Cassandra M. McKinney, the Executive Vice President of Comerica Inc . (NYSE:CMA), has recently sold a significant number of shares in the company. On April 24, 2024, McKinney parted with 7,271 shares of Comerica's common stock, with the transaction totaling approximately $382,381. The shares were sold at a price of $52.59 each.
This sale has adjusted McKinney's holdings in Comerica, leaving her with 7,236 shares following the transaction. The details of this sale were made public through a regulatory filing with the U.S. Securities and Exchange Commission (SEC).
Comerica Inc., a financial services company headquartered in Dallas, Texas, is known for its commercial banking services. The sale by one of its top executives may interest investors who closely monitor insider transactions as potential indicators of a company's financial health or future performance.
It's important for investors to note that the sale of these shares is a routine disclosure, and such transactions are common among corporate executives who may sell stock for personal financial management reasons, including diversification and liquidity.
As of the date of the report, Comerica's stock is traded on the New York Stock Exchange, and the company continues to be a significant player in the national commercial banking sector.
InvestingPro Insights
Comerica Inc. (NYSE:CMA) has been a topic of interest for investors, particularly with recent insider transactions. In light of these events, it's worth considering the company's current financial metrics and what InvestingPro Tips might say about its prospects.
The company's market capitalization stands at $6.91 billion, reflecting its substantial presence in the commercial banking sector. With a P/E ratio of 10.37, and an adjusted P/E ratio for the last twelve months as of Q1 2024 at 10.06, Comerica appears to be valued reasonably in the market relative to its earnings. Additionally, the company has a dividend yield of 5.45%, which is particularly notable since Comerica has maintained dividend payments for 54 consecutive years, a testament to its stability and commitment to shareholder returns.
InvestingPro Tips suggest a mixed financial outlook for Comerica. While analysts have revised their earnings downwards for the upcoming period, indicating potential challenges ahead, they also predict the company will be profitable this year. This is supported by the fact that Comerica has been profitable over the last twelve months. Moreover, the company has experienced a large price uptick over the last six months, with a 35.71% total return, signaling strong investor confidence.
For investors seeking a deeper analysis and more InvestingPro Tips for Comerica, they can find additional insights on the platform. Currently, there are 11 additional tips listed for Comerica on InvestingPro, which can be accessed at https://www.investing.com/pro/CMA. To enrich your investment strategy, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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