Goldman Sachs Group Inc. Increases Position in Comerica Incorporated $CMA

Key Points

• Goldman Sachs increased its stake in Comerica by 9.6%, owning a total of 2,321,494 shares valued at approximately $137.1 million.
• Comerica's latest quarterly earnings revealed an EPS of $1.42, surpassing estimates, with reported revenue of $849 million.
• The company announced a quarterly dividend of $0.71 per share, reflecting an annualized amount of $2.84 and a dividend yield of 4.1%.

Goldman Sachs Group Inc. raised its position in Comerica Incorporated (NYSE:CMA - Free Report) by 9.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,321,494 shares of the financial services provider's stock after buying an additional 203,333 shares during the quarter. Goldman Sachs Group Inc. owned about 1.77% of Comerica worth $137,107,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Keeley Teton Advisors LLC lifted its position in shares of Comerica by 0.7% during the first quarter. Keeley Teton Advisors LLC now owns 32,079 shares of the financial services provider's stock worth $1,895,000 after acquiring an additional 217 shares in the last quarter. 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 valued at $4,985,000 after purchasing an additional 221 shares during the period. MAI Capital Management increased its position in shares of Comerica by 32.1% during the first quarter. MAI Capital Management now owns 942 shares of the financial services provider's stock valued at $56,000 after buying an additional 229 shares during the period. Xponance Inc. lifted its holdings in shares of Comerica by 1.6% in the first quarter. Xponance Inc. now owns 15,346 shares of the financial services provider's stock worth $906,000 after buying an additional 238 shares in the last quarter. Finally, Avantax Advisory Services Inc. boosted its position in shares of Comerica by 5.8% in the first quarter. Avantax Advisory Services Inc. now owns 4,654 shares of the financial services provider's stock valued at $275,000 after acquiring an additional 257 shares during the period. 80.74% of the stock is currently owned by hedge funds and other institutional investors.

Comerica Trading Up 2.2%

Shares of CMA stock traded up $1.51 during trading hours on Wednesday, reaching $69.97. The company's stock had a trading volume of 121,129 shares, compared to its average volume of 1,949,746. 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 one year low of $48.12 and a one year high of $73.45. The stock has a market capitalization of $8.99 billion, a P/E ratio of 13.39, a P/E/G ratio of 12.36 and a beta of 0.97. The firm's fifty day simple moving average is $67.50 and its 200 day simple moving average is $60.54.

Comerica (NYSE:CMA - Get Free Report) last announced its earnings results on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.23 by $0.19. The company had revenue of $849.00 million during the quarter, compared to the consensus estimate 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 prior year, the company earned $1.49 earnings per share. Equities research analysts expect that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a $0.71 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Comerica's dividend payout ratio (DPR) is currently 54.41%.

Analysts Set New Price Targets

A number of research firms recently weighed in on CMA. Raymond James Financial reaffirmed a "market perform" rating on shares of Comerica in a report on Tuesday, July 8th. Jefferies Financial Group upped their price target on shares of Comerica from $70.00 to $75.00 and gave the stock a "hold" rating in a report on Wednesday, September 3rd. Stephens reissued an "equal weight" rating on shares of Comerica in a research note on Monday, July 21st. DA Davidson set a $60.00 target price on Comerica and gave the stock a "neutral" rating in a research note on Monday, July 21st. Finally, 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. Five equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $65.10.

Insider Transactions at Comerica

In other Comerica 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 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. This represents a 18.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Mcgregor Carr sold 4,000 shares of the firm'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 transaction, the insider owned 33,471 shares of the company's stock, 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. Insiders own 1.10% of the company's stock.

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.