Comerica Incorporated $CMA Shares Sold by LaFleur & Godfrey LLC

Key Points

• LaFleur & Godfrey LLC has reduced its stake in Comerica Incorporated by 76.9%, selling 52,148 shares during Q2, leaving it with 15,654 shares valued at $934,000.
• Comerica recently reported strong quarterly results with earnings of $1.42 per share, exceeding analyst expectations, and announced a dividend of $0.71 scheduled for October 1st.
• Insiders have also made notable stock sales, with two executives selling shares on August 8th, reflecting a decrease in their positions by 18.22% and 10.67%, respectively.

LaFleur & Godfrey LLC decreased its position in Comerica Incorporated (NYSE:CMA - Free Report) by 76.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,654 shares of the financial services provider's stock after selling 52,148 shares during the quarter. LaFleur & Godfrey LLC's holdings in Comerica were worth $934,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Farther Finance Advisors LLC raised its stake in shares of Comerica by 5.4% during the 2nd quarter. Farther Finance Advisors LLC now owns 5,056 shares of the financial services provider's stock worth $302,000 after buying an additional 258 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Comerica by 101.0% during the second quarter. Assenagon Asset Management S.A. now owns 332,863 shares of the financial services provider's stock worth $19,855,000 after acquiring an additional 167,286 shares during the period. Baron Wealth Management LLC purchased a new position in shares of Comerica in the second quarter worth approximately $240,000. Martin Capital Partners LLC purchased a new stake in shares of Comerica during the second quarter worth $480,000. Finally, Parallel Advisors LLC lifted its holdings in Comerica by 19.6% in the 2nd 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 during the last quarter. 80.74% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Comerica news, EVP Allysun C. Fleming sold 2,100 shares of the 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 in the company, valued at approximately $631,690.72. This trade represents a 18.22% decrease in their position. The sale 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 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 completion of 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 ownership of the stock. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Jefferies Financial Group increased their price objective on shares of Comerica from $70.00 to $75.00 and gave the stock a "hold" rating in a report on Wednesday, September 3rd. UBS Group set a $64.00 price target on Comerica and gave the stock a "neutral" rating in a research report on Monday, July 21st. DA Davidson set a $60.00 price objective on shares of Comerica and gave the stock a "neutral" rating in a research note on Monday, July 21st. Truist Financial raised their price objective on shares of Comerica from $68.00 to $70.00 and gave the company a "hold" rating in a research note on Friday, September 12th. Finally, Piper Sandler increased their target price on shares of Comerica from $60.00 to $65.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Five equities research 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's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $65.10.

Comerica Trading Down 2.0%

Shares of NYSE CMA traded down $1.42 during midday trading on Monday, reaching $68.44. 967,268 shares of the stock were exchanged, compared to its average volume of 1,673,505. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market capitalization of $8.80 billion, a P/E ratio of 13.11, a PEG ratio of 12.55 and a beta of 0.97. The company has a 50 day simple moving average of $67.98 and a 200 day simple moving average of $60.83. Comerica Incorporated has a twelve month low of $48.12 and a twelve month high of $73.45.

Comerica (NYSE:CMA - Get Free Report) last issued its earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share (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 business had revenue of $849.00 million during the quarter, compared to the consensus estimate of $844.39 million. During the same period in the prior year, the business posted $1.49 EPS. As a group, equities analysts expect that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 15th will be given a $0.71 dividend. 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 dividend payout ratio is presently 54.41%.

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.