Great Lakes Advisors LLC Acquires 170,022 Shares of Comerica Incorporated $CMA

Key Points

• Great Lakes Advisors LLC significantly increased its stake in Comerica, raising holdings by 125.4% in the first quarter, now owning approximately 0.23% of the company valued at $18 million.
• Comerica recently reported $1.42 EPS for the quarter, exceeding analyst expectations of $1.23 and marking a net margin of 14.92%.
• The firm declared a quarterly dividend of $0.71 per share, representing an annualized rate of $2.84 and a yield of 4.1%.

Great Lakes Advisors LLC lifted its stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 125.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 305,578 shares of the financial services provider's stock after purchasing an additional 170,022 shares during the quarter. Great Lakes Advisors LLC owned 0.23% of Comerica worth $18,047,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Keeley Teton Advisors LLC lifted its position in shares of Comerica by 0.7% during the 1st quarter. Keeley Teton Advisors LLC now owns 32,079 shares of the financial services provider's stock valued at $1,895,000 after acquiring an additional 217 shares during the period. 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. MAI Capital Management lifted its position in shares of Comerica by 32.1% during the 1st quarter. MAI Capital Management now owns 942 shares of the financial services provider's stock valued at $56,000 after acquiring an additional 229 shares during the period. Xponance Inc. increased its stake in Comerica by 1.6% during the 1st quarter. Xponance Inc. now owns 15,346 shares of the financial services provider's stock valued at $906,000 after purchasing an additional 238 shares in the last quarter. Finally, Avantax Advisory Services Inc. increased its stake in Comerica by 5.8% during the 1st quarter. Avantax Advisory Services Inc. now owns 4,654 shares of the financial services provider's stock valued at $275,000 after purchasing an additional 257 shares in the last quarter. 80.74% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CMA has been the subject of a number of recent research reports. Piper Sandler boosted their price target on shares of Comerica from $60.00 to $65.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Citigroup boosted their price target on shares of Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Cantor Fitzgerald initiated coverage on shares of Comerica in a research note on Wednesday. They set a "neutral" rating and a $72.00 price target for the company. Keefe, Bruyette & Woods boosted their price target on shares of Comerica from $69.00 to $73.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. Finally, Truist Financial increased their target price on shares of Comerica from $68.00 to $70.00 and gave the company a "hold" rating in a report on Friday. Five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $65.10.

Comerica Stock Up 1.5%

Shares of CMA stock traded up $1.04 on Friday, hitting $70.50. The stock had a trading volume of 1,590,357 shares, compared to its average volume of 1,966,430. The business has a 50 day moving average of $67.14 and a 200 day moving average of $60.46. The stock has a market cap of $9.06 billion, a price-to-earnings ratio of 13.51, a price-to-earnings-growth ratio of 12.46 and a beta of 0.97. 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 Incorporated has a 12-month low of $48.12 and a 12-month high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last posted its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share for the quarter, beating the consensus estimate 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 quarter in the prior year, the business earned $1.49 earnings per share. As a group, analysts expect that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 4.0%. Comerica's dividend payout ratio is presently 54.41%.

Insider Activity

In related news, EVP Allysun C. Fleming sold 2,100 shares of the stock in a transaction dated 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 owned 9,424 shares in the company, valued at approximately $631,690.72. This represents a 18.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James Mcgregor Carr sold 4,000 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $67.28, for a total transaction of $269,120.00. Following 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. 0.19% of the stock is currently owned by corporate insiders.

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.