11,964 Shares in Comerica Incorporated (NYSE:CMA) Purchased by Persistent Asset Partners Ltd

Key Points

• Persistent Asset Partners Ltd recently acquired 11,964 shares of Comerica Incorporated, valued at approximately $707,000, in the first quarter of 2023.
• Comerica reported earnings of $1.42 per share for the last quarter, exceeding consensus estimates of $1.23, along with revenue of $849 million.
• The company has declared a quarterly dividend of $0.71, which will be paid on October 1st, representing an annualized yield of 4.3%.

Persistent Asset Partners Ltd acquired a new position in shares of Comerica Incorporated (NYSE:CMA - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 11,964 shares of the financial services provider's stock, valued at approximately $707,000.

Other hedge funds also recently modified their holdings of the company. M&T Bank Corp grew its stake in shares of Comerica by 11.2% during the first quarter. M&T Bank Corp now owns 13,215 shares of the financial services provider's stock valued at $780,000 after purchasing an additional 1,326 shares during the last quarter. Bank of Nova Scotia acquired a new stake in shares of Comerica during the fourth quarter worth $1,320,000. Bessemer Group Inc. raised its holdings in shares of Comerica by 3.8% during the first quarter. Bessemer Group Inc. now owns 11,273 shares of the financial services provider's stock worth $666,000 after acquiring an additional 414 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Comerica by 11.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 107,173 shares of the financial services provider's stock worth $6,293,000 after acquiring an additional 11,148 shares during the period. Finally, tru Independence LLC raised its holdings in shares of Comerica by 5.9% during the first quarter. tru Independence LLC now owns 85,075 shares of the financial services provider's stock worth $5,024,000 after acquiring an additional 4,772 shares during the period. Institutional investors and hedge funds own 80.74% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CMA. UBS Group set a $64.00 price objective on shares of Comerica and gave the stock a "neutral" rating in a report on Monday, July 21st. Piper Sandler lifted their price target on shares of Comerica from $60.00 to $65.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Citigroup lifted their price target on shares of Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. lifted their price target on shares of Comerica from $52.00 to $60.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. Finally, Wells Fargo & Company lowered their price objective on shares of Comerica from $67.00 to $55.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 22nd. Five research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $64.40.

Comerica Stock Performance

NYSE CMA opened at $65.86 on Tuesday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $8.46 billion, a price-to-earnings ratio of 12.62, a P/E/G ratio of 12.06 and a beta of 0.94. The firm's 50 day simple moving average is $62.06 and its 200 day simple moving average is $59.96. Comerica Incorporated has a 1 year low of $48.12 and a 1 year high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.19. The business had revenue of $849.00 million for the quarter, compared to analyst estimates of $844.39 million. Comerica had a net margin of 14.92% and a return on equity of 10.92%. During the same quarter last year, the business posted $1.49 EPS. As a group, research analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.84 annualized dividend and a yield of 4.3%. Comerica's dividend payout ratio is presently 54.41%.

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.

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