AQR Capital Management LLC Sells 156,771 Shares of Comerica Incorporated $CMA

Key Points

• AQR Capital Management LLC has cut its stake in Comerica Incorporated by 33.7% in the first quarter, now owning 308,108 shares worth approximately $17.8 million.
• Comerica recently reported a quarterly earnings of $1.42 EPS, exceeding analysts' estimates of $1.23, with a revenue of $849 million for the period.
• The company's quarterly dividend of $0.71 per share, scheduled for payment on October 1st, represents an annualized yield of 4.1%.

AQR Capital Management LLC decreased its holdings in Comerica Incorporated (NYSE:CMA - Free Report) by 33.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 308,108 shares of the financial services provider's stock after selling 156,771 shares during the period. AQR Capital Management LLC owned about 0.23% of Comerica worth $17,806,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. FJ Capital Management LLC boosted its stake in shares of Comerica by 351.7% during the 1st quarter. FJ Capital Management LLC now owns 331,747 shares of the financial services provider's stock worth $19,593,000 after acquiring an additional 258,299 shares in the last quarter. MAI Capital Management increased its holdings in Comerica by 32.1% in the 1st quarter. MAI Capital Management now owns 942 shares of the financial services provider's stock valued at $56,000 after purchasing an additional 229 shares during the last quarter. Quarry LP grew its stake in shares of Comerica by 38.9% in the first quarter. Quarry LP now owns 1,204 shares of the financial services provider's stock worth $71,000 after acquiring an additional 337 shares in the last quarter. DRW Securities LLC grew its stake in shares of Comerica by 194.0% during the first quarter. DRW Securities LLC now owns 25,000 shares of the financial services provider's stock worth $1,476,000 after purchasing an additional 16,496 shares in the last quarter. Finally, Baird Financial Group Inc. lifted its position in Comerica by 16.1% in the first quarter. Baird Financial Group Inc. now owns 10,812 shares of the financial services provider's stock valued at $639,000 after acquiring an additional 1,498 shares during the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Comerica

In related news, EVP Allysun C. Fleming sold 2,100 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $67.03, for a total value 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James Mcgregor Carr sold 4,000 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $67.28, for a total value of $269,120.00. Following the completion of the transaction, the insider directly 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 disclosure for this sale can be found here. Company insiders own 0.19% of the company's stock.

Analyst Upgrades and Downgrades

CMA has been the topic of several recent analyst reports. JPMorgan Chase & Co. upped their target price on shares of Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 1st. DA Davidson set a $60.00 price target on shares of Comerica and gave the stock a "neutral" rating in a research note on Monday, July 21st. Piper Sandler lifted their price target on shares of Comerica from $60.00 to $65.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Keefe, Bruyette & Woods upped their target price on shares of Comerica from $69.00 to $73.00 and gave the stock an "outperform" rating in a research report on Monday, July 21st. Finally, Stephens reaffirmed an "equal weight" rating on shares of Comerica in a research note on Monday, July 21st. Five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, Comerica has an average rating of "Hold" and a consensus target price of $65.10.

Comerica Trading Up 1.5%

Shares of NYSE:CMA traded up $1.04 during mid-day trading on Friday, hitting $70.50. The company had a trading volume of 1,590,357 shares, compared to its average volume of 1,682,092. The firm has a fifty day moving average price of $67.28 and a 200 day moving average price of $60.50. The company has a market capitalization of $9.06 billion, a PE ratio of 13.51, a price-to-earnings-growth ratio of 12.50 and a beta of 0.97. 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 one year low of $48.12 and a one year 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 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.19. The business had revenue of $849.00 million during the quarter, compared to analyst estimates of $844.39 million. Comerica had a net margin of 14.92% and a return on equity of 10.92%. During the same quarter in the previous year, the business posted $1.49 EPS. As a group, research analysts forecast that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Monday, September 15th. Comerica's dividend payout ratio is 54.41%.

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.