FJ Capital Management LLC Buys 258,299 Shares of Comerica Incorporated $CMA

Key Points

• FJ Capital Management LLC increased its stake in Comerica Incorporated by 351.7%, acquiring an additional 258,299 shares in the first quarter, making Comerica its 18th largest holding.
• Comerica announced a quarterly dividend of $0.71, payable on October 1st, which represents an annualized yield of 4.0%.
• Analysts have a mixed outlook on Comerica, with five rating it a Buy, eleven a Hold, and five a Sell, as they set an average price target of $64.40.

FJ Capital Management LLC raised its position in Comerica Incorporated (NYSE:CMA - Free Report) by 351.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 331,747 shares of the financial services provider's stock after acquiring an additional 258,299 shares during the period. Comerica makes up about 2.0% of FJ Capital Management LLC's holdings, making the stock its 18th largest position. FJ Capital Management LLC owned 0.25% of Comerica worth $19,593,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CMA. Price T Rowe Associates Inc. MD grew its stake in Comerica by 8.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 86,047 shares of the financial services provider's stock valued at $5,323,000 after acquiring an additional 6,746 shares during the period. Northern Trust Corp boosted its position in shares of Comerica by 26.9% during the fourth quarter. Northern Trust Corp now owns 1,900,261 shares of the financial services provider's stock valued at $117,531,000 after buying an additional 402,992 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Comerica by 102.7% during the fourth quarter. AQR Capital Management LLC now owns 464,879 shares of the financial services provider's stock valued at $28,753,000 after buying an additional 235,482 shares during the last quarter. Schonfeld Strategic Advisors LLC boosted its position in shares of Comerica by 49.3% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 60,399 shares of the financial services provider's stock valued at $3,736,000 after buying an additional 19,946 shares during the last quarter. Finally, Algert Global LLC boosted its position in shares of Comerica by 54.2% during the fourth quarter. Algert Global LLC now owns 122,258 shares of the financial services provider's stock valued at $7,562,000 after buying an additional 42,952 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company's stock.

Comerica Stock Performance

Comerica stock traded down $1.74 during mid-day trading on Friday, reaching $68.86. 1,213,688 shares of the company's stock were exchanged, compared to its average volume of 1,679,237. The business's fifty day simple moving average is $66.55 and its 200 day simple moving average is $60.38. The firm has a market capitalization of $8.85 billion, a PE ratio of 13.19, a P/E/G ratio of 12.74 and a beta of 0.97. Comerica Incorporated has a one year low of $48.12 and a one year high of $73.45. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84.

Comerica (NYSE:CMA - Get Free Report) last issued its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, topping analysts' consensus estimates 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 return on equity of 10.92% and a net margin of 14.92%.During the same period last year, the company posted $1.49 earnings per share. On average, sell-side analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Comerica's dividend payout ratio is currently 54.41%.

Insiders Place Their Bets

In other news, EVP Allysun C. Fleming sold 2,100 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $67.03, for a total transaction of $140,763.00. Following the transaction, the executive vice president owned 9,424 shares of the company's stock, valued at $631,690.72. This represents a 18.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James Mcgregor Carr sold 4,000 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $67.28, for a total value of $269,120.00. Following the transaction, the insider directly owned 33,471 shares in the company, valued at $2,251,928.88. This represents a 10.67% decrease in their position. The disclosure for this sale can be found here. 0.19% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CMA shares. Jefferies Financial Group lifted their target price on Comerica from $70.00 to $75.00 and gave the company a "hold" rating in a research report on Wednesday. Citigroup lifted their target price on Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Truist Financial lifted their target price on Comerica from $61.00 to $68.00 and gave the company a "hold" rating in a research report on Thursday, July 24th. UBS Group set a $64.00 target price on Comerica and gave the company a "neutral" rating in a research report on Monday, July 21st. Finally, Keefe, Bruyette & Woods lifted their target price on Comerica from $69.00 to $73.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $64.65.

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.