Comerica Incorporated $CMA Shares Sold by OLD National Bancorp IN

Key Points

• OLD National Bancorp IN has significantly reduced its stake in Comerica Incorporated, selling 170,648 shares and now holding only 42,771 shares, equating to an 80% decline in ownership.
• Comerica reported earnings of $1.42 per share for the last quarter, surpassing estimates, with a net margin of 14.92% and a revenue of $849 million.
• The company declared a quarterly dividend of $0.71 per share, contributing to an annualized dividend of $2.84, resulting in a yield of 4.0% with a dividend payout ratio of 54.41%.

OLD National Bancorp IN reduced its holdings in Comerica Incorporated (NYSE:CMA - Free Report) by 80.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,771 shares of the financial services provider's stock after selling 170,648 shares during the quarter. OLD National Bancorp IN's holdings in Comerica were worth $2,551,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. MorganRosel Wealth Management LLC acquired a new stake in Comerica in the first quarter valued at $33,000. Gen Wealth Partners Inc purchased a new position in shares of Comerica in the 1st quarter valued at about $34,000. Geneos Wealth Management Inc. lifted its stake in shares of Comerica by 41.8% in the first quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 176 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Comerica during the first quarter worth about $55,000. Finally, MAI Capital Management grew its position in Comerica by 32.1% during the first quarter. MAI Capital Management now owns 942 shares of the financial services provider's stock worth $56,000 after buying an additional 229 shares during the period. Institutional investors and hedge funds own 80.74% of the company's stock.

Comerica Stock Performance

Shares of NYSE:CMA opened at $70.60 on Monday. Comerica Incorporated has a 12 month low of $48.12 and a 12 month high of $73.45. The business has a 50-day moving average of $68.83 and a two-hundred day moving average of $61.54. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.96 and a quick ratio of 0.96. The firm has a market capitalization of $9.07 billion, a PE ratio of 13.52, a P/E/G ratio of 12.64 and a beta of 0.96.

Comerica (NYSE:CMA - Get Free Report) last posted its earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $844.39 million. 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 earnings per share for the current year.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were paid a $0.71 dividend. The ex-dividend date was Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.0%. Comerica's dividend payout ratio (DPR) is 54.41%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Citigroup lifted their price target on shares of Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Stephens reaffirmed an "equal weight" rating on shares of Comerica in a report on Monday, July 21st. JPMorgan Chase & Co. boosted their target price on Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 1st. Morgan Stanley raised their price target on Comerica from $61.00 to $76.00 and gave the company an "underweight" rating in a research report on Monday, September 29th. Finally, Keefe, Bruyette & Woods boosted their price objective 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. Five research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $67.05.

Insider Activity

In other news, 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 directly owned 9,424 shares of the company's stock, valued at approximately $631,690.72. The trade was a 18.22% decrease in their ownership of the stock. The transaction 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 company's stock in a transaction 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.19% of the company's stock.

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.

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