Phocas Financial Corp. Makes New $4.94 Million Investment in Comerica Incorporated (NYSE:CMA)

Phocas Financial Corp. bought a new stake in Comerica Incorporated (NYSE:CMA) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 116,702 shares of the financial services provider’s stock, valued at approximately $4,943,000. Phocas Financial Corp. owned about 0.09% of Comerica at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Forest Hill Capital LLC lifted its position in Comerica by 9.7% in the fourth quarter. Forest Hill Capital LLC now owns 113,089 shares of the financial services provider’s stock valued at $7,560,000 after buying an additional 10,000 shares during the last quarter. SkyOak Wealth LLC lifted its position in Comerica by 74.4% in the first quarter. SkyOak Wealth LLC now owns 9,368 shares of the financial services provider’s stock valued at $407,000 after buying an additional 3,997 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Comerica by 38.6% in the first quarter. Russell Investments Group Ltd. now owns 330,554 shares of the financial services provider’s stock valued at $14,354,000 after buying an additional 92,040 shares during the last quarter. Ellevest Inc. lifted its position in Comerica by 114.3% in the first quarter. Ellevest Inc. now owns 3,478 shares of the financial services provider’s stock valued at $151,000 after buying an additional 1,855 shares during the last quarter. Finally, HRT Financial LP lifted its position in Comerica by 39.8% in the fourth quarter. HRT Financial LP now owns 84,543 shares of the financial services provider’s stock valued at $5,651,000 after buying an additional 24,075 shares during the last quarter. Institutional investors and hedge funds own 81.94% of the company’s stock.

Comerica Stock Performance

Shares of CMA stock traded down $0.46 during trading hours on Tuesday, hitting $42.80. The stock had a trading volume of 611,484 shares, compared to its average volume of 3,266,776. The firm has a market capitalization of $5.64 billion, a PE ratio of 4.49, a PEG ratio of 1.32 and a beta of 1.23. Comerica Incorporated has a twelve month low of $28.40 and a twelve month high of $80.21. The stock’s 50 day moving average is $48.90 and its 200 day moving average is $44.99. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.93 and a quick ratio of 0.93.

Comerica (NYSE:CMA) last posted its quarterly earnings data on Friday, July 21st. The financial services provider reported $2.01 earnings per share for the quarter, beating the consensus estimate of $1.86 by $0.15. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $904.80 million. Comerica had a return on equity of 25.54% and a net margin of 27.01%. During the same period in the prior year, the company earned $1.92 earnings per share. As a group, research analysts forecast that Comerica Incorporated will post 7.72 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, October 1st. Stockholders of record on Friday, September 15th will be issued a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 6.64%. The ex-dividend date of this dividend is Thursday, September 14th. Comerica’s payout ratio is currently 29.65%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CMA shares. Morgan Stanley reiterated an “equal weight” rating and set a $45.00 price target on shares of Comerica in a research note on Monday, July 24th. The Goldman Sachs Group boosted their price target on shares of Comerica from $47.00 to $54.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 25th. DA Davidson boosted their price target on shares of Comerica from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Tuesday, August 8th. Stephens reiterated an “overweight” rating and set a $64.00 price target on shares of Comerica in a research note on Tuesday, September 12th. Finally, StockNews.com started coverage on shares of Comerica in a research note on Thursday, August 17th. They set a “sell” rating on the stock. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Comerica currently has a consensus rating of “Hold” and an average price target of $61.06.

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, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services, as well as payment and card services for small and middle market businesses, multinational corporations, and governmental entities.