the financial services provider’s stock after acquiring an additional 1,841 shares during the quarter. Kestra Advisory Services LLC’s holdings in Comerica were worth $392,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in CMA. Fort Pitt Capital Group LLC bought a new stake in Comerica in the fourth quarter valued at approximately $32,000. First Command Bank acquired a new stake in shares of Comerica in the first quarter valued at approximately $37,000. Salem Investment Counselors Inc. bought a new position in shares of Comerica in the 4th quarter valued at about $47,000. Creative Financial Designs Inc. ADV acquired a new stake in shares of Comerica in the first quarter valued at about $51,000. Finally, FAI Wealth Management bought a new stake in Comerica during the fourth quarter worth about $55,000. Institutional investors and hedge funds own 79.90% of the company’s stock.
In related news, EVP Jay K. Oberg sold 4,000 shares of the company’s stock in a transaction that occurred on Monday, May 3rd. The shares were sold at an average price of $74.61, for a total transaction of $298,440.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mauricio A. Ortiz sold 800 shares of the stock in a transaction that occurred on Tuesday, May 4th. The stock was sold at an average price of $73.42, for a total transaction of $58,736.00. The disclosure for this sale can be found here. Insiders sold a total of 8,600 shares of company stock worth $642,176 over the last 90 days. 0.67% of the stock is currently owned by company insiders.
Comerica (NYSE:CMA) last issued its quarterly earnings data on Monday, April 19th. The financial services provider reported $2.43 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $1.06. Comerica had a return on equity of 11.74% and a net margin of 29.86%. The firm had revenue of $713.00 million during the quarter, compared to analyst estimates of $722.96 million. During the same period in the previous year, the company posted ($0.46) EPS. On average, research analysts forecast that Comerica Incorporated will post 6.82 EPS for the current year.
Comerica announced that its Board of Directors has initiated a share buyback plan on Tuesday, April 27th that allows the company to buyback 10,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 1st. Stockholders of record on Tuesday, June 15th will be paid a dividend of $0.68 per share. The ex-dividend date is Monday, June 14th. This represents a $2.72 annualized dividend and a dividend yield of 3.69%. Comerica’s payout ratio is currently 83.18%.
A number of brokerages recently weighed in on CMA. Zacks Investment Research downgraded shares of Comerica from a “buy” rating to a “hold” rating and set a $76.00 target price on the stock. in a report on Tuesday, March 9th. Truist Securities upgraded Comerica from a “hold” rating to a “buy” rating and increased their price target for the company from $72.00 to $100.00 in a research note on Tuesday, May 11th. Citigroup raised shares of Comerica from a “neutral” rating to a “buy” rating and increased their price target for the company from $65.00 to $90.00 in a report on Thursday, April 29th. TheStreet upgraded Comerica from a “c+” rating to a “b” rating in a report on Tuesday, April 20th. Finally, B. Riley lowered Comerica from a “buy” rating to a “neutral” rating in a research note on Friday, March 5th. They noted that the move was a valuation call. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $71.04.
Comerica Company Profile
Comerica Incorporated, through its subsidiaries, provides various financial products and services. It 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, 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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