Federated Hermes Inc. Has $81,000 Position in Comerica Incorporated (NYSE:CMA)

Federated Hermes Inc. cut its holdings in Comerica Incorporated (NYSE:CMA) by 56.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,446 shares of the financial services provider’s stock after selling 1,875 shares during the quarter. Federated Hermes Inc.’s holdings in Comerica were worth $81,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its stake in shares of Comerica by 3.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,294,605 shares of the financial services provider’s stock worth $136,891,000 after acquiring an additional 115,446 shares during the last quarter. Invesco Ltd. boosted its position in Comerica by 4.4% in the 3rd quarter. Invesco Ltd. now owns 3,097,572 shares of the financial services provider’s stock valued at $128,704,000 after buying an additional 130,997 shares during the last quarter. North Reef Capital Management LP boosted its holdings in Comerica by 43.0% in the third quarter. North Reef Capital Management LP now owns 2,880,000 shares of the financial services provider’s stock valued at $119,664,000 after acquiring an additional 865,870 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its position in Comerica by 129.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 1,930,045 shares of the financial services provider’s stock worth $107,716,000 after purchasing an additional 1,088,330 shares during the period. Finally, Adage Capital Partners GP L.L.C. boosted its stake in shares of Comerica by 46.1% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,462,906 shares of the financial services provider’s stock valued at $60,784,000 after purchasing an additional 461,741 shares during the last quarter. 80.74% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CMA. Piper Sandler boosted their price target on shares of Comerica from $54.00 to $56.00 and gave the stock a “neutral” rating in a research note on Friday, April 26th. Evercore ISI raised their price target on Comerica from $55.00 to $58.00 and gave the stock an “in-line” rating in a research report on Thursday, March 28th. UBS Group dropped their price objective on Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, April 19th. Royal Bank of Canada raised their target price on Comerica from $61.00 to $62.00 and gave the stock an “outperform” rating in a report on Friday, April 19th. Finally, Bank Of America (Bofa) increased their price target on shares of Comerica from $52.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, January 18th. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Comerica currently has an average rating of “Hold” and a consensus target price of $56.89.

Insider Activity

In other news, EVP Cassandra M. Mckinney sold 7,271 shares of the company’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 sale, the executive vice president now directly owns 7,236 shares of the company’s stock, valued at approximately $380,541.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Wendy Bridges sold 3,034 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was 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 of the company’s stock, valued at approximately $920,840.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Cassandra M. Mckinney sold 7,271 shares of the firm’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 directly owns 7,236 shares of the company’s stock, valued at approximately $380,541.24. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

Comerica Price Performance

Shares of CMA opened at $53.93 on Tuesday. Comerica Incorporated has a twelve month low of $30.98 and a twelve month high of $57.39. The company has a 50 day moving average of $51.69 and a 200-day moving average of $50.12. The stock has a market capitalization of $7.15 billion, a P/E ratio of 10.56 and a beta of 1.27. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 1.26.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 EPS for the quarter, beating the consensus estimate of $1.13 by $0.16. The firm had revenue of $1.26 billion during 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 prior year, the firm posted $2.39 earnings per share. As a group, equities research analysts forecast that Comerica Incorporated will post 5.16 EPS for the current fiscal year.

Comerica Announces Dividend

The company also recently declared 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. This represents a $2.84 dividend on an annualized basis and a yield of 5.27%. The ex-dividend date is Friday, June 14th. Comerica’s dividend payout ratio is currently 56.46%.

About Comerica

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.