Greenwood Capital Associates LLC Purchases 7,950 Shares of Comerica Incorporated $CMA

Key Points

• Greenwood Capital Associates LLC increased its stake in Comerica Incorporated by 46.7%, acquiring an additional 7,950 shares, bringing its total holdings to 24,975 shares valued at approximately $1.49 million.
• Comerica recently reported earnings of $1.42 EPS, exceeding analysts' expectations, with a total revenue of $849 million for the quarter.
• The company declared a quarterly dividend of $0.71 per share, contributing to an annualized yield of 4.0%, with a payout ratio of 54.41%.

Greenwood Capital Associates LLC boosted its position in Comerica Incorporated (NYSE:CMA - Free Report) by 46.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 24,975 shares of the financial services provider's stock after purchasing an additional 7,950 shares during the quarter. Greenwood Capital Associates LLC's holdings in Comerica were worth $1,490,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Lynx Investment Advisory raised its holdings in Comerica by 3.3% in the second quarter. Lynx Investment Advisory now owns 5,135 shares of the financial services provider's stock worth $306,000 after purchasing an additional 163 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in Comerica by 41.8% in the first quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider's stock worth $35,000 after purchasing an additional 176 shares in the last quarter. Parallel Advisors LLC raised its holdings in Comerica by 19.6% in the second quarter. Parallel Advisors LLC now owns 1,152 shares of the financial services provider's stock worth $69,000 after purchasing an additional 189 shares in the last quarter. Keeley Teton Advisors LLC raised its holdings in Comerica by 0.7% in the first quarter. Keeley Teton Advisors LLC now owns 32,079 shares of the financial services provider's stock worth $1,895,000 after purchasing an additional 217 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in Comerica by 0.3% in the first quarter. Meeder Asset Management Inc. now owns 84,408 shares of the financial services provider's stock worth $4,985,000 after purchasing an additional 221 shares in the last quarter. 80.74% of the stock is currently owned by institutional investors.

Comerica Price Performance

Shares of NYSE CMA opened at $70.17 on Friday. The business's 50 day moving average price is $68.78 and its 200 day moving average price is $61.43. The firm has a market cap of $9.02 billion, a P/E ratio of 13.44, a P/E/G ratio of 12.38 and a beta of 0.96. Comerica Incorporated has a 52 week low of $48.12 and a 52 week high of $73.45. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84.

Comerica (NYSE:CMA - Get Free Report) last issued 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. Comerica had a return on equity of 10.92% and a net margin of 14.92%.The firm had revenue of $849.00 million for the quarter, compared to analyst estimates of $844.39 million. During the same quarter in the prior year, the firm earned $1.49 earnings per share. On average, sell-side analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were given a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.0%. The ex-dividend date was Monday, September 15th. Comerica's dividend payout ratio is currently 54.41%.

Insider Activity at Comerica

In other Comerica 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 value of $269,120.00. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 completion of the sale, 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 disclosure for this sale can be found here. Corporate insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

CMA has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their target price on shares of Comerica from $69.00 to $73.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. Citigroup boosted their price target on Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. UBS Group set a $64.00 price target on Comerica and gave the stock a "neutral" rating in a research note on Monday, July 21st. Stephens restated an "equal weight" rating on shares of Comerica in a research note on Monday, July 21st. Finally, TD Cowen assumed coverage on Comerica in a research note on Thursday, September 25th. They set a "hold" rating and a $75.00 price target on the stock. Four analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus price target of $67.05.

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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