MCF Advisors LLC Has $39,000 Position in Comerica Incorporated (NYSE:CMA)

MCF Advisors LLC lifted its stake in Comerica Incorporated (NYSE:CMA) by 56.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 633 shares of the financial services provider’s stock after acquiring an additional 228 shares during the quarter. MCF Advisors LLC’s holdings in Comerica were worth $39,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of CMA. State Street Corp grew its stake in Comerica by 2.0% in the third quarter. State Street Corp now owns 4,977,670 shares of the financial services provider’s stock valued at $301,745,000 after purchasing an additional 96,084 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Comerica by 5.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,306,042 shares of the financial services provider’s stock valued at $257,975,000 after buying an additional 226,285 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in Comerica by 31.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 2,408,820 shares of the financial services provider’s stock worth $144,312,000 after buying an additional 574,516 shares during the last quarter. Azora Capital LP raised its position in Comerica by 7.8% during the third quarter. Azora Capital LP now owns 2,230,369 shares of the financial services provider’s stock valued at $133,621,000 after acquiring an additional 161,181 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Comerica by 1.4% in the third quarter. Geode Capital Management LLC now owns 2,111,845 shares of the financial services provider’s stock valued at $126,555,000 after acquiring an additional 29,661 shares during the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Stock Performance

NYSE:CMA opened at $62.73 on Thursday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.97. The firm has a 50-day moving average price of $65.83 and a 200 day moving average price of $60.78. The firm has a market capitalization of $8.25 billion, a PE ratio of 15.68 and a beta of 1.26. Comerica Incorporated has a 12-month low of $45.32 and a 12-month high of $73.45.

Comerica (NYSE:CMA) last posted its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.05). Comerica had a return on equity of 12.54% and a net margin of 11.17%. During the same period in the prior year, the company posted $1.46 EPS. Research analysts anticipate that Comerica Incorporated will post 5.38 earnings per share for the current fiscal year.

Comerica announced that its Board of Directors has authorized a share buyback plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.53%. The ex-dividend date of this dividend was Friday, December 13th. Comerica’s payout ratio is 71.00%.

Insider Buying and Selling

In related news, EVP Allysun C. Fleming sold 1,392 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $68.83, for a total transaction of $95,811.36. Following the sale, the executive vice president now directly owns 8,730 shares in the company, valued at $600,885.90. This represents a 13.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on CMA shares. Piper Sandler raised their price target on shares of Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Barclays boosted their price target on Comerica from $66.00 to $68.00 and gave the stock an “underweight” rating in a research report on Monday, January 6th. The Goldman Sachs Group downgraded Comerica from a “buy” rating to a “neutral” rating and cut their price objective for the company from $85.00 to $71.00 in a research note on Tuesday, January 7th. Stephens upped their target price on Comerica from $64.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. Finally, Evercore ISI lifted their price target on shares of Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research report on Wednesday, October 30th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $67.71.

Comerica 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.