New York State Common Retirement Fund Sells 17,573 Shares of Comerica Incorporated (NYSE:CMA)

New York State Common Retirement Fund lowered its stake in shares of Comerica Incorporated (NYSE:CMA) by 12.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 121,379 shares of the financial services provider’s stock after selling 17,573 shares during the period. New York State Common Retirement Fund owned 0.09% of Comerica worth $6,774,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Fortitude Family Office LLC bought a new stake in Comerica in the 4th quarter valued at $36,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Comerica during the fourth quarter worth approximately $36,000. Authentikos Wealth Advisory LLC bought a new stake in shares of Comerica during the third quarter worth approximately $47,000. FNY Investment Advisers LLC bought a new stake in shares of Comerica during the fourth quarter worth approximately $50,000. Finally, CVA Family Office LLC acquired a new position in shares of Comerica in the fourth quarter valued at approximately $56,000. Institutional investors own 80.74% of the company’s stock.

Comerica Trading Up 2.3 %

Shares of CMA stock opened at $53.07 on Friday. Comerica Incorporated has a twelve month low of $28.40 and a twelve month high of $57.39. The stock’s fifty day simple moving average is $51.62 and its 200 day simple moving average is $49.93. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.26. The firm has a market capitalization of $7.04 billion, a P/E ratio of 10.55 and a beta of 1.27.

Comerica (NYSE:CMA) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share for the quarter, topping 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 return on equity of 16.51% and a net margin of 13.11%. During the same period in the previous year, the business posted $2.39 earnings per share. As a group, sell-side analysts predict that Comerica Incorporated will post 5.16 EPS for the current fiscal year.

Comerica Announces Dividend

The firm also recently declared 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 annualized dividend and a yield of 5.35%. The ex-dividend date is Friday, June 14th. Comerica’s dividend payout ratio (DPR) is currently 56.46%.

Insider Activity

In related 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 value of $382,381.89. Following the sale, the executive vice president now owns 7,236 shares of the company’s stock, valued at $380,541.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Cassandra M. Mckinney sold 7,271 shares of the stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total value of $382,381.89. Following the completion of the sale, the executive vice president now owns 7,236 shares of the company’s stock, valued at $380,541.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Wendy Bridges sold 3,034 shares of Comerica stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 17,460 shares in the company, valued at $920,840.40. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CMA shares. Morgan Stanley restated an “equal weight” rating and issued a $53.00 price target on shares of Comerica in a research note on Monday, April 22nd. UBS Group cut their price objective on shares of Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Piper Sandler raised their target price on shares of Comerica from $54.00 to $56.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. Bank Of America (Bofa) boosted their price target on Comerica from $52.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. Finally, Stephens restated an “overweight” rating and set a $64.00 price objective on shares of Comerica in a research note on Friday, April 19th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Comerica has a consensus rating of “Hold” and a consensus price target of $56.98.

Comerica 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.