BlackRock Fund Advisors recently announced the acquisition of new stake in Comerica Incorporated (NYSE:CMA). The institutional investor has increased its shareholding in the Financial company by 0.74% to 10.69 million shares with purchase of 78753.0 shares. This fresh investment now brings its stake to 8.11% valued currently at $576.61 million. In addition, SSgA Funds Management, Inc. raised its holdings by 0.19 million to 6.63 million shares. And First Trust Advisors LP has lifted its position by 22.64% or 0.88 million shares – to 4.76 million shares.
With over 3.79 million Comerica Incorporated (CMA) shares trading Tuesday and a closing price of $45.47 on the day, the dollar volume was approximately $172.34 million. The shares have shown a positive half year performance of 6.89% and its price on 09/12/23 lost nearly -1.84%. Currently, there are 132.00M common shares owned by the public and among those 130.96M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 26 analysts who have offered their price forecasts for CMA have a consensus price objective of $57.23. The analysts have set the share’s price value over the next 12 months at a high of $75.00 and a low of $45.00. The average price target is 21.15% above its recent price level and a downside to the estimated low will see the stock lose -1.04% over that period. But an upside of 39.37% will see the stock hit the forecast high price target while median target price for the stock is $57.00.
Insiders at the company have transacted a total of 136 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 48 of these insider trades were purchases, accounting for 209,729 shares. Insider sales of the common stock occurred on 88 occasions, with total insider shares sold totaling 95,988 shares.
The top 3 mutual fund holders in Comerica Incorporated are Vanguard Total Stock Market ETF, First Trust Rising Dividend Achie, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market ETF owns 4.08 million shares of the company’s stock, all valued at over $219.9 million. The company sold 4406.0 shares recently to bring their total holdings to about 3.09% of the shares outstanding. First Trust Rising Dividend Achie bought 6606.0 shares to see its total holdings expand to 3.78 million shares valued at over $204.02 million and representing 2.87% of the shares outstanding. Vanguard Small Cap Index Fund bought 14186.0 shares to bring its total holdings to over 3.42 million shares at a value of $184.27 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.59% of the shares outstanding.
Shares of Comerica Incorporated (NYSE: CMA) opened at $45.48, down -$0.84 from a prior closing price of $46.32. However, the script later moved the day high at 46.46, down -1.84%. The company’s stock has a 5-day price change of -6.29% and 10.82% over the past three months. CMA shares are trading -31.98% year to date (YTD), with the 12-month market performance down to -46.23% lower. It has a 12-month low price of $28.40 and touched a high of $86.42 over the same period. CMA has an average intraday trading volume of 2.37 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.75%, -6.75%, and -14.92% respectively.
Institutional ownership of Comerica Incorporated (NYSE: CMA) shares accounts for 84.90% of the company’s 132.00M shares outstanding. Mutual fund holders own 48.26%, while other institutional holders and individual stakeholders account for 5.04% and 35.82% respectively.
It has a market capitalization of $5.84B and a beta (3y monthly) value of 1.25. The stock’s trailing 12-month PE ratio is 4.73, while the earnings-per-share (ttm) stands at $9.61. The company has a debt-to-equity ratio at 0.58. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.26% over the week and 3.06% over the month.
Analysts forecast that Comerica Incorporated (CMA) will achieve an EPS of $Chipotle Mexican Grill, Inc. for the current quarter, $1,933.01 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Comerica Incorporated while analysts give the company a high EPS estimate of $Cummins Inc.. Comparatively, EPS for the current quarter was $CME Group Inc. a year ago. Earnings per share for the fiscal year are expected to increase by 1.40%, and -17.67% over the next financial year. EPS should shrink at an annualized rate of -10.70% over the next five years, compared to 12.20% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate Comerica Incorporated (CMA) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 13 Wall Street analysts polled rate the stock as a buy, while 8 of the 26 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the CMA, a number of firms have released research notes about the stock. Odeon stated their Buy rating for the stock in a research note on June 05, 2023, with the firm’s price target at $47.24.