New York Life Investment Management LLC Cuts Stake in Comerica Incorporated (NYSE:CMA)

New York Life Investment Management LLC cut its holdings in Comerica Incorporated (NYSE:CMA) by 43.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,336 shares of the financial services provider’s stock after selling 14,093 shares during the quarter. New York Life Investment Management LLC’s holdings in Comerica were worth $1,023,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Raymond James & Associates boosted its stake in shares of Comerica by 34.0% during the third quarter. Raymond James & Associates now owns 172,199 shares of the financial services provider’s stock valued at $7,155,000 after purchasing an additional 43,679 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings 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 worth $52,654,000 after buying an additional 42,641 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted 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 during the period. Mackenzie Financial Corp boosted its position in Comerica by 607.3% during the 3rd quarter. Mackenzie Financial Corp now owns 303,143 shares of the financial services provider’s stock valued at $12,007,000 after acquiring an additional 260,286 shares in the last quarter. Finally, Advisor Partners II LLC increased its holdings in shares of Comerica by 101.3% in the 3rd quarter. Advisor Partners II LLC now owns 31,483 shares of the financial services provider’s stock valued at $1,308,000 after acquiring an additional 15,843 shares during the period. 80.74% of the stock is currently owned by institutional investors.

Insider Activity at Comerica

In other Comerica 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 transaction, the executive vice president now owns 17,460 shares in the company, valued at $920,840.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Wendy Bridges sold 3,034 shares of the business’s 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 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 this hyperlink. Also, EVP Cassandra M. Mckinney sold 7,271 shares of the stock in a transaction on 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 in the company, valued at $380,541.24. The disclosure for this sale can be found here. 0.19% of the stock is owned by company insiders.

Comerica Stock Down 1.3 %

Shares of CMA opened at $53.21 on Wednesday. The stock’s 50-day moving average price is $51.87 and its 200-day moving average price is $50.31. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.26. The company has a market capitalization of $7.06 billion, a price-to-earnings ratio of 10.58 and a beta of 1.27. Comerica Incorporated has a 52 week low of $30.98 and a 52 week high of $57.39.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The business had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $807.57 million. During the same quarter last year, the company earned $2.39 EPS. On average, sell-side analysts predict that Comerica Incorporated will post 5.16 EPS for the current year.

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th 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 5.34%. The ex-dividend date of this dividend is Friday, June 14th. Comerica’s dividend payout ratio (DPR) is presently 56.46%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CMA. Truist Financial decreased their price objective on Comerica from $62.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. Bank Of America (Bofa) lifted their price objective on shares of Comerica from $52.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, January 18th. Keefe, Bruyette & Woods reduced their price objective on shares of Comerica from $60.00 to $58.00 and set a “market perform” rating for the company in a research note on Monday, January 22nd. Jefferies Financial Group cut their price target on shares of Comerica from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Monday, April 8th. Finally, UBS Group decreased their price objective on Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $56.89.

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.