Zurcher Kantonalbank Zurich Cantonalbank Increases Stock Position in Comerica Incorporated (NYSE:CMA)

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Comerica Incorporated (NYSE:CMA) by 8.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,923 shares of the financial services provider’s stock after purchasing an additional 2,295 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Comerica were worth $1,614,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Raymond James & Associates increased its stake in Comerica by 18.1% in the 4th quarter. Raymond James & Associates now owns 203,324 shares of the financial services provider’s stock worth $11,348,000 after acquiring an additional 31,125 shares during the last quarter. NewEdge Wealth LLC bought a new position in Comerica during the fourth quarter valued at $10,068,000. Mirae Asset Global Investments Co. Ltd. lifted its position in Comerica by 73.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 56,771 shares of the financial services provider’s stock valued at $3,168,000 after purchasing an additional 23,947 shares during the last quarter. LSV Asset Management grew its stake in shares of Comerica by 3.5% in the 3rd quarter. LSV Asset Management now owns 678,976 shares of the financial services provider’s stock worth $28,211,000 after buying an additional 22,800 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its stake in shares of Comerica by 607.3% during the 3rd quarter. Mackenzie Financial Corp now owns 303,143 shares of the financial services provider’s stock worth $12,007,000 after purchasing an additional 260,286 shares during the period. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Jefferies Financial Group reduced their price objective on shares of Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, April 8th. The Goldman Sachs Group upgraded Comerica from a “neutral” rating to a “buy” rating and set a $70.50 price target on the stock in a report on Thursday, January 4th. UBS Group dropped their price objective on Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Piper Sandler increased their target price on Comerica from $53.00 to $54.00 and gave the stock a “neutral” rating in a research note on Friday, April 19th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Comerica in a research note on Wednesday, April 10th. They set a “hold” rating and a $59.00 target price for the company. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $56.89.

Insider Buying and Selling

In other news, EVP Cassandra M. Mckinney sold 1,616 shares of the company’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $54.64, for a total value of $88,298.24. Following the sale, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Wendy Bridges sold 3,034 shares of the firm’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 sale, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at $920,840.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Cassandra M. Mckinney sold 1,616 shares of Comerica stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the transaction, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at $454,276.96. The disclosure for this sale can be found here. 0.19% of the stock is owned by corporate insiders.

Comerica Stock Up 0.6 %

Shares of CMA stock opened at $52.95 on Thursday. The stock’s fifty day moving average price is $51.49 and its 200 day moving average price is $49.56. Comerica Incorporated has a 1-year low of $28.40 and a 1-year high of $57.39. The company has a market cap of $7.02 billion, a price-to-earnings ratio of 10.53 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 0.94.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.16. The firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $807.57 million. Comerica had a net margin of 13.11% and a return on equity of 16.51%. During the same quarter in the prior year, the company posted $2.39 earnings per share. On average, research analysts expect that Comerica Incorporated will post 5.11 earnings per share for the current fiscal 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 given a $0.71 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.84 dividend on an annualized basis and a yield of 5.36%. Comerica’s dividend 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.