Rhino Investment Partners Inc Increases Stock Holdings in Comerica Incorporated $CMA

Key Points

• Rhino Investment Partners Inc increased its stake in Comerica Incorporated by 35.4% during Q1, now owning 392,662 shares worth approximately $23.2 million.
• Analysts have varied opinions on Comerica, with a consensus target price of $64.40 and ratings ranging from Buy to Sell.
• Comerica announced a quarterly dividend of $0.71 per share to be paid on October 1, 2023, yielding approximately 4.2% annually.

Rhino Investment Partners Inc grew its holdings in Comerica Incorporated (NYSE:CMA - Free Report) by 35.4% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 392,662 shares of the financial services provider's stock after acquiring an additional 102,647 shares during the quarter. Comerica comprises 5.7% of Rhino Investment Partners Inc's investment portfolio, making the stock its 4th biggest holding. Rhino Investment Partners Inc owned about 0.30% of Comerica worth $23,191,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. raised its stake in shares of Comerica by 0.3% during the 1st quarter. Meeder Asset Management Inc. now owns 84,408 shares of the financial services provider's stock worth $4,985,000 after buying an additional 221 shares in the last quarter. Xponance Inc. lifted its stake in Comerica by 1.6% in the 1st quarter. Xponance Inc. now owns 15,346 shares of the financial services provider's stock valued at $906,000 after buying an additional 238 shares in the last quarter. Avantax Advisory Services Inc. lifted its stake in Comerica by 5.8% in the 1st quarter. Avantax Advisory Services Inc. now owns 4,654 shares of the financial services provider's stock valued at $275,000 after buying an additional 257 shares in the last quarter. Meeder Advisory Services Inc. lifted its stake in Comerica by 5.4% in the 1st quarter. Meeder Advisory Services Inc. now owns 5,116 shares of the financial services provider's stock valued at $302,000 after buying an additional 263 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in Comerica by 19.4% in the 1st quarter. UMB Bank n.a. now owns 1,777 shares of the financial services provider's stock valued at $105,000 after acquiring an additional 289 shares during the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.

Comerica Stock Performance

NYSE:CMA traded down $0.8870 during midday trading on Monday, reaching $68.6930. 1,826,347 shares of the company traded hands, compared to its average volume of 1,983,999. Comerica Incorporated has a twelve month low of $48.12 and a twelve month high of $73.45. The firm has a market capitalization of $8.83 billion, a price-to-earnings ratio of 13.16, a price-to-earnings-growth ratio of 12.55 and a beta of 0.94. 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 company has a fifty day moving average price of $63.94 and a 200 day moving average price of $60.08.

Comerica (NYSE:CMA - Get Free Report) last released 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 return on equity of 10.92% and a net margin of 14.92%.The business had revenue of $849.00 million during the quarter, compared to analyst estimates of $844.39 million. During the same quarter in the previous year, the firm posted $1.49 EPS. On average, analysts expect that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CMA. Stephens reiterated an "equal weight" rating on shares of Comerica in a research report on Monday, July 21st. UBS Group set a $64.00 price target on shares of Comerica and gave the stock a "neutral" rating in a research note on Monday, July 21st. Piper Sandler upped their target price on Comerica from $60.00 to $65.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Keefe, Bruyette & Woods raised their price objective on shares of Comerica from $69.00 to $73.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. Finally, Citigroup lifted their target price on Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, Comerica currently has an average rating of "Hold" and a consensus target price of $64.40.

Insider Buying and Selling

In other Comerica news, EVP Allysun C. Fleming sold 2,100 shares of Comerica 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 of the company's stock, valued at $631,690.72. The trade was a 18.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James Mcgregor Carr sold 4,000 shares of Comerica 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 $2,251,928.88. The trade was a 10.67% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.10% of the company's stock.

Comerica Company 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.