Comerica Incorporated $CMA Shares Acquired by AlphaQuest LLC

Key Points

• AlphaQuest LLC increased its holdings in Comerica Incorporated by 254.6% during Q2, owning a total of 16,984 shares valued at over $1 million at quarter's end.
• The company declared a quarterly dividend of $0.71 per share, resulting in an annualized yield of 3.6%.
• Research analysts have set new price targets for Comerica, with Jefferies Financial Group raising it from $75 to $85, maintaining a "hold" rating.

AlphaQuest LLC grew its holdings in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 254.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 16,984 shares of the financial services provider's stock after purchasing an additional 12,195 shares during the quarter. AlphaQuest LLC's holdings in Comerica were worth $1,013,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its stake in shares of Comerica by 9.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,508,229 shares of the financial services provider's stock worth $325,308,000 after purchasing an additional 472,409 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Comerica by 5.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,663,441 shares of the financial services provider's stock worth $275,423,000 after purchasing an additional 231,885 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Comerica by 9.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,321,494 shares of the financial services provider's stock worth $137,107,000 after purchasing an additional 203,333 shares during the period. Azora Capital LP lifted its stake in shares of Comerica by 53.7% during the 1st quarter. Azora Capital LP now owns 1,899,198 shares of the financial services provider's stock worth $112,167,000 after purchasing an additional 663,513 shares during the period. Finally, Primecap Management Co. CA lifted its stake 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 worth $98,637,000 after purchasing an additional 1,162,110 shares during the period. Hedge funds and other institutional investors own 80.74% of the company's stock.

Comerica Stock Up 1.4%

Shares of NYSE CMA opened at $78.33 on Friday. Comerica Incorporated has a 12-month low of $48.12 and a 12-month high of $83.22. The company has a market cap of $10.07 billion, a P/E ratio of 14.95 and a beta of 0.96. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.77. The stock has a fifty day moving average price of $71.86 and a 200 day moving average price of $63.72.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings results on Monday, December 9th. The financial services provider reported $1.53 earnings per share (EPS) for the quarter. Comerica had a return on equity of 10.69% and a net margin of 14.91%.The firm had revenue of $824.00 million during the quarter. Research analysts anticipate that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Monday, September 15th were issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 3.6%. The ex-dividend date was Monday, September 15th. Comerica's dividend payout ratio is currently 54.20%.

Analysts Set New Price Targets

A number of research analysts have weighed in on CMA shares. Jefferies Financial Group increased their price target on Comerica from $75.00 to $85.00 and gave the stock a "hold" rating in a research note on Tuesday, October 7th. JPMorgan Chase & Co. upped their price objective on Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a report on Tuesday, July 1st. Truist Financial upped their price objective on Comerica from $68.00 to $70.00 and gave the stock a "hold" rating in a report on Friday, September 12th. Cowen initiated coverage on Comerica in a report on Wednesday, September 24th. They set a "hold" rating for the company. Finally, Piper Sandler set a $82.00 price objective on Comerica and gave the stock a "neutral" rating in a report on Tuesday, October 7th. Three analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $73.65.

Insider Buying and Selling at Comerica

In other news, insider James Mcgregor Carr sold 4,000 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $67.28, for a total transaction of $269,120.00. Following the completion of the sale, the insider directly owned 33,471 shares in the company, valued at $2,251,928.88. This trade represents a 10.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Allysun C. Fleming sold 2,100 shares of the firm'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 sale, the executive vice president owned 9,424 shares of the company's stock, valued at $631,690.72. This represents a 18.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by corporate insiders.

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.

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