Northern Trust Corp Cuts Stock Position in Comerica Incorporated $CMA

Key Points

• Northern Trust Corp has reduced its stake in Comerica by 15.6% during the 1st quarter, selling 297,239 shares, bringing its total ownership to approximately 1.22% valued at $94.67 million.
• Comerica has received various analyst ratings, with an average target price of $64.40, reflecting a consensus of "Hold" ratings from five analysts.
• The company announced a quarterly dividend of $0.71, resulting in an annualized yield of 4.1% and a payout ratio of 54.41%.

Northern Trust Corp lessened its holdings in Comerica Incorporated (NYSE:CMA - Free Report) by 15.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,603,022 shares of the financial services provider's stock after selling 297,239 shares during the period. Northern Trust Corp owned about 1.22% of Comerica worth $94,674,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its stake in shares of Comerica by 9.4% in 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% in 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. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in shares of Comerica by 29.7% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,149,591 shares of the financial services provider's stock worth $132,952,000 after purchasing an additional 492,381 shares during the period. Primecap Management Co. CA lifted its stake in shares of Comerica by 228.8% in 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. Finally, Jacobs Levy Equity Management Inc. lifted its stake in shares of Comerica by 39.2% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,396,095 shares of the financial services provider's stock worth $86,348,000 after purchasing an additional 393,507 shares during the period. Institutional investors own 80.74% of the company's stock.

Insider Buying and Selling

In related news, insider James Mcgregor Carr sold 4,000 shares of the firm's 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Allysun C. Fleming sold 2,100 shares of the firm'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 completion of the transaction, the executive vice president directly owned 9,424 shares of the company's stock, valued at approximately $631,690.72. This trade represents a 18.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.10% of the company's stock.

Comerica Price Performance

CMA traded up $1.45 during trading on Wednesday, reaching $71.14. 2,259,089 shares of the company traded hands, compared to its average volume of 1,985,623. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.96 and a current ratio of 0.96. Comerica Incorporated has a 12-month low of $48.12 and a 12-month high of $73.45. The firm has a fifty day simple moving average of $64.50 and a 200 day simple moving average of $60.15. The company has a market cap of $9.14 billion, a P/E ratio of 13.63, a PEG ratio of 12.39 and a beta of 0.94.

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. Comerica had a net margin of 14.92% and a return on equity of 10.92%. The business had revenue of $849.00 million during the quarter, compared to analyst estimates of $844.39 million. During the same period last year, the firm posted $1.49 EPS. On average, equities 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. Shareholders of record on Monday, September 15th will be issued a dividend of $0.71 per share. This represents a $2.84 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Monday, September 15th. Comerica's dividend payout ratio (DPR) is 54.41%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Citigroup raised their target price on shares of Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. UBS Group set a $64.00 target price on shares of Comerica and gave the stock a "neutral" rating in a research note on Monday, July 21st. Keefe, Bruyette & Woods raised their target price on shares of Comerica from $69.00 to $73.00 and gave the stock an "outperform" rating in a research note on Monday, July 21st. Finally, Raymond James Financial restated a "market perform" rating on shares of Comerica in a research note on Tuesday, July 8th. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, Comerica currently has a consensus rating of "Hold" and a consensus price target of $64.40.

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.