Easterly Investment Partners LLC Buys 48,455 Shares of Comerica Incorporated (NYSE:CMA)

Easterly Investment Partners LLC boosted its stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 323.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 63,415 shares of the financial services provider's stock after buying an additional 48,455 shares during the period. Easterly Investment Partners LLC's holdings in Comerica were worth $3,799,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. V Square Quantitative Management LLC acquired a new stake in Comerica during the 3rd quarter worth approximately $36,000. Family Firm Inc. acquired a new stake in Comerica during the 2nd quarter worth approximately $37,000. UMB Bank n.a. grew its stake in shares of Comerica by 39.3% during the 2nd quarter. UMB Bank n.a. now owns 737 shares of the financial services provider's stock worth $38,000 after acquiring an additional 208 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Comerica by 2,723.3% during the 2nd quarter. Versant Capital Management Inc now owns 847 shares of the financial services provider's stock worth $43,000 after acquiring an additional 817 shares in the last quarter. Finally, Abich Financial Wealth Management LLC grew its stake in shares of Comerica by 50.2% during the 1st quarter. Abich Financial Wealth Management LLC now owns 898 shares of the financial services provider's stock worth $49,000 after acquiring an additional 300 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Comerica

In other Comerica news, EVP James Harry Weber sold 6,500 shares of Comerica stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the transaction, the executive vice president now owns 15,773 shares in the company, valued at $997,326.79. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Bruce Mitchell sold 7,564 shares of the business's stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $62.20, for a total transaction of $470,480.80. Following the sale, the executive vice president now directly owns 16,428 shares in the company, valued at approximately $1,021,821.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP James Harry Weber sold 6,500 shares of the business's stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $63.23, for a total value of $410,995.00. Following the sale, the executive vice president now owns 15,773 shares in the company, valued at approximately $997,326.79. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,609 shares of company stock worth $1,027,839 over the last 90 days. Insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. DA Davidson raised their price target on shares of Comerica from $64.00 to $68.00 and gave the stock a "neutral" rating in a research note on Monday, October 21st. Wedbush raised shares of Comerica from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $52.00 to $75.00 in a research note on Tuesday, September 24th. Truist Financial raised their price target on shares of Comerica from $66.00 to $70.00 and gave the stock a "hold" rating in a research note on Monday, October 21st. The Goldman Sachs Group raised their price target on shares of Comerica from $63.00 to $71.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. Finally, Bank of America cut shares of Comerica from a "neutral" rating to an "underperform" rating and decreased their target price for the company from $55.00 to $52.00 in a research note on Monday, October 7th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $62.81.

Comerica Price Performance

CMA stock traded up $0.90 during midday trading on Friday, reaching $69.11. The company had a trading volume of 1,520,131 shares, compared to its average volume of 2,148,701. The company has a market capitalization of $9.09 billion, a price-to-earnings ratio of 17.32 and a beta of 1.22. The stock has a 50 day moving average price of $60.20 and a 200-day moving average price of $54.90. Comerica Incorporated has a 1-year low of $40.41 and a 1-year high of $70.38. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.97 and a quick ratio of 0.97.

Comerica (NYSE:CMA - Get Free Report) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, beating analysts' consensus estimates of $1.17 by $0.16. Comerica had a return on equity of 12.54% and a net margin of 11.17%. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $806.49 million. During the same quarter in the previous year, the firm earned $1.84 earnings per share. Equities research analysts expect that Comerica Incorporated will post 5.39 earnings per share for the current year.

Comerica announced that its Board of Directors has approved a stock buyback plan on Tuesday, November 5th that authorizes the company to repurchase 10,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Comerica Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Shareholders of record on Friday, December 13th will be given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date is Friday, December 13th. Comerica's dividend payout ratio is presently 71.00%.

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.