Los Angeles Capital Management LLC Makes New $6.07 Million Investment in Comerica Incorporated (NYSE:CMA)

Los Angeles Capital Management LLC purchased a new stake in Comerica Incorporated (NYSE:CMA) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 108,763 shares of the financial services provider’s stock, valued at approximately $6,070,000.

A number of other institutional investors have also added to or reduced their stakes in CMA. Fortitude Family Office LLC acquired a new stake in shares of Comerica during the fourth quarter valued at about $36,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Comerica during the fourth quarter valued at $36,000. Authentikos Wealth Advisory LLC acquired a new position in shares of Comerica during the third quarter worth $47,000. FNY Investment Advisers LLC acquired a new position in shares of Comerica during the fourth quarter worth $50,000. Finally, CVA Family Office LLC bought a new stake in shares of Comerica in the fourth quarter worth $56,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CMA shares. Raymond James lowered Comerica from an “outperform” rating to a “market perform” rating in a research report on Monday, January 22nd. Argus downgraded shares of Comerica from a “buy” rating to a “hold” rating in a research report on Monday, January 29th. Piper Sandler boosted their price target on shares of Comerica from $54.00 to $56.00 and gave the stock a “neutral” rating in a research report on Friday, April 26th. Royal Bank of Canada increased their price objective on shares of Comerica from $61.00 to $62.00 and gave the stock an “outperform” rating in a research report on Friday, April 19th. Finally, DA Davidson restated a “neutral” rating and issued a $56.00 target price on shares of Comerica in a report on Wednesday, March 6th. Three research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $56.98.

Comerica Stock Performance

Shares of CMA opened at $53.07 on Friday. The firm has a market capitalization of $7.04 billion, a P/E ratio of 10.55 and a beta of 1.27. Comerica Incorporated has a 52 week low of $28.40 and a 52 week high of $57.39. The stock has a 50 day moving average price of $51.69 and a two-hundred day moving average price of $50.06. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.94 and a current ratio of 0.95.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.16. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $807.57 million. Comerica had a return on equity of 16.51% and a net margin of 13.11%. During the same quarter in the prior year, the company posted $2.39 earnings per share. Equities analysts forecast that Comerica Incorporated will post 5.16 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.35%. The ex-dividend date is Friday, June 14th. Comerica’s payout ratio is currently 56.46%.

Insider Buying and Selling

In other 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 value of $382,381.89. Following the completion of the transaction, the executive vice president now directly owns 7,236 shares of the company’s stock, valued at $380,541.24. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Comerica 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 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 filing with the SEC, which can be accessed through this hyperlink. Also, EVP Wendy Bridges sold 3,034 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $52.74, for a total transaction of $160,013.16. Following the transaction, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is owned by corporate insiders.

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.