Graham Capital Management L.P. Reduces Stock Position in Comerica Incorporated $CMA

Key Points

• Graham Capital Management L.P. reduced its stake in Comerica by 75.5%, now holding 13,885 shares valued at approximately $820,000.
• Comerica recently reported earnings of $1.42 per share, exceeding analysts' expectations of $1.23, with revenue of $849 million for the quarter.
• The firm announced a quarterly dividend of $0.71 per share, translating to an annualized dividend yield of 4.0%.

Graham Capital Management L.P. lowered its position in Comerica Incorporated (NYSE:CMA - Free Report) by 75.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,885 shares of the financial services provider's stock after selling 42,863 shares during the period. Graham Capital Management L.P.'s holdings in Comerica were worth $820,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. BNP Paribas Financial Markets grew its stake in shares of Comerica by 359.4% during the 4th quarter. BNP Paribas Financial Markets now owns 92,426 shares of the financial services provider's stock valued at $5,717,000 after purchasing an additional 72,306 shares during the period. Captrust Financial Advisors grew its position in Comerica by 6.3% during the fourth quarter. Captrust Financial Advisors now owns 14,971 shares of the financial services provider's stock valued at $926,000 after buying an additional 886 shares during the period. Centiva Capital LP bought a new stake in Comerica during the fourth quarter valued at approximately $548,000. Ensign Peak Advisors Inc increased its holdings in Comerica by 27.4% during the fourth quarter. Ensign Peak Advisors Inc now owns 93,766 shares of the financial services provider's stock valued at $5,799,000 after buying an additional 20,153 shares during the last quarter. Finally, Focus Partners Wealth bought a new position in Comerica in the fourth quarter worth approximately $426,000. Institutional investors own 80.74% of the company's stock.

Insiders Place Their Bets

In related news, EVP Allysun C. Fleming sold 2,100 shares of the firm's stock in a transaction 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 completion of the transaction, the executive vice president directly owned 9,424 shares of the company's stock, valued at approximately $631,690.72. This trade represents a 18.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider James Mcgregor Carr sold 4,000 shares of Comerica stock in a transaction 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 owned 33,471 shares in the company, valued at approximately $2,251,928.88. This represents a 10.67% 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 corporate insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on CMA. Jefferies Financial Group lifted their price target on shares of Comerica from $70.00 to $75.00 and gave the stock a "hold" rating in a research note on Wednesday. Truist Financial lifted their target price on Comerica from $61.00 to $68.00 and gave the company a "hold" rating in a research report on Thursday, July 24th. Raymond James Financial reissued a "market perform" rating on shares of Comerica in a report on Tuesday, July 8th. DA Davidson set a $60.00 price objective on Comerica and gave the stock a "neutral" rating in a research note on Monday, July 21st. Finally, Citigroup lifted their price objective on Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Comerica currently has an average rating of "Hold" and a consensus target price of $64.65.

Comerica Price Performance

Shares of NYSE:CMA traded down $1.74 during trading on Friday, hitting $68.86. 1,213,688 shares of the company's stock were exchanged, compared to its average volume of 1,679,237. The business's 50-day simple moving average is $66.55 and its 200 day simple moving average is $60.33. The company has a market cap of $8.85 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 12.42 and a beta of 0.97. Comerica Incorporated has a 52-week low of $48.12 and a 52-week high of $73.45. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.96 and a quick ratio of 0.96.

Comerica (NYSE:CMA - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.19. Comerica had a return on equity of 10.92% and a net margin of 14.92%.The company had revenue of $849.00 million for the quarter, compared to analysts' expectations of $844.39 million. During the same period in the previous year, the firm earned $1.49 EPS. As a group, equities analysts predict 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 given a dividend of $0.71 per share. The ex-dividend date is Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.1%. Comerica's dividend 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.