Raymond James Financial Inc. Has $12.93 Million Holdings in Comerica Incorporated $CMA

Key Points

• Raymond James Financial Inc. increased its stake in Comerica by 73.9%, owning 218,884 shares valued at approximately $12.9 million as of the latest SEC filing.
• Comerica reported quarterly earnings of $1.42 per share, exceeding the consensus estimate of $1.23, with a revenue of $849 million.
• The company announced a quarterly dividend of $0.71 per share, representing a 4.0% yield, set to be paid on October 1st to investors recorded by September 15th.

Raymond James Financial Inc. raised its holdings in Comerica Incorporated (NYSE:CMA - Free Report) by 73.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 218,884 shares of the financial services provider's stock after purchasing an additional 92,984 shares during the quarter. Raymond James Financial Inc. owned 0.17% of Comerica worth $12,927,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. MorganRosel Wealth Management LLC bought a new position in Comerica in the first quarter valued at about $33,000. Gen Wealth Partners Inc acquired a new stake in shares of Comerica in the 1st quarter valued at approximately $34,000. Quarry LP grew its holdings in shares of Comerica by 152.0% during the 4th quarter. Quarry LP now owns 867 shares of the financial services provider's stock valued at $54,000 after purchasing an additional 523 shares during the last quarter. UMB Bank n.a. increased its position in Comerica by 19.4% during the 1st quarter. UMB Bank n.a. now owns 1,777 shares of the financial services provider's stock worth $105,000 after purchasing an additional 289 shares in the last quarter. Finally, Point72 Europe London LLP acquired a new stake in Comerica in the fourth quarter valued at approximately $130,000. Institutional investors own 80.74% of the company's stock.

Comerica Trading Down 1.1%

NYSE CMA traded down $0.78 during mid-day trading on Wednesday, reaching $69.29. 779,644 shares of the stock were exchanged, compared to its average volume of 1,980,003. The stock has a market cap of $8.91 billion, a P/E ratio of 13.28, a P/E/G ratio of 12.73 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. The stock has a 50 day simple moving average of $65.89 and a 200-day simple moving average of $60.29.

Comerica (NYSE:CMA - Get Free Report) last issued 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. Comerica had a net margin of 14.92% and a return on equity of 10.92%. The business had revenue of $849.00 million for the quarter, compared to analysts' expectations of $844.39 million. During the same quarter in the prior year, the firm posted $1.49 earnings per share. On average, analysts anticipate that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.84 annualized dividend and a yield of 4.1%. Comerica's dividend payout ratio (DPR) is currently 54.41%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CMA. JPMorgan Chase & Co. upped their price target on shares of Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a report on Tuesday, July 1st. Jefferies Financial Group upped their target price on Comerica from $70.00 to $75.00 and gave the stock a "hold" rating in a report on Wednesday. Citigroup lifted their price target on Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Raymond James Financial reaffirmed a "market perform" rating on shares of Comerica in a research note on Tuesday, July 8th. Finally, 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. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and five have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $64.65.

Insider Buying and Selling

In other news, insider James Mcgregor Carr sold 4,000 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at $2,251,928.88. This trade represents a 10.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 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 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 disclosure for this sale can be found here. Insiders own 1.10% of the company's stock.

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.