Comerica Incorporated (NYSE:CMA) Shares Sold by King Luther Capital Management Corp

Key Points

• King Luther Capital Management Corp reduced its stake in Comerica by 8.4%, selling 48,248 shares, and now holds approximately 523,655 shares valued at $30.93 million.
• Comerica recently reported earnings of $1.42 per share for the last quarter, surpassing analysts' expectations of $1.23, with revenue of $849 million beating forecasts as well.
• The company announced a quarterly dividend of $0.71 per share, reflecting an annualized yield of 4.3% and a payout ratio of 54.41%.

King Luther Capital Management Corp lowered its stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 8.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 523,655 shares of the financial services provider's stock after selling 48,248 shares during the period. King Luther Capital Management Corp owned 0.40% of Comerica worth $30,927,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. MorganRosel Wealth Management LLC purchased a new stake in Comerica in the first quarter valued at $33,000. Quarry LP raised its holdings in shares of Comerica by 152.0% in the 4th quarter. Quarry LP now owns 867 shares of the financial services provider's stock valued at $54,000 after buying an additional 523 shares during the period. UMB Bank n.a. raised its holdings in shares of Comerica by 19.4% in the 1st quarter. UMB Bank n.a. now owns 1,777 shares of the financial services provider's stock valued at $105,000 after buying an additional 289 shares during the period. Point72 Europe London LLP purchased a new stake in shares of Comerica in the 4th quarter valued at $130,000. Finally, MGO One Seven LLC purchased a new stake in shares of Comerica in the 4th quarter valued at $200,000. Institutional investors and hedge funds own 80.74% of the company's stock.

Insider Activity at Comerica

In other Comerica news, EVP Allysun C. Fleming sold 2,100 shares of the firm's stock in a transaction 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 completion of the transaction, the executive vice president 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 filing with the SEC, which is accessible through this link. Also, insider James Mcgregor Carr sold 4,000 shares of the firm's stock in a transaction 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 transaction, the insider directly owned 33,471 shares of the company's stock, valued at $2,251,928.88. The trade was a 10.67% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.10% of the company's stock.

Comerica Stock Performance

Comerica stock traded up $2.21 during mid-day trading on Tuesday, reaching $68.04. 1,693,080 shares of the company were exchanged, compared to its average volume of 2,867,935. The firm has a market cap of $8.74 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 11.88 and a beta of 0.94. The firm's 50-day simple moving average is $62.26 and its two-hundred day simple moving average is $60.02. Comerica Incorporated has a twelve month low of $48.12 and a twelve month high of $73.45. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.96 and a current ratio of 0.96.

Comerica (NYSE:CMA - Get Free Report) last released its quarterly earnings data 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. Comerica had a return on equity of 10.92% and a net margin of 14.92%. The firm had revenue of $849.00 million during the quarter, compared to the consensus estimate of $844.39 million. During the same period last year, the business posted $1.49 EPS. Equities analysts predict that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Monday, September 15th. Comerica's dividend payout ratio (DPR) is presently 54.41%.

Wall Street Analysts Forecast Growth

CMA has been the topic of several research analyst reports. Citigroup boosted their price objective on Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Truist Financial boosted their price objective on Comerica from $61.00 to $68.00 and gave the company a "hold" rating in a report on Thursday, July 24th. Jefferies Financial Group upgraded Comerica from an "underperform" rating to a "hold" rating and boosted their price objective for the company from $50.00 to $70.00 in a report on Wednesday, August 6th. JPMorgan Chase & Co. upped their price target on Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a report on Tuesday, July 1st. Finally, Wells Fargo & Company cut their price target on Comerica from $67.00 to $55.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. Five analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Comerica has an average rating of "Hold" and a consensus target price of $64.40.

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.