Kodai Capital Management LP Invests $32.86 Million in Comerica Incorporated $CMA

Key Points

• Kodai Capital Management LP has acquired 556,455 shares of Comerica Incorporated, valued at approximately $32.86 million, making Comerica its 25th largest investment.
• Recent analyst ratings have seen Comerica's target prices increased, with Keefe, Bruyette & Woods setting a new target at $73.00 while maintaining an "outperform" rating.
• Comerica announced a quarterly dividend of $0.71 per share to be paid on October 1st, reflecting a 4.0% dividend yield.

Kodai Capital Management LP purchased a new position in shares of Comerica Incorporated (NYSE:CMA - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 556,455 shares of the financial services provider's stock, valued at approximately $32,864,000. Comerica makes up about 1.3% of Kodai Capital Management LP's investment portfolio, making the stock its 25th largest position. Kodai Capital Management LP owned 0.42% of Comerica at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CMA. MorganRosel Wealth Management LLC purchased a new stake in Comerica in the first quarter valued at $33,000. Gen Wealth Partners Inc purchased a new stake in Comerica in the first quarter valued at $34,000. Quarry LP boosted its holdings in Comerica by 152.0% in the fourth quarter. Quarry LP now owns 867 shares of the financial services provider's stock valued at $54,000 after purchasing an additional 523 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Comerica during the 1st quarter worth about $55,000. Finally, UMB Bank n.a. boosted its stake in shares of Comerica by 19.4% during the 1st quarter. UMB Bank n.a. now owns 1,777 shares of the financial services provider's stock worth $105,000 after acquiring an additional 289 shares in the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on CMA shares. Truist Financial raised their target price on shares of Comerica from $61.00 to $68.00 and gave the stock a "hold" rating in a research note on Thursday, July 24th. Jefferies Financial Group raised their target price on shares of Comerica from $70.00 to $75.00 and gave the stock a "hold" rating in a research note on Wednesday. Stephens reissued an "equal weight" rating on shares of Comerica in a research note on Monday, July 21st. Raymond James Financial reissued a "market perform" rating on shares of Comerica in a research note on Tuesday, July 8th. Finally, Piper Sandler raised their target price on shares of Comerica from $60.00 to $65.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Five equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $64.65.

Insider Transactions at Comerica

In other Comerica news, insider James Mcgregor Carr sold 4,000 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $67.28, for a total value of $269,120.00. Following the completion of the transaction, the insider directly owned 33,471 shares of the company's stock, valued at approximately $2,251,928.88. This trade represents a 10.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Allysun C. Fleming sold 2,100 shares of the firm's stock in a transaction that occurred 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 directly owned 9,424 shares of the company's stock, valued at approximately $631,690.72. This trade represents a 18.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.10% of the company's stock.

Comerica Stock Down 0.7%

Shares of CMA stock traded down $0.48 on Wednesday, reaching $69.59. 610,369 shares of the stock were exchanged, compared to its average volume of 1,979,349. 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 business's 50 day moving average price is $65.89 and its 200 day moving average price is $60.29. The company has a market capitalization of $8.94 billion, a price-to-earnings ratio of 13.34, a PEG ratio of 12.73 and a beta of 0.97. Comerica Incorporated has a twelve month low of $48.12 and a twelve month high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.19. Comerica had a net margin of 14.92% and a return on equity of 10.92%. The firm had revenue of $849.00 million during the quarter, compared to analysts' expectations of $844.39 million. During the same period in the previous year, the company earned $1.49 earnings per share. As a group, sell-side analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a $0.71 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a yield of 4.1%. Comerica's dividend payout ratio (DPR) is 54.41%.

About Comerica

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.