DRW Securities LLC Grows Stock Holdings in Comerica Incorporated $CMA

Key Points

• DRW Securities LLC increased its position in Comerica Incorporated by 194.0% in the first quarter, bringing its holdings to 25,000 shares valued at approximately $1.48 million.
• Comerica has received upgrades from several analysts, with Jefferies Financial Group raising its target price from $50.00 to $70.00, while the company has a consensus rating of "Hold" and an average price target of $64.40.
• Comerica will distribute a quarterly dividend of $0.71 per share on October 1st, representing an annualized dividend yield of 4.0%.

DRW Securities LLC raised its position in Comerica Incorporated (NYSE:CMA - Free Report) by 194.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,000 shares of the financial services provider's stock after buying an additional 16,496 shares during the quarter. DRW Securities LLC's holdings in Comerica were worth $1,476,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. M&T Bank Corp grew its stake in shares of Comerica by 11.2% in the 1st quarter. M&T Bank Corp now owns 13,215 shares of the financial services provider's stock valued at $780,000 after purchasing an additional 1,326 shares during the last quarter. Rhino Investment Partners Inc grew its stake in shares of Comerica by 35.4% in the 1st quarter. Rhino Investment Partners Inc now owns 392,662 shares of the financial services provider's stock valued at $23,191,000 after purchasing an additional 102,647 shares during the last quarter. Bessemer Group Inc. grew its stake in shares of Comerica by 3.8% in the 1st quarter. Bessemer Group Inc. now owns 11,273 shares of the financial services provider's stock valued at $666,000 after purchasing an additional 414 shares during the last quarter. Wolverine Asset Management LLC increased its stake in shares of Comerica by 25.8% during the first quarter. Wolverine Asset Management LLC now owns 41,997 shares of the financial services provider's stock worth $2,480,000 after acquiring an additional 8,604 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Comerica by 11.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 107,173 shares of the financial services provider's stock worth $6,293,000 after acquiring an additional 11,148 shares during the period. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Allysun C. Fleming sold 2,100 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $67.03, for a total value of $140,763.00. Following the sale, the executive vice president owned 9,424 shares of the company's stock, valued at approximately $631,690.72. This represents a 18.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James Mcgregor Carr sold 4,000 shares of the company's stock in a transaction that occurred 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 sale, the insider directly owned 33,471 shares in the company, valued at approximately $2,251,928.88. The trade was a 10.67% decrease in their position. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by corporate insiders.

Comerica Price Performance

Shares of NYSE:CMA traded down $1.74 during trading on Friday, hitting $68.86. 1,213,688 shares of the stock were exchanged, compared to its average volume of 1,679,237. The company has a fifty day moving average price of $66.55 and a two-hundred day moving average price of $60.38. The company has a market cap of $8.85 billion, a PE ratio of 13.19, a P/E/G ratio of 12.74 and a beta of 0.97. The company has a current ratio of 0.96, a quick 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.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, topping the consensus estimate of $1.23 by $0.19. The business had revenue of $849.00 million for the quarter, compared to analyst estimates of $844.39 million. Comerica had a return on equity of 10.92% and a net margin of 14.92%.During the same quarter in the previous year, the company earned $1.49 EPS. On average, analysts forecast that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Dividend Announcement

The business 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 $0.71 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a yield of 4.1%. Comerica's dividend payout ratio is presently 54.41%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports 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 research note on Thursday, July 24th. Raymond James Financial reissued a "market perform" rating on shares of Comerica in a research note on Tuesday, July 8th. UBS Group set a $64.00 target price on Comerica and gave the stock a "neutral" rating in a research note on Monday, July 21st. JPMorgan Chase & Co. increased their target price on Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Finally, Citigroup increased their target price on Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have assigned a Sell rating to the company's stock. According to MarketBeat.com, Comerica currently has a consensus rating of "Hold" and a consensus target price of $64.65.

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.