Harvest Fund Management Co. Ltd Takes Position in Comerica Incorporated (NYSE:CMA)

Harvest Fund Management Co. Ltd bought a new position in Comerica Incorporated (NYSE:CMA) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 2,119 shares of the financial services provider’s stock, valued at approximately $118,000.

Other hedge funds have also added to or reduced their stakes in the company. Fortitude Family Office LLC purchased a new position in shares of Comerica in the fourth quarter worth about $36,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Comerica during the fourth quarter valued at approximately $36,000. Authentikos Wealth Advisory LLC bought a new stake in Comerica during the 3rd quarter valued at $47,000. FNY Investment Advisers LLC purchased a new stake in Comerica during the 4th quarter valued at $50,000. Finally, CVA Family Office LLC bought a new stake in Comerica in the 4th quarter worth $56,000. 80.74% of the stock is owned by institutional investors.

Comerica Stock Performance

Shares of CMA stock opened at $52.16 on Friday. The company has a market capitalization of $6.91 billion, a price-to-earnings ratio of 10.37 and a beta of 1.27. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.94 and a current ratio of 0.95. Comerica Incorporated has a one year low of $28.40 and a one year high of $57.39. The company’s 50-day moving average is $51.51 and its 200 day moving average is $49.58.

Comerica (NYSE:CMA) last issued its 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 firm had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $807.57 million. During the same quarter in the prior year, the firm posted $2.39 earnings per share. Sell-side analysts expect that Comerica Incorporated will post 5.15 EPS for the current fiscal year.

Comerica Dividend Announcement

The firm 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 $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 5.44%. The ex-dividend date of this dividend is Friday, June 14th. Comerica’s dividend payout ratio is currently 56.46%.

Insider Activity at Comerica

In other news, EVP Wendy Bridges sold 3,034 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $52.74, for a total value of $160,013.16. Following the transaction, the executive vice president now directly owns 17,460 shares in the company, valued at approximately $920,840.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, EVP Cassandra M. Mckinney sold 1,616 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $54.64, for a total transaction of $88,298.24. Following the completion of the transaction, the executive vice president now directly owns 8,314 shares in the company, valued at approximately $454,276.96. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Wendy Bridges sold 3,034 shares of Comerica stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $52.74, for a total transaction of $160,013.16. Following the transaction, the executive vice president now directly owns 17,460 shares in the company, valued at approximately $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CMA has been the topic of several recent analyst reports. Barclays raised their target price on Comerica from $49.00 to $59.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 2nd. Piper Sandler upped their target price on Comerica from $53.00 to $54.00 and gave the company a “neutral” rating in a report on Friday, April 19th. Truist Financial cut their price target on shares of Comerica from $62.00 to $60.00 and set a “buy” rating on the stock in a report on Monday. The Goldman Sachs Group upgraded shares of Comerica from a “neutral” rating to a “buy” rating and set a $70.50 price objective for the company in a report on Thursday, January 4th. Finally, Keefe, Bruyette & Woods reduced their price target 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. Three equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Comerica presently has an average rating of “Hold” and a consensus price target of $56.89.

Comerica Company 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.