Assenagon Asset Management S.A. Raises Position in Comerica Incorporated $CMA

Key Points

• Assenagon Asset Management S.A. increased its stake in Comerica Incorporated by 101.0% during the 2nd quarter, owning a total of 332,863 shares valued at approximately $19.85 million.
• Wall Street analysts have issued mixed ratings for Comerica, with a consensus target price of $65.10, reflecting sentiments of five Buy ratings, twelve Hold ratings, and five Sell ratings.
• Comerica announced a quarterly dividend of $0.71 per share, representing a dividend yield of 4.1% and a payout ratio of 54.41% for investors of record as of September 15th.

Assenagon Asset Management S.A. lifted its stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 101.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 332,863 shares of the financial services provider's stock after purchasing an additional 167,286 shares during the period. Assenagon Asset Management S.A. owned 0.25% of Comerica worth $19,855,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Baron Wealth Management LLC purchased a new stake in shares of Comerica during the 2nd quarter worth approximately $240,000. Martin Capital Partners LLC purchased a new position in Comerica in the 2nd quarter valued at approximately $480,000. Parallel Advisors LLC grew its stake in Comerica by 19.6% in the 2nd quarter. Parallel Advisors LLC now owns 1,152 shares of the financial services provider's stock valued at $69,000 after buying an additional 189 shares in the last quarter. Voya Investment Management LLC grew its stake in Comerica by 2.8% in the 1st quarter. Voya Investment Management LLC now owns 16,553 shares of the financial services provider's stock valued at $978,000 after buying an additional 451 shares in the last quarter. Finally, Strs Ohio purchased a new position in Comerica in the 1st quarter valued at approximately $1,174,000. Hedge funds and other institutional investors own 80.74% of the company's stock.

Wall Street Analysts Forecast Growth

CMA has been the subject of a number of recent research reports. Citigroup lifted their price objective on shares of Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. UBS Group set a $64.00 price objective on shares of Comerica and gave the company a "neutral" rating in a research note on Monday, July 21st. Jefferies Financial Group lifted their price objective on shares of Comerica from $70.00 to $75.00 and gave the company a "hold" rating in a research note on Wednesday, September 3rd. Cantor Fitzgerald initiated coverage on shares of Comerica in a research report on Wednesday, September 10th. They set a "neutral" rating and a $72.00 price target for the company. Finally, Raymond James Financial restated a "market perform" rating on shares of Comerica in a research report on Tuesday, July 8th. Five investment 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. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $65.10.

Comerica Stock Performance

Shares of NYSE:CMA opened at $68.44 on Tuesday. The company has a market cap of $8.80 billion, a price-to-earnings ratio of 13.11, a price-to-earnings-growth ratio of 12.55 and a beta of 0.97. The company has a 50-day moving average price of $67.98 and a 200-day moving average price of $60.83. 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.

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

Comerica Announces Dividend

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

Insider Activity

In related news, EVP Allysun C. Fleming sold 2,100 shares of the business'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 owned 9,424 shares in the company, valued at $631,690.72. The trade was a 18.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James Mcgregor Carr sold 4,000 shares of the business'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 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. 1.10% of the stock is owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.