Comerica Incorporated (NYSE:CMA) Stake Lessened by Cerity Partners LLC

Cerity Partners LLC reduced its stake in Comerica Incorporated (NYSE:CMA - Free Report) by 63.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,948 shares of the financial services provider's stock after selling 66,521 shares during the period. Cerity Partners LLC's holdings in Comerica were worth $2,241,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CMA. Dimensional Fund Advisors LP boosted its position in Comerica by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,035,820 shares of the financial services provider's stock valued at $311,464,000 after buying an additional 114,072 shares during the last quarter. North Reef Capital Management LP boosted its position in Comerica by 15.7% in the 4th quarter. North Reef Capital Management LP now owns 4,050,000 shares of the financial services provider's stock valued at $250,492,000 after buying an additional 550,000 shares during the last quarter. Geode Capital Management LLC boosted its position in Comerica by 4.9% in the 4th quarter. Geode Capital Management LLC now owns 2,214,963 shares of the financial services provider's stock valued at $137,039,000 after buying an additional 103,118 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its position in Comerica by 29.7% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,149,591 shares of the financial services provider's stock valued at $132,952,000 after buying an additional 492,381 shares during the last quarter. Finally, Northern Trust Corp boosted its position in Comerica by 26.9% in the 4th quarter. Northern Trust Corp now owns 1,900,261 shares of the financial services provider's stock valued at $117,531,000 after buying an additional 402,992 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CMA has been the subject of a number of analyst reports. Keefe, Bruyette & Woods upped their price objective on shares of Comerica from $69.00 to $73.00 and gave the company an "outperform" rating in a research report on Monday. The Goldman Sachs Group reduced their price target on shares of Comerica from $66.00 to $57.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 22nd. Robert W. Baird reduced their price target on shares of Comerica from $80.00 to $75.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Citigroup increased their price target on shares of Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Truist Financial set a $61.00 price target on shares of Comerica and gave the stock a "hold" rating in a research report on Friday, June 13th. Six equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Comerica has an average rating of "Hold" and a consensus target price of $62.90.

Comerica Stock Performance

Shares of NYSE:CMA traded up $1.38 during trading hours on Wednesday, hitting $66.66. The stock had a trading volume of 4,765,508 shares, compared to its average volume of 2,018,294. The stock's fifty day simple moving average is $59.22 and its 200 day simple moving average is $59.60. Comerica Incorporated has a 1-year low of $48.12 and a 1-year high of $73.45. The firm has a market capitalization of $8.76 billion, a price-to-earnings ratio of 12.77 and a beta of 0.92. 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 announced its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 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 analyst estimates of $844.39 million. During the same quarter last year, the business earned $1.49 earnings per share. Sell-side analysts anticipate that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Friday, June 13th will be paid a $0.71 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $2.84 annualized dividend and a dividend yield of 4.26%. Comerica's payout ratio is currently 54.41%.

About Comerica

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.