Easterly Investment Partners LLC Has $3.42 Million Stake in Comerica Incorporated $CMA

Key Points

• Easterly Investment Partners LLC reduced its stake in Comerica Incorporated by 8.1% in Q2, now holding 57,352 shares valued at approximately $3.42 million.
• Institutional investors currently hold 80.74% of Comerica's stock, with several firms increasing their stakes in the first quarter.
• Comerica's quarterly dividend was recently paid, amounting to $0.71 per share, which equates to an annualized yield of 3.8%.

Easterly Investment Partners LLC lowered its stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 8.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,352 shares of the financial services provider's stock after selling 5,063 shares during the quarter. Easterly Investment Partners LLC's holdings in Comerica were worth $3,421,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CMA. Dimensional Fund Advisors LP grew its stake in Comerica by 9.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,508,229 shares of the financial services provider's stock valued at $325,308,000 after buying an additional 472,409 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Comerica by 5.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,663,441 shares of the financial services provider's stock worth $275,423,000 after purchasing an additional 231,885 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Comerica by 9.6% in the first quarter. Goldman Sachs Group Inc. now owns 2,321,494 shares of the financial services provider's stock valued at $137,107,000 after acquiring an additional 203,333 shares during the period. Azora Capital LP raised its position in shares of Comerica by 53.7% during the first quarter. Azora Capital LP now owns 1,899,198 shares of the financial services provider's stock valued at $112,167,000 after buying an additional 663,513 shares during the last quarter. Finally, Primecap Management Co. CA grew its position in Comerica by 228.8% during the first quarter. Primecap Management Co. CA now owns 1,670,110 shares of the financial services provider's stock worth $98,637,000 after buying an additional 1,162,110 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CMA has been the subject of several research reports. Evercore ISI reduced their target price on Comerica from $71.00 to $70.00 and set an "underperform" rating for the company in a research report on Tuesday, September 30th. 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. Citigroup increased their target price on Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Piper Sandler set a $82.00 price objective on Comerica and gave the stock a "neutral" rating in a research note on Tuesday, October 7th. Finally, Cowen assumed coverage on shares of Comerica in a research note on Wednesday, September 24th. They issued a "hold" rating on the stock. Four analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $71.55.

Insider Transactions at Comerica

In other news, insider James Mcgregor Carr sold 4,000 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $67.28, for a total transaction of $269,120.00. Following the sale, the insider owned 33,471 shares in the company, valued at $2,251,928.88. This represents a 10.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Allysun C. Fleming sold 2,100 shares of the business's 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 transaction, the executive vice president owned 9,424 shares in the company, valued at approximately $631,690.72. The trade was a 18.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by insiders.

Comerica Trading Down 6.0%

Shares of NYSE CMA opened at $73.92 on Friday. The company's 50 day simple moving average is $70.77 and its 200 day simple moving average is $62.68. 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 $9.50 billion, a P/E ratio of 14.16 and a beta of 0.96. Comerica Incorporated has a fifty-two week low of $48.12 and a fifty-two week high of $83.22.

Comerica (NYSE:CMA - Get Free Report) last released its quarterly earnings data on Monday, December 9th. The financial services provider reported $1.53 earnings per share for the quarter. Comerica had a return on equity of 10.92% and a net margin of 14.92%.The business had revenue of $824.00 million for the quarter. On average, analysts predict that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th were issued a $0.71 dividend. The ex-dividend date was Monday, September 15th. This represents a $2.84 annualized dividend and a dividend yield of 3.8%. Comerica's dividend payout ratio (DPR) is presently 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.

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