Contravisory Investment Management Inc. Takes Position in Comerica Incorporated (NYSE:CMA)

Contravisory Investment Management Inc. bought a new stake in Comerica Incorporated (NYSE:CMA) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 9,047 shares of the financial services provider’s stock, valued at approximately $497,000.

Other hedge funds have also modified their holdings of the company. Spire Wealth Management raised its position in shares of Comerica by 95.9% in the fourth quarter. Spire Wealth Management now owns 480 shares of the financial services provider’s stock valued at $25,000 after buying an additional 235 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in Comerica during the fourth quarter worth about $36,000. Fortitude Family Office LLC acquired a new stake in Comerica during the fourth quarter worth about $36,000. FNY Investment Advisers LLC acquired a new stake in Comerica during the fourth quarter worth about $50,000. Finally, Cullen Frost Bankers Inc. acquired a new stake in Comerica during the fourth quarter worth about $51,000. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CMA has been the subject of a number of recent analyst reports. DA Davidson reiterated a “neutral” rating and set a $56.00 price target on shares of Comerica in a research report on Wednesday, March 6th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $58.00 price target on shares of Comerica in a research report on Tuesday, June 11th. Royal Bank of Canada lowered their price objective on shares of Comerica from $62.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, June 12th. Morgan Stanley reissued an “equal weight” rating and issued a $53.00 price objective on shares of Comerica in a research note on Monday, April 22nd. Finally, Truist Financial lowered their price objective on shares of Comerica from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Thursday, June 13th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Comerica currently has a consensus rating of “Hold” and an average target price of $56.30.

Insiders Place Their Bets

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the business’s 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 sale, the executive vice president now directly owns 7,236 shares in the company, valued at approximately $380,541.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.19% of the company’s stock.

Comerica Stock Performance

Shares of Comerica stock opened at $47.80 on Monday. The firm’s fifty day simple moving average is $50.86 and its 200-day simple moving average is $52.05. The stock has a market capitalization of $6.34 billion, a price-to-earnings ratio of 9.50 and a beta of 1.25. Comerica Incorporated has a 12 month low of $37.40 and a 12 month high of $57.39. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.95.

Comerica (NYSE:CMA) last announced its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.16. The company had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $807.57 million. Comerica had a net margin of 13.11% and a return on equity of 16.51%. During the same period in the previous year, the company posted $2.39 EPS. As a group, equities analysts forecast that Comerica Incorporated will post 5.13 earnings per share for the current year.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.84 annualized dividend and a yield of 5.94%. Comerica’s dividend payout ratio is currently 56.46%.

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.