EJF Capital LLC Sells 11,928 Shares of Comerica Incorporated $CMA

Key Points

• EJF Capital LLC reduced its stake in Comerica Inc. by 57.0%, selling 11,928 shares during the first quarter, and now holds 8,986 shares valued at approximately $531,000.
• Insider activity included significant stock sales by executives, with James Mcgregor Carr selling 4,000 shares and Allysun C. Fleming selling 2,100 shares, resulting in decreases in their ownership percentages.
• Comerica announced a quarterly dividend of $0.71 per share, yielding 4.1%, with the ex-dividend date set for September 15th.

EJF Capital LLC trimmed its holdings in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 57.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,986 shares of the financial services provider's stock after selling 11,928 shares during the period. EJF Capital LLC's holdings in Comerica were worth $531,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. MorganRosel Wealth Management LLC purchased a new position in shares of Comerica during the 1st quarter worth approximately $33,000. Gen Wealth Partners Inc purchased a new position in shares of Comerica during the 1st quarter worth approximately $34,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Comerica during the 1st quarter worth approximately $55,000. MAI Capital Management raised its stake in shares of Comerica by 32.1% during the 1st quarter. MAI Capital Management now owns 942 shares of the financial services provider's stock worth $56,000 after buying an additional 229 shares in the last quarter. Finally, Quarry LP raised its stake in shares of Comerica by 38.9% during the 1st quarter. Quarry LP now owns 1,204 shares of the financial services provider's stock worth $71,000 after buying an additional 337 shares in the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Comerica

In other Comerica news, insider James Mcgregor Carr sold 4,000 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $67.28, for a total value of $269,120.00. Following the sale, the insider directly owned 33,471 shares in the company, valued at approximately $2,251,928.88. This trade represents a 10.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Allysun C. Fleming sold 2,100 shares of the firm's stock in a transaction on Friday, August 8th. The stock was 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 in the company, valued at approximately $631,690.72. The trade was a 18.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.19% of the company's stock.

Comerica Trading Down 2.5%

CMA stock traded down $1.74 during midday trading on Friday, reaching $68.86. The company's stock had a trading volume of 1,213,688 shares, compared to its average volume of 1,679,237. Comerica Incorporated has a 52 week low of $48.12 and a 52 week high of $73.45. The stock has a market cap of $8.85 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 12.42 and a beta of 0.97. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84. The business's 50-day simple moving average is $66.55 and its 200-day simple moving average is $60.33.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $849.00 million for the quarter, compared to analysts' expectations of $844.39 million. Comerica had a net margin of 14.92% and a return on equity of 10.92%. During the same period last year, the firm earned $1.49 earnings per share. As a group, sell-side analysts expect that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Announces Dividend

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on CMA shares. Jefferies Financial Group raised their price objective on Comerica from $70.00 to $75.00 and gave the company a "hold" rating in a research note on Wednesday. Citigroup raised their price objective on Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Piper Sandler raised their price objective on Comerica from $60.00 to $65.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Truist Financial raised their price objective on Comerica from $61.00 to $68.00 and gave the company a "hold" rating in a research note on Thursday, July 24th. Finally, UBS Group set a $64.00 price objective on Comerica and gave the company a "neutral" rating in a research note on Monday, July 21st. Five analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, Comerica presently has an average rating of "Hold" and an average target price of $64.65.

Comerica 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.