Avaii Wealth Management LLC Makes New Investment in Comerica Incorporated (NYSE:CMA)

Avaii Wealth Management LLC acquired a new stake in Comerica Incorporated (NYSE:CMA) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 12,169 shares of the financial services provider’s stock, valued at approximately $679,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in Comerica during the third quarter worth about $756,000. Czech National Bank lifted its holdings in shares of Comerica by 47.8% in the third quarter. Czech National Bank now owns 23,031 shares of the financial services provider’s stock valued at $957,000 after purchasing an additional 7,444 shares in the last quarter. Linden Thomas Advisory Services LLC acquired a new position in shares of Comerica during the third quarter worth $1,274,000. Raymond James & Associates boosted its stake in shares of Comerica by 34.0% in the third quarter. Raymond James & Associates now owns 172,199 shares of the financial services provider’s stock valued at $7,155,000 after purchasing an additional 43,679 shares during the period. Finally, 1834 Investment Advisors Co. lifted its holdings in Comerica by 3.8% in the 3rd quarter. 1834 Investment Advisors Co. now owns 102,776 shares of the financial services provider’s stock worth $4,270,000 after buying an additional 3,798 shares in the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Truist Financial reduced their price objective on shares of Comerica from $62.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. Raymond James lowered shares of Comerica from an “outperform” rating to a “market perform” rating in a report on Monday, January 22nd. Jefferies Financial Group reduced their price objective on Comerica from $65.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, April 8th. Argus lowered shares of Comerica from a “buy” rating to a “hold” rating in a research note on Monday, January 29th. Finally, Evercore ISI increased their target price on shares of Comerica from $55.00 to $58.00 and gave the company an “in-line” rating in a research report on Thursday, March 28th. Three equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Comerica presently has an average rating of “Hold” and an average target price of $56.98.

Insider Buying and Selling

In other Comerica 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 directly owns 7,236 shares in the company, valued at approximately $380,541.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Cassandra M. Mckinney sold 7,271 shares of the business’s stock in a transaction dated 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 directly owns 7,236 shares in the company, valued at approximately $380,541.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Wendy Bridges sold 3,034 shares of Comerica stock in a transaction dated Monday, February 12th. The stock was 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 approximately $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by insiders.

Comerica Trading Down 0.5 %

Shares of Comerica stock traded down $0.28 on Monday, hitting $51.79. The stock had a trading volume of 449,868 shares, compared to its average volume of 2,071,046. The stock’s 50-day simple moving average is $51.54 and its two-hundred day simple moving average is $49.77. Comerica Incorporated has a one year low of $28.40 and a one year high of $57.39. The stock has a market cap of $6.86 billion, a price-to-earnings ratio of 10.31 and a beta of 1.27. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.26.

Comerica (NYSE:CMA) last issued its quarterly earnings data 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 company 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 company posted $2.39 earnings per share. As a group, sell-side analysts predict that Comerica Incorporated will post 5.16 EPS for the current year.

Comerica Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 5.48%. Comerica’s payout ratio is currently 56.46%.

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.