Alaska Permanent Fund Corp Sells 1,544 Shares of Comerica Incorporated (NYSE:CMA)

Alaska Permanent Fund Corp decreased its holdings in Comerica Incorporated (NYSE:CMA) by 2.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 53,856 shares of the financial services provider’s stock after selling 1,544 shares during the period. Alaska Permanent Fund Corp’s holdings in Comerica were worth $3,006,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Raymond James & Associates boosted its position in Comerica by 18.1% during the fourth quarter. Raymond James & Associates now owns 203,324 shares of the financial services provider’s stock valued at $11,348,000 after acquiring an additional 31,125 shares during the last quarter. NewEdge Wealth LLC bought a new stake in Comerica during the fourth quarter valued at $10,068,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Comerica by 73.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 56,771 shares of the financial services provider’s stock valued at $3,168,000 after acquiring an additional 23,947 shares during the last quarter. LSV Asset Management boosted its position in Comerica by 3.5% during the third quarter. LSV Asset Management now owns 678,976 shares of the financial services provider’s stock valued at $28,211,000 after acquiring an additional 22,800 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its position in Comerica by 607.3% during the third 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 during the last quarter. Institutional investors own 80.74% of the company’s stock.

Comerica Stock Up 0.6 %

NYSE:CMA traded up $0.31 on Wednesday, hitting $52.95. The stock had a trading volume of 1,587,651 shares, compared to its average volume of 2,115,087. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.94 and a current ratio of 0.95. The stock has a market cap of $7.02 billion, a P/E ratio of 10.47 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 $51.44 and its two-hundred day simple moving average is $49.54.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The company had revenue of $1.26 billion during the quarter, compared to analyst estimates of $807.57 million. During the same quarter last year, the business posted $2.39 EPS. Analysts predict that Comerica Incorporated will post 5.11 earnings per share for the current year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a dividend of $0.71 per share. The ex-dividend date is Friday, June 14th. This represents a $2.84 annualized dividend and a dividend yield of 5.36%. Comerica’s payout ratio is currently 56.46%.

Insider Transactions at Comerica

In other news, EVP Cassandra M. Mckinney sold 1,616 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the sale, the executive vice president now owns 8,314 shares in the company, valued at approximately $454,276.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Cassandra M. Mckinney sold 1,616 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $54.64, for a total value of $88,298.24. Following the completion of the transaction, the executive vice president now directly owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Wendy Bridges sold 3,034 shares of the firm’s 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 transaction, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Raymond James cut shares of Comerica from an “outperform” rating to a “market perform” rating in a research report on Monday, January 22nd. UBS Group cut their price objective on shares of Comerica from $59.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, April 19th. Piper Sandler increased their price objective on shares of Comerica from $53.00 to $54.00 and gave the stock a “neutral” rating in a research report on Friday, April 19th. Keefe, Bruyette & Woods cut their price objective on shares of Comerica from $60.00 to $58.00 and set a “market perform” rating on the stock in a research report on Monday, January 22nd. Finally, Barclays increased their price objective on shares of Comerica from $49.00 to $59.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 2nd. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price 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.