Comerica Becomes a $157 Million Top Holding as Shares Surge 41% Year Over Year
Key Points
Florida-based HoldCo Asset Management acquired 2.29 million shares of Comerica in the third quarter.
The move resulted in an estimated $156.94 million increase.
Comerica is the fund’s largest holding, comprising 16.56% of reported AUM.
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On November 13, Florida-based HoldCo Asset Management disclosed a new position in Comerica (NYSE:CMA), adding 2.29 million shares for an estimated $156.94 million.
What Happened
According to a U.S. Securities and Exchange Commission (SEC) filing published November 13, HoldCo Asset Management established a new stake in Comerica (NYSE:CMA), acquiring 2.29 million shares. The position was valued at $156.94 million as of September 30, making Comerica the largest holding in the fund’s 13F-reported portfolio.
What Else to Know
The new position accounts for 16.56% of 13F assets under management.
Top holdings after the filing:
- NYSE: CMA: $156.94 million (16.6% of AUM)
- NASDAQ: COLB: $147.30 million (15.6% of AUM)
- NASDAQ: FIBK: $125.89 million (13.3% of AUM)
- NASDAQ: EBC: $116.32 million (12.3% of AUM)
- NYSE: CFG: $110.91 million (11.7% of AUM)
As of Thursday, CMA shares were priced at $86.93, up 41% over the past year and well outperforming the S&P 500, which is instead up about 16% in the same period.
Company Overview
| Metric | Value |
|---|---|
| Price (as of Thursday) | $86.93 |
| Market Capitalization | $11.11 billion |
| Revenue (TTM) | $3.34 billion |
| Net Income (TTM) | $717.00 million |
Company Snapshot
- Comerica provides a broad suite of financial products and services, including commercial loans, deposit accounts, cash management, wealth management, and consumer lending.
- Main customers include small and middle-market businesses, multinational corporations, government entities, and individual consumers.
- It operates across Texas, California, Michigan, Arizona, Florida, Canada, and Mexico, serving a diverse client base in key U.S. markets.
Comerica is a leading regional financial institution with a diversified business model spanning commercial banking, retail banking, and wealth management. The company leverages its strong presence in major markets to serve a wide range of clients, from businesses to individuals. Its focus on relationship-driven banking and comprehensive financial solutions supports its competitive position in the regional banking sector.
Foolish Take
A $156.94 million position does not become a portfolio’s largest holding by accident, especially when it represents roughly 17% of reported assets. This is a bet on durability in a sector that has had a tumultuous few years. The S&P Regional Banks Select Industry Index is up about 9% over the past year and still 18% below 2022 highs, so Comerica’s outperformance is certainly notable.
The bank’s latest quarter helps explain why. The bank posted $176 million in third-quarter net income, or $1.35 per share, down from $184 million one year ago but supported by stable net interest income of $574 million and average deposits rising to $62.7 billion. Capital remains a clear strength. The common equity tier 1 ratio stood near 11.9%, well above management’s long-term target, while $150 million in share repurchases during the quarter reinforced balance sheet confidence even as noninterest income softened.
More broadly, this fund’s top holdings cluster tightly around regional banks including Columbia Banking System, First Interstate, Eastern Bankshares, and Citizens Financial, making Comerica a deliberate overweight rather than a one-off trade. The stock’s 41% gain over the past year suggests much of the easy rebound is gone, but the appeal here is likely operational steadiness, not a rerating miracle.
Glossary
13F assets under management: The total value of securities a fund reports in its quarterly SEC Form 13F filing.
Position: The amount of a particular security or asset held by an investor or fund.
Stake: The ownership interest or share held in a company by an investor or fund.
Dividend yield: Annual dividends per share divided by the share price, expressed as a percentage.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Regional banking sector: Banks that primarily serve customers within specific geographic areas, rather than nationwide or globally.
Portfolio: The collection of investments held by an individual or institution.
Assets under management (AUM): The total market value of investments managed by a fund or financial institution.
Outperforming: Achieving a higher return than a benchmark or comparable investment.
New position: The initial purchase of a security or asset not previously held in a portfolio.
Holding: A security or asset currently owned within a portfolio.
Commercial loans: Loans provided by banks to businesses for various purposes, such as expansion or working capital.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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