SSgA Funds Management, Inc. has recently announced that it has increased stake in Comerica, Inc. (NYSE:CMA) by 0.93%. After grabbing 6.69 million shares, the institutional investor is now in possession of 61355.0 shares of the Financial Company. The new investment brought the stake of investor firm to 5.08% having worth around $263.59 million. Moreover, First Trust Advisors LP increased its share by 0.16 million to have a control over 4.91 million shares. And AllianceBernstein LP raised its holdings to 0.76 million shares by acquiring 3.67 million shares or 2.79% of the stake.
Comerica, Inc. (CMA) concluded trading on 12/14/23 at a closing price of $56.81, with 4.66 million shares of worth about $264.59 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 32.49% during that period and on Thursday the price saw a gain of about 7.09%. Currently the company’s common shares owned by public are about 130.97M shares, out of which, 130.92M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 127 times over the past 12 months. They bought 209,320 shares in 47 of the transactions. In 80 selling transactions, insiders dumped 78,765 shares.
Vanguard Total Stock Market ETF, First Trust Rising Dividend Achie, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in Comerica, Inc. Vanguard Total Stock Market ETF is currently holding 4.11 million shares of worth totaling $162.13 million. The company recently came buying 29802.0 shares which brought its stake up to 3.12% of the company’s outstanding shares. First Trust Rising Dividend Achie bought 3246.0 shares, after which its hold over company’s outstanding shares expand to 2.84%, leaving 3.75 million shares with the mutual fund that have a worth of about $147.64 million. Vanguard Small Cap Index Fund, after buying 3.4 million shares, have now control over 2.58% of the stake in the company. It holds 7544.0 shares of worth $133.93 million.
However, the stock later moved at a day high price of 57.39, or with a gain of 7.09%. Stock saw a price change of 15.37% in past 5 days and over the past one month there was a price change of 28.59%. Year-to-date (YTD), CMA shares are showing a performance of -15.02% which decreased to -14.30% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $28.40 but also hit the highest price of $77.34 during that period. The average intraday trading volume for Comerica, Inc. shares is 2.08 million. The stock is currently trading 21.85% above its 20-day simple moving average (SMA20), while that difference is up 31.69% for SMA50 and it goes to 27.37% higher than SMA200.
SSgA Funds Management, Inc. acquired 6.69 million shares of Comerica, Inc. having value of about $263.59 million. Data submitted at the U.S SEC by SSgA Funds Management, Inc. revealed that the firm now holds 61355.0 shares in the company valued at close to $3485577.55, or have control over 0.93% stake in the company. Comerica, Inc. (NYSE: CMA) currently have 130.97M outstanding shares and institutions hold larger chunk of about 80.99% of that. Holding of mutual funds in the company is about 46.94% while other institutional holders and individual stake holders have control over 5.04% and 34.39% of the stake respectively.
The stock has a current market capitalization of $7.49B and its 3Y-monthly beta is at 1.31. PE ratio of stock for trailing 12 months is 6.43, while it has posted earnings per share of $8.84 in the same period. It has a debt-to-equity ratio of 2.18. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CMA, volatility over the week remained 3.85% while standing at 3.43% over the month.
Analysts are in expectations that Comerica, Inc. (CMA) stock would likely to be making an EPS of $1.32 in the current quarter, while forecast for next quarter EPS is $1.31 and it is $5.69 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.7 which is $1.53 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $2.58 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -9.81% while it is estimated to decrease by -25.27% in next year. EPS is likely to shrink at an annualized rate of -10.70% for next 5-years, compared to annual growth of 15.27% made by the stock over the past 5-years.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by JP Morgan on December 12, 2023 offering a Neutral rating for the stock and assigned a target price of $57 to it.
