Artemis Investment Management LLP Reduces Stock Position in Comerica Incorporated (NYSE:CMA)

Artemis Investment Management LLP reduced its holdings in shares of Comerica Incorporated (NYSE:CMA) by 31.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 378,765 shares of the financial services provider’s stock after selling 177,034 shares during the quarter. Artemis Investment Management LLP owned about 0.29% of Comerica worth $20,820,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CMA. Hsbc Holdings PLC lifted its stake in shares of Comerica by 8.9% during the 3rd quarter. Hsbc Holdings PLC now owns 142,255 shares of the financial services provider’s stock valued at $5,926,000 after buying an additional 11,601 shares in the last quarter. Federated Hermes Inc. lifted its stake in shares of Comerica by 188.3% during the 3rd quarter. Federated Hermes Inc. now owns 3,321 shares of the financial services provider’s stock valued at $138,000 after buying an additional 2,169 shares in the last quarter. Natixis Advisors L.P. lifted its stake in shares of Comerica by 790.8% during the 3rd quarter. Natixis Advisors L.P. now owns 144,745 shares of the financial services provider’s stock valued at $6,014,000 after buying an additional 128,496 shares in the last quarter. Treasurer of the State of North Carolina lifted its stake in shares of Comerica by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 57,789 shares of the financial services provider’s stock valued at $2,401,000 after buying an additional 300 shares in the last quarter. Finally, Bank of Nova Scotia lifted its stake in Comerica by 13.3% in the 3rd quarter. Bank of Nova Scotia now owns 9,085 shares of the financial services provider’s stock worth $377,000 after purchasing an additional 1,066 shares in the last quarter. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Stephens reiterated an “overweight” rating and issued a $64.00 target price on shares of Comerica in a research note on Tuesday, June 11th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Comerica in a research note on Wednesday, April 10th. They issued a “hold” rating and a $59.00 target price on the stock. The Goldman Sachs Group lowered their target price on shares of Comerica from $69.00 to $62.00 and set a “buy” rating on the stock in a research note on Tuesday, June 4th. UBS Group lowered their target price on shares of Comerica from $59.00 to $55.00 and set a “neutral” rating on the stock in a research note on Friday, April 19th. Finally, Citigroup cut shares of Comerica from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $60.00 to $56.00 in a research note on Monday, May 6th. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Comerica presently has a consensus rating of “Hold” and an average price target of $56.13.

Comerica Price Performance

CMA stock opened at $51.04 on Friday. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.95 and a current ratio of 0.95. Comerica Incorporated has a 52 week low of $37.40 and a 52 week high of $57.39. The firm’s fifty day moving average is $50.67 and its 200 day moving average is $51.98. The firm has a market cap of $6.77 billion, a P/E ratio of 10.15 and a beta of 1.25.

Comerica (NYSE:CMA) last released its quarterly earnings data on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.26 billion for the quarter, compared to analysts’ expectations of $807.57 million. During the same quarter in the previous year, the company earned $2.39 earnings per share. Research analysts predict that Comerica Incorporated will post 5.08 earnings per share for the current year.

Comerica Announces Dividend

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 given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.56%. The ex-dividend date of this dividend is Friday, June 14th. Comerica’s payout ratio is 56.46%.

Insider Buying and Selling at Comerica

In other Comerica news, EVP Cassandra M. Mckinney sold 7,271 shares of the business’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $52.59, for a total value of $382,381.89. Following the transaction, the executive vice president now owns 7,236 shares in the company, valued at $380,541.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.19% of the company’s stock.

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.