Adage Capital Partners GP L.L.C. Lowers Holdings in Comerica Incorporated $CMA

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Comerica by 1.7%, selling 5,251 shares and now holds approximately 0.23% of the company, valued at $18.16 million.
• Institutional investors control 80.74% of Comerica's shares, with notable increases from several firms, including Rhino Investment Partners Inc which raised its position by 35.4% this quarter.
• Comerica recently announced a quarterly dividend of $0.71 per share, yielding 4.1%, with an annualized dividend payout ratio of 54.41%.

Adage Capital Partners GP L.L.C. cut its position in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 1.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 307,427 shares of the financial services provider's stock after selling 5,251 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.23% of Comerica worth $18,157,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Primecap Management Co. CA boosted its holdings in shares of Comerica by 228.8% during the 1st quarter. Primecap Management Co. CA now owns 1,670,110 shares of the financial services provider's stock valued at $98,637,000 after buying an additional 1,162,110 shares in the last quarter. Azora Capital LP lifted its position in Comerica by 53.7% during the 1st quarter. Azora Capital LP now owns 1,899,198 shares of the financial services provider's stock valued at $112,167,000 after acquiring an additional 663,513 shares during the period. Kodai Capital Management LP bought a new stake in Comerica during the first quarter worth about $32,864,000. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Comerica by 29.7% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,149,591 shares of the financial services provider's stock worth $132,952,000 after purchasing an additional 492,381 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Comerica by 9.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,508,229 shares of the financial services provider's stock valued at $325,308,000 after purchasing an additional 472,409 shares in the last quarter. Institutional investors own 80.74% of the company's stock.

Comerica Stock Performance

CMA stock traded up $0.18 on Thursday, hitting $69.43. The company had a trading volume of 1,286,379 shares, compared to its average volume of 1,681,153. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.84. Comerica Incorporated has a 12-month low of $48.12 and a 12-month high of $73.45. The stock has a market cap of $8.92 billion, a price-to-earnings ratio of 13.30, a P/E/G ratio of 12.46 and a beta of 0.97. The stock's 50-day simple moving average is $67.14 and its 200 day simple moving average is $60.46.

Comerica (NYSE:CMA - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.19. The company had revenue of $849.00 million during the quarter, compared to analysts' expectations of $844.39 million. Comerica had a return on equity of 10.92% and a net margin of 14.92%.During the same quarter in the prior year, the business earned $1.49 earnings per share. As a group, equities research analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on CMA shares. Keefe, Bruyette & Woods boosted their target price on Comerica from $69.00 to $73.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. Truist Financial lifted their price target on Comerica from $61.00 to $68.00 and gave the stock a "hold" rating in a research report on Thursday, July 24th. Raymond James Financial reissued a "market perform" rating on shares of Comerica in a research report on Tuesday, July 8th. Cantor Fitzgerald initiated coverage on shares of Comerica in a report on Wednesday. They issued a "neutral" rating and a $72.00 target price for the company. Finally, UBS Group set a $64.00 price target on shares of Comerica and gave the company a "neutral" rating in a report on Monday, July 21st. Five equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and five have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $65.00.

Insider Buying and Selling at Comerica

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

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.