Pathstone Family Office LLC Increases Position in Comerica Incorporated (NYSE:CMA)

Posted by on Mar 13th, 2023

Pathstone Family Office LLC boosted its holdings in shares of Comerica Incorporated (NYSE:CMA – Get Rating) by 8.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,207 shares of the financial services provider’s stock after acquiring an additional 936 shares during the period. Pathstone Family Office LLC’s holdings in Comerica were worth $872,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. CWM LLC boosted its holdings in Comerica by 11.4% in the 3rd quarter. CWM LLC now owns 3,703 shares of the financial services provider’s stock valued at $263,000 after purchasing an additional 378 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Comerica by 0.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,928,269 shares of the financial services provider’s stock valued at $137,118,000 after purchasing an additional 15,653 shares during the last quarter. Quantamental Technologies LLC acquired a new position in Comerica in the 2nd quarter valued at about $323,000. Premier Asset Management LLC acquired a new position in Comerica in the 2nd quarter valued at about $241,000. Finally, Teacher Retirement System of Texas boosted its holdings in Comerica by 100.8% in the 3rd quarter. Teacher Retirement System of Texas now owns 42,095 shares of the financial services provider’s stock valued at $2,993,000 after purchasing an additional 21,129 shares during the last quarter. Hedge funds and other institutional investors own 81.91% of the company’s stock.

Insider Activity at Comerica

In related news, EVP Cassandra M. Mckinney sold 3,262 shares of the stock in a transaction on Friday, January 27th. The shares were sold at an average price of $72.76, for a total value of $237,343.12. Following the transaction, the executive vice president now directly owns 6,825 shares of the company’s stock, valued at approximately $496,587. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.76% of the company’s stock.

Comerica Trading Down 5.0 %

Shares of NYSE:CMA opened at $58.81 on Monday. Comerica Incorporated has a 52 week low of $56.90 and a 52 week high of $97.52. The company’s 50 day moving average is $70.46 and its two-hundred day moving average is $71.55. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The company has a market cap of $7.72 billion, a PE ratio of 6.94, a P/E/G ratio of 1.87 and a beta of 1.20.

Comerica (NYSE:CMA – Get Rating) last announced its quarterly earnings data on Thursday, January 19th. The financial services provider reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.56 by $0.02. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. Comerica had a net margin of 30.72% and a return on equity of 20.75%. During the same period in the prior year, the firm posted $1.66 EPS. Equities analysts predict that Comerica Incorporated will post 9.57 earnings per share for the current fiscal year.

Comerica Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, April 1st. Investors of record on Wednesday, March 15th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.83%. This is an increase from Comerica’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend is Tuesday, March 14th. Comerica’s dividend payout ratio (DPR) is 33.53%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CMA shares. The Goldman Sachs Group boosted their target price on shares of Comerica from $75.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, January 23rd. JPMorgan Chase & Co. upped their price objective on shares of Comerica from $72.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, January 23rd. Odeon Capital Group upgraded shares of Comerica from a “hold” rating to a “buy” rating and set a $76.36 price objective on the stock in a report on Tuesday, January 10th. Wolfe Research upped their price objective on shares of Comerica from $79.00 to $80.00 in a report on Thursday, December 1st. Finally, Morgan Stanley decreased their price objective on shares of Comerica from $89.00 to $85.00 and set an “equal weight” rating on the stock in a report on Thursday, December 15th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $82.79.

Comerica Profile

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Comerica, Inc engages in the provision of financial services. It operates through the following segments: Commercial Bank, Retail Bank, Wealth Management, Finance, and Other. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services.

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Institutional Ownership by Quarter for Comerica (NYSE:CMA)

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