Algert Global LLC Has $10.62 Million Holdings in Comerica Incorporated $CMA

Key Points

• Algert Global LLC increased its stake in Comerica Incorporated by 47.1%, owning 0.14% of the company valued at $10.62 million after acquiring 57,616 additional shares in the 1st quarter.
• The company has a strong institutional presence, with hedge funds and other institutions owning 80.74% of its stock.
• Comerica recently announced a quarterly dividend of $0.71 per share, reflecting an annualized payout of $2.84 and a dividend yield of 4.2%.

Algert Global LLC increased its holdings in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 47.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 179,874 shares of the financial services provider's stock after purchasing an additional 57,616 shares during the period. Algert Global LLC owned approximately 0.14% of Comerica worth $10,623,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. M&T Bank Corp lifted its position in shares of Comerica by 11.2% during the 1st quarter. M&T Bank Corp now owns 13,215 shares of the financial services provider's stock worth $780,000 after purchasing an additional 1,326 shares during the last quarter. Bessemer Group Inc. lifted its position in shares of Comerica by 3.8% during the 1st quarter. Bessemer Group Inc. now owns 11,273 shares of the financial services provider's stock worth $666,000 after purchasing an additional 414 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Comerica by 11.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 107,173 shares of the financial services provider's stock worth $6,293,000 after purchasing an additional 11,148 shares during the last quarter. Wolverine Asset Management LLC lifted its position in shares of Comerica by 25.8% during the 1st quarter. Wolverine Asset Management LLC now owns 41,997 shares of the financial services provider's stock worth $2,480,000 after purchasing an additional 8,604 shares during the last quarter. Finally, tru Independence LLC lifted its position in shares of Comerica by 5.9% during the 1st quarter. tru Independence LLC now owns 85,075 shares of the financial services provider's stock worth $5,024,000 after purchasing an additional 4,772 shares during the last quarter. Institutional investors and hedge funds own 80.74% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CMA. Wells Fargo & Company lowered their price target on Comerica from $67.00 to $55.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. boosted their price target on Comerica from $52.00 to $60.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. Truist Financial boosted their price target on Comerica from $61.00 to $68.00 and gave the company a "hold" rating in a research note on Thursday, July 24th. Raymond James Financial restated a "market perform" rating on shares of Comerica in a research note on Tuesday, July 8th. Finally, Piper Sandler boosted their price target on Comerica from $60.00 to $65.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Five analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Comerica has a consensus rating of "Hold" and a consensus target price of $64.40.

Comerica Price Performance

Shares of CMA stock traded down $0.0360 during trading hours on Wednesday, hitting $67.5440. The company had a trading volume of 1,621,442 shares, compared to its average volume of 1,986,203. Comerica Incorporated has a 12 month low of $48.12 and a 12 month high of $73.45. The firm has a market capitalization of $8.68 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 12.22 and a beta of 0.94. The firm's fifty day moving average is $63.26 and its 200 day moving average is $60.12. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.96 and a current ratio of 0.96.

Comerica (NYSE:CMA - Get Free Report) last released its quarterly earnings data on Friday, July 18th. The financial services provider reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.19. Comerica had a return on equity of 10.92% and a net margin of 14.92%.The company had revenue of $849.00 million for the quarter, compared to analyst estimates of $844.39 million. During the same period in the prior year, the company posted $1.49 EPS. On average, sell-side analysts predict that Comerica Incorporated will post 5.28 EPS 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 4.2%. The ex-dividend date is Monday, September 15th. Comerica's dividend payout ratio is currently 54.41%.

Insider Activity at Comerica

In other news, EVP Allysun C. Fleming sold 2,100 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $67.03, for a total value of $140,763.00. Following the sale, the executive vice president directly owned 9,424 shares in the company, valued at approximately $631,690.72. This represents a 18.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider James Mcgregor Carr sold 4,000 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $67.28, for a total value of $269,120.00. Following the completion of the sale, the insider owned 33,471 shares in the company, valued at approximately $2,251,928.88. This represents a 10.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company's stock.

Comerica Company 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.