Los Angeles Capital Management LLC Invests $6.07 Million in Comerica Incorporated (NYSE:CMA)

Los Angeles Capital Management LLC acquired a new stake in shares of Comerica Incorporated (NYSE:CMA) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 108,763 shares of the financial services provider’s stock, valued at approximately $6,070,000. Los Angeles Capital Management LLC owned approximately 0.08% of Comerica as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of CMA. SG Americas Securities LLC bought a new position in Comerica during the 3rd quarter valued at $756,000. Raymond James & Associates raised its holdings in shares of Comerica by 34.0% in the 3rd quarter. Raymond James & Associates now owns 172,199 shares of the financial services provider’s stock worth $7,155,000 after purchasing an additional 43,679 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Comerica by 3.5% during the third quarter. Bank of New York Mellon Corp now owns 1,267,247 shares of the financial services provider’s stock valued at $52,654,000 after purchasing an additional 42,641 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Comerica by 13.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,628 shares of the financial services provider’s stock worth $1,106,000 after buying an additional 3,130 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in Comerica by 607.3% in the third quarter. Mackenzie Financial Corp now owns 303,143 shares of the financial services provider’s stock worth $12,007,000 after buying an additional 260,286 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on CMA. Stephens reissued an “overweight” rating and set a $64.00 price objective on shares of Comerica in a research note on Friday, April 19th. Piper Sandler lifted their price target on Comerica from $54.00 to $56.00 and gave the stock a “neutral” rating in a research note on Friday, April 26th. Morgan Stanley reiterated an “equal weight” rating and issued a $53.00 target price on shares of Comerica in a report on Monday, April 22nd. Raymond James lowered shares of Comerica from an “outperform” rating to a “market perform” rating in a report on Monday, January 22nd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Comerica in a research report on Wednesday, April 10th. They issued a “hold” rating and a $59.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $56.98.

Insiders Place Their Bets

In related news, EVP Wendy Bridges sold 3,034 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was 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 in the company, valued at approximately $920,840.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Comerica news, EVP Wendy Bridges sold 3,034 shares of the stock in a transaction 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 sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Cassandra M. Mckinney sold 7,271 shares of the company’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total transaction of $382,381.89. Following the transaction, the executive vice president now directly owns 7,236 shares of the company’s stock, valued at approximately $380,541.24. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Comerica Stock Up 2.3 %

Comerica stock opened at $53.07 on Friday. The company has a market capitalization of $7.04 billion, a P/E ratio of 10.55 and a beta of 1.27. Comerica Incorporated has a 1-year low of $28.40 and a 1-year high of $57.39. The firm’s fifty day simple moving average is $51.69 and its 200-day simple moving average is $50.06. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 1.26.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. Comerica had a return on equity of 16.51% and a net margin of 13.11%. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $807.57 million. During the same quarter in the previous year, the firm earned $2.39 earnings per share. Sell-side analysts forecast that Comerica Incorporated will post 5.16 earnings per share for the current fiscal year.

Comerica Dividend Announcement

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 issued a $0.71 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.84 annualized dividend and a yield of 5.35%. Comerica’s dividend payout ratio (DPR) is presently 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.