PL Capital Advisors LLC Sells 6,000 Shares of Comerica Incorporated (NYSE:CMA)

PL Capital Advisors LLC trimmed its holdings in Comerica Incorporated (NYSE:CMA) by 7.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 78,600 shares of the financial services provider’s stock after selling 6,000 shares during the quarter. Comerica accounts for about 1.5% of PL Capital Advisors LLC’s holdings, making the stock its 20th biggest holding. PL Capital Advisors LLC’s holdings in Comerica were worth $4,387,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Fortitude Family Office LLC purchased a new position in shares of Comerica in the fourth quarter worth $36,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Comerica in the 4th quarter worth about $36,000. Authentikos Wealth Advisory LLC purchased a new stake in shares of Comerica in the 3rd quarter worth about $47,000. FNY Investment Advisers LLC purchased a new stake in shares of Comerica in the 4th quarter worth about $50,000. Finally, CVA Family Office LLC purchased a new stake in shares of Comerica in the 4th quarter worth about $56,000. 80.74% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CMA has been the topic of a number of recent research reports. The Goldman Sachs Group raised shares of Comerica from a “neutral” rating to a “buy” rating and set a $70.50 target price on the stock in a research report on Thursday, January 4th. Jefferies Financial Group dropped their price target on shares of Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, April 8th. Stephens reiterated an “overweight” rating and issued a $64.00 price target on shares of Comerica in a research note on Friday, April 19th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Comerica in a research note on Wednesday, April 10th. They issued a “hold” rating and a $59.00 price target on the stock. Finally, Piper Sandler upped their price target on shares of Comerica from $54.00 to $56.00 and gave the stock a “neutral” rating in a research note on Friday. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $56.98.

Insider Activity

In other news, EVP Wendy Bridges sold 3,034 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were 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 owns 17,460 shares of the company’s stock, valued at approximately $920,840.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, 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 value of $160,013.16. Following the completion of the sale, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at approximately $920,840.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Cassandra M. Mckinney sold 1,616 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the sale, 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. Insiders sold 11,921 shares of company stock valued at $630,693 in the last quarter. 0.19% of the stock is currently owned by insiders.

Comerica Price Performance

CMA opened at $52.07 on Friday. Comerica Incorporated has a 52-week low of $28.40 and a 52-week high of $57.39. The stock has a market capitalization of $6.90 billion, a P/E ratio of 10.35 and a beta of 1.27. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.94 and a current ratio of 0.95. The company’s 50-day simple moving average is $51.54 and its two-hundred day simple moving average is $49.72.

Comerica (NYSE:CMA) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, beating the consensus estimate of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $807.57 million. During the same quarter in the prior year, the firm earned $2.39 EPS. As a group, analysts predict that Comerica Incorporated will post 5.16 EPS for the current year.

Comerica Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 5.45%. The ex-dividend date is Friday, June 14th. Comerica’s payout ratio is currently 56.46%.

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.