Top 5 Stock Picks of John D. Gillespie’s Prospector Partners

3. Comerica Incorporated (NYSE:CMA)

Prospector Partners’ Stake Value: $22,113,000

Percentage of Prospector Partners’ 13F Portfolio: 2.83%

Number of Hedge Fund Holders: 33

Comerica Incorporated (NYSE:CMA) is a financial services company from Texas, and is one of the largest US retail banks operating in multiple states. Comerica Incorporated (NYSE:CMA) offers commercial banking, retail banking, and wealth management services to customers. Prospector Partners holds a $22.1 million stake in Comerica Incorporated (NYSE:CMA), which accounts for 2.83% of the firm’s Q3 securities. 

As of June this year, 33 hedge funds tracked by Insider Monkey reported owning stakes worth roughly $547 million in Comerica Incorporated (NYSE:CMA). 

Earnings for the third quarter were disclosed by Comerica Incorporated (NYSE:CMA) on October 20. EPS in Q3 totaled $1.90, beating estimated EPS by $0.26. Comerica Incorporated (NYSE:CMA)’s revenue came in at $755 million, up 6.34% year-over-year. 

Citi analyst Jill Shea on October 28 raised the price target on Comerica Incorporated (NYSE:CMA) from $93 to $100, and kept a Buy rating on the shares. She stated that investors who are looking for high short-term rates ought to choose Comerica Incorporated (NYSE:CMA) for their portfolios, especially since commercial loan growth has also improved.