Cerity Partners LLC Sells 66,521 Shares of Comerica Incorporated (NYSE:CMA)

Cerity Partners LLC lessened its stake in Comerica Incorporated (NYSE:CMA - Free Report) by 63.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 37,948 shares of the financial services provider's stock after selling 66,521 shares during the quarter. Cerity Partners LLC's holdings in Comerica were worth $2,241,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CMA. Salzhauer Michael increased its holdings in Comerica by 39.2% in the fourth quarter. Salzhauer Michael now owns 165,971 shares of the financial services provider's stock valued at $10,265,000 after purchasing an additional 46,700 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Comerica in the fourth quarter worth about $7,787,000. HighTower Advisors LLC increased its holdings in shares of Comerica by 4.6% in the fourth quarter. HighTower Advisors LLC now owns 42,811 shares of the financial services provider's stock worth $2,648,000 after acquiring an additional 1,896 shares in the last quarter. Avantax Advisory Services Inc. bought a new stake in shares of Comerica in the fourth quarter worth about $272,000. Finally, Commonwealth Equity Services LLC increased its holdings in shares of Comerica by 10.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 84,011 shares of the financial services provider's stock worth $5,196,000 after acquiring an additional 7,741 shares in the last quarter. Institutional investors own 80.74% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on CMA shares. JPMorgan Chase & Co. upped their price objective on Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 1st. Keefe, Bruyette & Woods raised their price objective on Comerica from $68.00 to $69.00 and gave the company an "outperform" rating in a research report on Friday, July 11th. Piper Sandler raised their price objective on Comerica from $57.00 to $60.00 and gave the company a "neutral" rating in a research report on Wednesday, June 11th. Robert W. Baird cut their price objective on Comerica from $80.00 to $75.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Finally, Truist Financial set a $61.00 price objective on Comerica and gave the company a "hold" rating in a research report on Friday, June 13th. Six investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Comerica has an average rating of "Hold" and an average price target of $62.35.

Comerica Trading Up 4.7%

NYSE CMA opened at $65.38 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.86. Comerica Incorporated has a twelve month low of $48.12 and a twelve month high of $73.45. The company has a market cap of $8.59 billion, a price-to-earnings ratio of 12.52 and a beta of 0.92. The business's fifty day moving average is $59.00 and its 200 day moving average is $59.57.

Comerica (NYSE:CMA - Get Free Report) last announced its 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 firm had revenue of $849.00 million for the quarter, compared to the consensus estimate of $844.39 million. Comerica had a return on equity of 11.59% and a net margin of 14.89%. During the same period in the previous year, the business earned $1.49 EPS. As a group, sell-side analysts expect that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, June 13th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.34%. The ex-dividend date is Friday, June 13th. Comerica's dividend payout ratio (DPR) is presently 53.69%.

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.

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