Picton Mahoney Asset Management Invests $417,000 in Comerica Incorporated (NYSE:CMA)

Picton Mahoney Asset Management acquired a new position in Comerica Incorporated (NYSE:CMA) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,466 shares of the financial services provider’s stock, valued at approximately $417,000.

A number of other institutional investors have also made changes to their positions in the business. Spire Wealth Management increased its stake in Comerica by 95.9% in the 4th quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after buying an additional 235 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new stake in Comerica during the fourth quarter worth about $36,000. Fortitude Family Office LLC bought a new stake in Comerica during the fourth quarter worth about $36,000. FNY Investment Advisers LLC acquired a new position in Comerica during the fourth quarter valued at approximately $50,000. Finally, CVA Family Office LLC bought a new position in Comerica in the fourth quarter valued at approximately $56,000. Institutional investors own 80.74% of the company’s stock.

Insider Buying and Selling

In other Comerica news, EVP Wendy Bridges sold 3,034 shares of the company’s 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 in the company, valued at $920,840.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Comerica news, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now owns 17,460 shares of the company’s stock, valued at $920,840.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Cassandra M. Mckinney sold 7,271 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president now owns 7,236 shares in the company, valued at $380,541.24. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by company insiders.

Comerica Price Performance

Comerica stock opened at $53.88 on Thursday. The firm has a market cap of $7.14 billion, a PE ratio of 10.71 and a beta of 1.27. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95. The stock’s fifty day moving average price is $51.98 and its two-hundred day moving average price is $50.34. Comerica Incorporated has a one year low of $30.98 and a one year high of $57.39.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $807.57 million. During the same quarter last year, the business earned $2.39 earnings per share. As a group, research analysts expect that Comerica Incorporated will post 5.16 EPS for the current fiscal year.

Comerica Dividend Announcement

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

Wall Street Analysts Forecast Growth

CMA has been the subject of several recent analyst reports. Truist Financial cut their price objective on Comerica from $62.00 to $60.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Evercore ISI boosted their price objective on shares of Comerica from $55.00 to $58.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Stephens reiterated an “overweight” rating and issued a $64.00 target price on shares of Comerica in a research note on Friday, April 19th. Piper Sandler lifted their price target on Comerica from $54.00 to $56.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. Finally, Keefe, Bruyette & Woods dropped their price objective on Comerica from $60.00 to $58.00 and set a “market perform” rating on the stock in a research note on Monday, January 22nd. Three 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, the company currently has a consensus rating of “Hold” and a consensus price target of $56.89.

Comerica Company 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.