GAMMA Investing LLC Raises Stake in Comerica Incorporated (NYSE:CMA)

GAMMA Investing LLC boosted its position in Comerica Incorporated (NYSE:CMA) by 35.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,585 shares of the financial services provider’s stock after buying an additional 1,457 shares during the period. GAMMA Investing LLC’s holdings in Comerica were worth $335,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Comerica by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 16,878,129 shares of the financial services provider’s stock valued at $941,968,000 after buying an additional 676,959 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Comerica by 51.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,045,656 shares of the financial services provider’s stock valued at $206,468,000 after buying an additional 1,370,886 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Comerica by 51.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,564,217 shares of the financial services provider’s stock valued at $143,109,000 after buying an additional 870,812 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in Comerica by 1.1% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,834,304 shares of the financial services provider’s stock valued at $93,621,000 after buying an additional 19,068 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Comerica by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 1,533,857 shares of the financial services provider’s stock valued at $78,288,000 after buying an additional 130,458 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company’s stock.

Comerica Stock Up 2.5 %

NYSE CMA opened at $59.33 on Thursday. The business has a fifty day moving average price of $56.58 and a 200 day moving average price of $53.37. Comerica Incorporated has a one year low of $37.40 and a one year high of $61.84. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market cap of $7.87 billion, a P/E ratio of 11.80 and a beta of 1.23.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, July 19th. The financial services provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $812.79 million. During the same period in the prior year, the company earned $2.01 EPS. Research analysts anticipate that Comerica Incorporated will post 5.06 EPS for the current fiscal year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.79%. The ex-dividend date was Friday, September 13th. Comerica’s dividend payout ratio is currently 56.46%.

Analyst Ratings Changes

A number of brokerages have issued reports on CMA. Keefe, Bruyette & Woods raised Comerica from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $50.00 to $69.00 in a report on Thursday, September 5th. Raymond James raised Comerica from a “market perform” rating to an “outperform” rating and set a $60.00 price target for the company in a report on Tuesday, July 2nd. Barclays decreased their price target on Comerica from $59.00 to $56.00 and set an “underweight” rating for the company in a report on Monday, July 22nd. Piper Sandler boosted their price target on Comerica from $51.00 to $52.00 and gave the company a “neutral” rating in a report on Monday, July 22nd. Finally, Truist Financial boosted their price target on Comerica from $53.00 to $66.00 and gave the company a “hold” rating in a report on Friday, September 20th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Comerica currently has an average rating of “Hold” and an average target price of $59.62.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the sale, the executive vice president now directly owns 27,910 shares in the company, valued at $1,605,104.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.19% of the stock is owned by company 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.