American Century Companies Inc. Cuts Stock Position in Comerica Incorporated $CMA

Key Points

• American Century Companies Inc. has reduced its stake in Comerica Incorporated by 37.5% to a total of 167,835 shares, valued at approximately $9.9 million.
• Insider James Mcgregor Carr sold 4,000 shares at an average price of $67.28, marking a 10.67% decrease in his position.
• Analysts have mixed ratings on Comerica, with a consensus "Hold" rating and a price target of $64.40, reflecting varying outlooks on the company's stock performance.

American Century Companies Inc. lowered its holdings in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 37.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 167,835 shares of the financial services provider's stock after selling 100,556 shares during the quarter. American Century Companies Inc. owned 0.13% of Comerica worth $9,912,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. MorganRosel Wealth Management LLC bought a new position in Comerica during the first quarter valued at $33,000. Quarry LP lifted its position in Comerica by 152.0% during the fourth quarter. Quarry LP now owns 867 shares of the financial services provider's stock valued at $54,000 after purchasing an additional 523 shares during the last quarter. UMB Bank n.a. lifted its position in Comerica by 19.4% during the first quarter. UMB Bank n.a. now owns 1,777 shares of the financial services provider's stock valued at $105,000 after purchasing an additional 289 shares during the last quarter. Point72 Europe London LLP bought a new position in Comerica during the fourth quarter valued at $130,000. Finally, MGO One Seven LLC bought a new position in Comerica during the fourth quarter valued at $200,000. Institutional investors own 80.74% of the company's stock.

Comerica Trading Down 0.3%

CMA stock traded down $0.24 during trading on Friday, hitting $70.58. The company had a trading volume of 2,148,031 shares, compared to its average volume of 1,675,623. The firm has a market capitalization of $9.07 billion, a P/E ratio of 13.52, a PEG ratio of 12.78 and a beta of 0.94. Comerica Incorporated has a 52-week low of $48.12 and a 52-week high of $73.45. The company has a 50 day simple moving average of $65.39 and a 200-day simple moving average of $60.28. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84.

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

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a yield of 4.0%. Comerica's dividend payout ratio (DPR) is 54.41%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CMA shares. Jefferies Financial Group upgraded shares of Comerica from an "underperform" rating to a "hold" rating and increased their price objective for the company from $50.00 to $70.00 in a research report on Wednesday, August 6th. Citigroup raised their target price on shares of Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. DA Davidson set a $60.00 target price on shares of Comerica and gave the stock a "neutral" rating in a report on Monday, July 21st. UBS Group set a $64.00 target price on shares of Comerica and gave the stock a "neutral" rating in a report on Monday, July 21st. Finally, Truist Financial raised their target price on shares of Comerica from $61.00 to $68.00 and gave the stock a "hold" rating in a report on Thursday, July 24th. Five equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and five have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $64.40.

Insider Transactions at Comerica

In other Comerica news, insider James Mcgregor Carr sold 4,000 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $67.28, for a total transaction of $269,120.00. Following the transaction, the insider 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Allysun C. Fleming sold 2,100 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $67.03, for a total transaction of $140,763.00. Following 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. Company 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.