Lyell Wealth Management LP Purchases New Stake in Comerica Incorporated (NYSE:CMA)

Key Points

• Lyell Wealth Management LP has invested approximately $1.25 million in Comerica Incorporated by purchasing 21,176 shares, indicating growing interest from institutional investors in the financial services sector.
• Comerica's quarterly earnings exceeded analyst expectations, reporting $1.42 earnings per share, surpassing the consensus estimate of $1.23.
• The company announced a dividend of $0.71 per share, with a dividend yield of 4.17%, set to be paid on October 1st, reflecting its commitment to return value to shareholders.

Lyell Wealth Management LP bought a new position in shares of Comerica Incorporated (NYSE:CMA - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 21,176 shares of the financial services provider's stock, valued at approximately $1,251,000.

A number of other institutional investors have also recently added to or reduced their stakes in CMA. MorganRosel Wealth Management LLC bought a new stake in shares of Comerica in the 1st quarter valued at $33,000. Quarry LP boosted its stake 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 purchasing an additional 523 shares during the last quarter. UMB Bank n.a. boosted its stake 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 purchasing an additional 289 shares during the last quarter. Point72 Europe London LLP bought a new stake in shares of Comerica in the 4th quarter valued at $130,000. Finally, MGO One Seven LLC bought a new stake in shares of Comerica in the 4th quarter valued at $200,000. 80.74% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Comerica from $52.00 to $60.00 and gave the company an "underweight" rating in a research note on Tuesday, July 1st. Robert W. Baird reduced their price objective on shares of Comerica from $80.00 to $75.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. UBS Group set a $64.00 target price on shares of Comerica and gave the stock a "neutral" rating in a research note on Monday, July 21st. The Goldman Sachs Group cut their target price on shares of Comerica from $66.00 to $57.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. Finally, Jefferies Financial Group assumed coverage on shares of Comerica in a research note on Wednesday, May 21st. They set an "underperform" rating and a $47.00 target price on the stock. Six investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Comerica has an average rating of "Hold" and an average price target of $63.25.

Comerica Stock Down 1.5%

CMA traded down $0.98 during trading on Friday, hitting $66.59. 1,930,519 shares of the company's stock were exchanged, compared to its average volume of 2,863,545. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84. The business's 50 day moving average is $60.89 and its two-hundred day moving average is $59.94. Comerica Incorporated has a fifty-two week low of $48.12 and a fifty-two week high of $73.45. The stock has a market cap of $8.56 billion, a P/E ratio of 12.76 and a beta of 0.94.

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

Comerica Dividend Announcement

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 issued a $0.71 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.84 annualized dividend and a dividend yield of 4.3%. Comerica's dividend payout ratio is currently 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.