Comerica Incorporated $CMA Stock Position Lowered by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in Comerica Incorporated by 2.5%, owning 145,154 shares valued at $8.57 million following the sale of 3,664 shares.
• Wall Street analysts have mixed ratings for Comerica, with five buyers, eleven holds, and five sells, while the average price target is approximately $64.40.
• Comerica's quarterly earnings showed a profit of $1.42 per share, exceeding expectations, and the company also announced a quarterly dividend of $0.71 with a yield of 4.0%.

Corebridge Financial Inc. reduced its position in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 2.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 145,154 shares of the financial services provider's stock after selling 3,664 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of Comerica worth $8,573,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Meeder Asset Management Inc. lifted its position 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 valued at $4,985,000 after acquiring an additional 221 shares during the period. Xponance Inc. grew 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 worth $906,000 after acquiring an additional 238 shares during the period. Avantax Advisory Services Inc. grew 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 worth $275,000 after acquiring an additional 257 shares during the period. Meeder Advisory Services Inc. increased its holdings in shares of Comerica by 5.4% during the 1st quarter. Meeder Advisory Services Inc. now owns 5,116 shares of the financial services provider's stock worth $302,000 after buying an additional 263 shares during the last quarter. Finally, UMB Bank n.a. increased its holdings in shares of Comerica by 19.4% during the 1st quarter. UMB Bank n.a. now owns 1,777 shares of the financial services provider's stock worth $105,000 after buying an additional 289 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Comerica

In related news, insider James Mcgregor Carr sold 4,000 shares of the stock in a transaction that occurred 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 sale, the insider directly owned 33,471 shares of the company's stock, valued at $2,251,928.88. This represents a 10.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Allysun C. Fleming sold 2,100 shares of the stock in a transaction that occurred 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 sale, the executive vice president directly owned 9,424 shares of the company's stock, valued at approximately $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 corporate insiders.

Analysts Set New Price Targets

CMA has been the topic of several recent research reports. Raymond James Financial restated a "market perform" rating on shares of Comerica in a report on Tuesday, July 8th. Stephens reiterated an "equal weight" rating on shares of Comerica in a report on Monday, July 21st. JPMorgan Chase & Co. upped their target price on shares of Comerica from $52.00 to $60.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. UBS Group set a $64.00 price objective on shares of Comerica and gave the company a "neutral" rating in a research report on Monday, July 21st. Finally, DA Davidson set a $60.00 target price on shares of Comerica and gave the stock a "neutral" rating in a research report on Monday, July 21st. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and five have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $64.40.

Comerica Price Performance

Shares of NYSE:CMA traded down $0.24 during trading on Friday, reaching $70.58. The company had a trading volume of 2,148,031 shares, compared to its average volume of 1,686,499. The firm's fifty day moving average is $65.39 and its 200 day moving average is $60.19. The firm has a market capitalization of $9.07 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 12.73 and a beta of 0.97. Comerica Incorporated has a twelve month low of $48.12 and a twelve month high of $73.45. 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 (NYSE:CMA - Get Free Report) last issued its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.19. The company had revenue of $849.00 million during the quarter, compared to analyst estimates of $844.39 million. Comerica had a net margin of 14.92% and a return on equity of 10.92%. During the same period in the prior year, the business posted $1.49 EPS. On average, equities analysts forecast that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.84 annualized dividend and a yield of 4.0%. Comerica's dividend payout ratio is currently 54.41%.

About Comerica

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.