Pinnacle Wealth Planning Services Inc. Purchases New Position in Comerica Incorporated $CMA

Key Points

• Pinnacle Wealth Planning Services Inc. has acquired 3,794 shares of Comerica Incorporated, valued at approximately $224,000, marking a new stake in the 1st quarter.
• Comerica's quarterly dividend of $0.71 will be paid on October 1st, representing an annualized yield of 4.0% for shareholders of record.
• Comerica's current analysts' ratings reflect a mix of recommendations, with five analysts rating it as a Buy, while the average target price is $64.40.

Pinnacle Wealth Planning Services Inc. purchased a new position in shares of Comerica Incorporated (NYSE:CMA - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,794 shares of the financial services provider's stock, valued at approximately $224,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CMA. Price T Rowe Associates Inc. MD lifted its stake in Comerica by 8.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 86,047 shares of the financial services provider's stock valued at $5,323,000 after buying an additional 6,746 shares in the last quarter. Northern Trust Corp lifted its stake in Comerica by 26.9% in the 4th quarter. Northern Trust Corp now owns 1,900,261 shares of the financial services provider's stock valued at $117,531,000 after buying an additional 402,992 shares in the last quarter. AQR Capital Management LLC lifted its stake in Comerica by 102.7% in the 4th quarter. AQR Capital Management LLC now owns 464,879 shares of the financial services provider's stock valued at $28,753,000 after buying an additional 235,482 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its stake in Comerica by 49.3% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 60,399 shares of the financial services provider's stock valued at $3,736,000 after buying an additional 19,946 shares in the last quarter. Finally, Algert Global LLC lifted its stake in Comerica by 54.2% in the 4th quarter. Algert Global LLC now owns 122,258 shares of the financial services provider's stock valued at $7,562,000 after buying an additional 42,952 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company's stock.

Insiders Place Their Bets

In other news, EVP Allysun C. Fleming sold 2,100 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $67.03, for a total transaction of $140,763.00. Following the completion of the sale, the executive vice president directly owned 9,424 shares in the company, valued at $631,690.72. This represents a 18.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider James Mcgregor Carr sold 4,000 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $67.28, for a total value of $269,120.00. Following the sale, the insider owned 33,471 shares of the company's stock, valued at approximately $2,251,928.88. The trade was a 10.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. UBS Group set a $64.00 target price on Comerica and gave the company a "neutral" rating in a research note on Monday, July 21st. Keefe, Bruyette & Woods upped their target price on Comerica from $69.00 to $73.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. DA Davidson set a $60.00 target price on Comerica and gave the company a "neutral" rating in a research note on Monday, July 21st. Jefferies Financial Group boosted their price target on Comerica from $70.00 to $75.00 and gave the company a "hold" rating in a report on Wednesday. Finally, Raymond James Financial reiterated a "market perform" rating on shares of Comerica in a report on Tuesday, July 8th. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $64.65.

Comerica Trading Down 2.5%

Shares of CMA stock traded down $1.74 on Friday, reaching $68.86. 1,213,688 shares of the stock were exchanged, compared to its average volume of 1,679,237. The stock has a market cap of $8.85 billion, a P/E ratio of 13.19, a price-to-earnings-growth ratio of 12.74 and a beta of 0.97. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84. The firm has a 50 day moving average of $66.55 and a two-hundred day moving average of $60.38. Comerica Incorporated has a 1-year low of $48.12 and a 1-year high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.19. The business had revenue of $849.00 million during the quarter, compared to the consensus estimate of $844.39 million. Comerica had a return on equity of 10.92% and a net margin of 14.92%.During the same period in the prior year, the firm posted $1.49 EPS. On average, research analysts anticipate that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Monday, September 15th. Comerica's dividend payout ratio is presently 54.41%.

Comerica Profile

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.