Jacobs Levy Equity Management Inc. Sells 428,808 Shares of Comerica Incorporated $CMA

Key Points

• Jacobs Levy Equity Management Inc. reduced its stake in Comerica Incorporated by 30.7%, selling 428,808 shares and holding 967,287 shares valued at approximately $57.1 million at the end of the first quarter.
• Comerica plans to pay a $0.71 quarterly dividend on October 1st, reflecting a 4.1% yield based on an annualized dividend of $2.84.
• Comerica's stock is currently rated "Hold" by analysts with a consensus price target of $64.65, while shares closed at $68.86 on Friday.

Jacobs Levy Equity Management Inc. lessened its holdings in Comerica Incorporated (NYSE:CMA - Free Report) by 30.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 967,287 shares of the financial services provider's stock after selling 428,808 shares during the period. Jacobs Levy Equity Management Inc. owned 0.74% of Comerica worth $57,128,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. MorganRosel Wealth Management LLC purchased a new position in shares of Comerica in the first quarter worth $33,000. Gen Wealth Partners Inc purchased a new position in shares of Comerica during the first quarter worth approximately $34,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Comerica in the 1st quarter valued at about $55,000. MAI Capital Management grew its position in shares of Comerica by 32.1% in the 1st quarter. MAI Capital Management now owns 942 shares of the financial services provider's stock worth $56,000 after buying an additional 229 shares during the last quarter. Finally, Quarry LP boosted its stake in Comerica by 38.9% in the first quarter. Quarry LP now owns 1,204 shares of the financial services provider's stock valued at $71,000 after acquiring an additional 337 shares in the last quarter. Hedge funds and other institutional investors own 80.74% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on CMA. Jefferies Financial Group raised their target price 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 reiterated an "equal weight" rating on shares of Comerica in a report on Monday, July 21st. 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. Raymond James Financial reiterated a "market perform" rating on shares of Comerica in a report on Tuesday, July 8th. Finally, Truist Financial increased their target price on shares of Comerica from $61.00 to $68.00 and gave the company a "hold" rating in a research report on Thursday, July 24th. Five investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and five have given a Sell rating to the company. According to MarketBeat, Comerica presently has a consensus rating of "Hold" and an average price target of $65.00.

Insider Buying and Selling at Comerica

In related news, insider James Mcgregor Carr sold 4,000 shares of the company's stock in a transaction dated 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 sale, the insider owned 33,471 shares of the company's stock, valued at $2,251,928.88. This represents a 10.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Allysun C. Fleming sold 2,100 shares of the company's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $67.03, for a total transaction of $140,763.00. Following the completion of the sale, the executive vice president directly owned 9,424 shares of the company's stock, valued at $631,690.72. The trade was a 18.22% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.19% of the company's stock.

Comerica Trading Up 0.5%

Shares of CMA traded up $0.36 during mid-day trading on Thursday, hitting $69.61. The company had a trading volume of 334,665 shares, compared to its average volume of 1,963,020. The stock has a market cap of $8.95 billion, a PE ratio of 13.33, a P/E/G ratio of 12.46 and a beta of 0.97. 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 Incorporated has a 1-year low of $48.12 and a 1-year high of $73.45. The business's 50-day simple moving average is $67.03 and its 200-day simple moving average is $60.43.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.23 by $0.19. The firm had revenue of $849.00 million for the quarter, compared to analysts' expectations of $844.39 million. Comerica had a net margin of 14.92% and a return on equity of 10.92%. During the same period in the previous year, the company posted $1.49 earnings per share. Sell-side analysts forecast that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be issued a dividend of $0.71 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.84 annualized dividend and a dividend yield of 4.1%. Comerica's payout ratio is 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.