Wolverine Asset Management LLC Buys 8,604 Shares of Comerica Incorporated (NYSE:CMA)

Key Points

• Wolverine Asset Management LLC increased its holdings in Comerica by 25.8% in the first quarter, totaling 41,997 shares worth $2.48 million.
• Wall Street analysts have given Comerica a consensus rating of "Hold" with a target price of $64.40, with varying estimates from different firms.
• Comerica announced a quarterly dividend of $0.71, translating to an annual yield of 4.3%, payable on October 1st.

Wolverine Asset Management LLC boosted its stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 25.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,997 shares of the financial services provider's stock after purchasing an additional 8,604 shares during the quarter. Wolverine Asset Management LLC's holdings in Comerica were worth $2,480,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Salzhauer Michael lifted its holdings in shares of Comerica by 39.2% during the fourth quarter. Salzhauer Michael now owns 165,971 shares of the financial services provider's stock worth $10,265,000 after buying an additional 46,700 shares during the last quarter. LPL Financial LLC raised its stake in shares of Comerica by 16.8% in the fourth quarter. LPL Financial LLC now owns 46,620 shares of the financial services provider's stock valued at $2,883,000 after purchasing an additional 6,699 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Comerica by 251.1% in the fourth quarter. Franklin Resources Inc. now owns 51,573 shares of the financial services provider's stock valued at $3,190,000 after purchasing an additional 36,883 shares in the last quarter. Wells Fargo & Company MN grew its position in Comerica by 31.9% in the fourth quarter. Wells Fargo & Company MN now owns 109,322 shares of the financial services provider's stock valued at $6,762,000 after acquiring an additional 26,415 shares during the period. Finally, Federated Hermes Inc. grew its position in Comerica by 4,050.3% in the fourth quarter. Federated Hermes Inc. now owns 13,281 shares of the financial services provider's stock valued at $821,000 after acquiring an additional 12,961 shares during the period. Institutional investors own 80.74% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on CMA. Truist Financial increased their target price on Comerica from $61.00 to $68.00 and gave the stock a "hold" rating in a report on Thursday, July 24th. Raymond James Financial reiterated a "market perform" rating on shares of Comerica in a report on Tuesday, July 8th. Piper Sandler raised their price target on Comerica from $60.00 to $65.00 and gave the company a "neutral" rating in a report on Monday, July 21st. DA Davidson set a $60.00 price target on Comerica and gave the company a "neutral" rating in a report on Monday, July 21st. Finally, Stephens reiterated an "equal weight" rating on shares of Comerica in a report on Monday, July 21st. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $64.40.

Insider Buying and Selling at Comerica

In other Comerica news, insider James Mcgregor Carr sold 4,000 shares of Comerica stock in a transaction on Friday, August 8th. The stock was 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 $2,251,928.88. The trade was a 10.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Allysun C. Fleming sold 2,100 shares of Comerica stock in a transaction on Friday, August 8th. The shares were sold at an average price of $67.03, for a total value 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 $631,690.72. This represents a 18.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.10% of the stock is owned by insiders.

Comerica Stock Performance

Shares of NYSE CMA traded up $2.21 during midday trading on Tuesday, hitting $68.04. 1,693,080 shares of the company's stock were exchanged, compared to its average volume of 2,001,541. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84. Comerica Incorporated has a 12 month low of $48.12 and a 12 month high of $73.45. The company's 50 day moving average price is $62.06 and its 200 day moving average price is $59.96. The firm has a market capitalization of $8.74 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 12.06 and a beta of 0.94.

Comerica (NYSE:CMA - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.19. The business had revenue of $849.00 million during the quarter, compared to analysts' expectations of $844.39 million. Comerica had a return on equity of 10.92% and a net margin of 14.92%. During the same period last year, the firm posted $1.49 EPS. As a group, analysts predict that Comerica Incorporated will post 5.28 earnings per share for the current fiscal 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 $0.71 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.84 annualized dividend and a yield of 4.2%. Comerica's payout ratio is currently 54.41%.

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.