Alliancebernstein L.P. Decreases Stock Position in Comerica Incorporated $CMA

Key Points

• Alliancebernstein L.P. has decreased its stake in Comerica Incorporated by 10.7%, owning approximately 1.49% of the company, valued at about $115.8 million after selling over 236,000 shares.
• Comerica reported $1.42 earnings per share for the last quarter, exceeding estimates and showing a net margin of 14.92%.
• The company declared a quarterly dividend of $0.71 per share, with an ex-dividend date set for September 15th, representing a dividend yield of 4.1%.

Alliancebernstein L.P. decreased its stake in Comerica Incorporated (NYSE:CMA - Free Report) by 10.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,960,755 shares of the financial services provider's stock after selling 236,136 shares during the quarter. Alliancebernstein L.P. owned approximately 1.49% of Comerica worth $115,802,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Keeley Teton Advisors LLC boosted its stake in Comerica by 0.7% during the first quarter. Keeley Teton Advisors LLC now owns 32,079 shares of the financial services provider's stock worth $1,895,000 after buying an additional 217 shares during the last quarter. Meeder Asset Management Inc. raised its holdings in shares of Comerica by 0.3% during the 1st quarter. Meeder Asset Management Inc. now owns 84,408 shares of the financial services provider's stock worth $4,985,000 after acquiring an additional 221 shares during the period. MAI Capital Management raised its holdings in shares of Comerica by 32.1% during the 1st quarter. MAI Capital Management now owns 942 shares of the financial services provider's stock worth $56,000 after acquiring an additional 229 shares during the period. Xponance Inc. boosted its position in shares of Comerica by 1.6% during the 1st quarter. Xponance Inc. now owns 15,346 shares of the financial services provider's stock valued at $906,000 after acquiring an additional 238 shares during the last quarter. Finally, Avantax Advisory Services Inc. grew its holdings in shares of Comerica by 5.8% in the first quarter. Avantax Advisory Services Inc. now owns 4,654 shares of the financial services provider's stock valued at $275,000 after purchasing an additional 257 shares during the period. Institutional investors and hedge funds own 80.74% of the company's stock.

Comerica Trading Up 0.3%

Shares of NYSE:CMA traded up $0.18 during mid-day trading on Thursday, reaching $69.43. 1,286,379 shares of the company were exchanged, compared to its average volume of 1,681,153. Comerica Incorporated has a 1 year low of $48.12 and a 1 year high of $73.45. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.96 and a quick ratio of 0.96. The firm's 50-day simple moving average is $67.14 and its 200 day simple moving average is $60.46. The firm 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.

Comerica (NYSE:CMA - Get Free Report) last released its quarterly earnings results 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. 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 analysts' expectations of $844.39 million. During the same period in the prior year, the firm earned $1.49 earnings per share. Equities research analysts forecast that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Announces Dividend

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

Insider Activity

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Stephens reaffirmed an "equal weight" rating on shares of Comerica in a research note on Monday, July 21st. DA Davidson set a $60.00 price target on shares of Comerica and gave the stock a "neutral" rating in a report on Monday, July 21st. Piper Sandler upped their price objective on Comerica from $60.00 to $65.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Keefe, Bruyette & Woods increased their price objective on Comerica from $69.00 to $73.00 and gave the stock an "outperform" rating in a research report on Monday, July 21st. Finally, Citigroup lifted their target price on Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Five equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat, Comerica presently has a consensus rating of "Hold" and an average price target of $65.00.

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.