Charles Schwab Investment Management Inc. Acquires 231,885 Shares of Comerica Incorporated (NYSE:CMA)

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Comerica Incorporated by 5.2% during Q1, owning approximately 3.55% of the company with a value of $275.42 million.
• Comerica reported $1.42 EPS for the last quarter, surpassing analysts' expectations of $1.23, and had quarterly revenue of $849 million.
• The company declared a quarterly dividend of $0.71 per share, with an annualized dividend yield of 4.3%, to be paid on October 1st.

Charles Schwab Investment Management Inc. lifted its stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 5.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,663,441 shares of the financial services provider's stock after purchasing an additional 231,885 shares during the quarter. Charles Schwab Investment Management Inc. owned 3.55% of Comerica worth $275,423,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CMA. Primecap Management Co. CA grew its holdings in shares of Comerica by 228.8% during the 1st quarter. Primecap Management Co. CA now owns 1,670,110 shares of the financial services provider's stock valued at $98,637,000 after purchasing an additional 1,162,110 shares during the last quarter. North Reef Capital Management LP grew its holdings in shares of Comerica by 15.7% during 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 purchasing an additional 550,000 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Comerica by 548.9% during the 4th quarter. Canada Pension Plan Investment Board now owns 642,400 shares of the financial services provider's stock valued at $39,732,000 after purchasing an additional 543,400 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in shares of Comerica by 29.7% during 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 purchasing an additional 492,381 shares during the last quarter. Finally, Mackenzie Financial Corp bought a new stake in shares of Comerica during the 4th quarter valued at approximately $25,692,000. 80.74% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Comerica news, insider James Mcgregor Carr sold 4,000 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $67.28, for a total transaction of $269,120.00. Following the completion of the sale, the insider owned 33,471 shares in the company, valued at approximately $2,251,928.88. The trade was a 10.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Allysun C. Fleming sold 2,100 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $67.03, for a total transaction of $140,763.00. Following the sale, the executive vice president owned 9,424 shares of the company's stock, valued at $631,690.72. This trade represents a 18.22% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.10% of the company's stock.

Comerica Stock Up 3.4%

Shares of Comerica stock traded up $2.21 during trading on Tuesday, reaching $68.04. 1,693,080 shares of the company traded hands, compared to its average volume of 2,001,541. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.96 and a quick ratio of 0.96. Comerica Incorporated has a 1-year low of $48.12 and a 1-year high of $73.45. The company has a 50 day moving average price of $62.06 and a 200-day moving average price of $59.96. The firm has a market capitalization of $8.74 billion, a PE ratio of 13.03, a P/E/G ratio of 12.06 and a beta of 0.94.

Comerica (NYSE:CMA - Get Free Report) last released its earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $844.39 million. During the same quarter in the previous year, the company earned $1.49 EPS. As a group, equities research analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be paid a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date is Monday, September 15th. Comerica's payout ratio is 54.41%.

Wall Street Analyst Weigh In

Several research firms recently commented on CMA. DA Davidson set a $60.00 target price on shares of Comerica and gave the stock a "neutral" rating in a research report on Monday, July 21st. Truist Financial lifted their target price on shares of Comerica from $61.00 to $68.00 and gave the stock a "hold" rating in a research report on Thursday, July 24th. Wells Fargo & Company cut their target price on shares of Comerica from $67.00 to $55.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. Evercore ISI downgraded shares of Comerica from an "in-line" rating to an "underperform" rating and cut their target price for the stock from $65.00 to $50.00 in a research report on Tuesday, April 22nd. Finally, Citigroup lifted their target price 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. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, Comerica presently has an average rating of "Hold" and an average target price of $64.40.

Comerica Company 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.