Lyell Wealth Management LP Invests $1.25 Million 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 acquired a new stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 21,176 shares of the financial services provider's stock, valued at approximately $1,251,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMA. Norges Bank acquired a new stake in shares of Comerica during the fourth quarter worth about $64,150,000. North Reef Capital Management LP lifted its stake in Comerica by 15.7% during the 4th quarter. North Reef Capital Management LP now owns 4,050,000 shares of the financial services provider's stock valued at $250,492,000 after acquiring an additional 550,000 shares during the period. Canada Pension Plan Investment Board boosted its holdings in shares of Comerica by 548.9% in the 4th quarter. Canada Pension Plan Investment Board now owns 642,400 shares of the financial services provider's stock valued at $39,732,000 after acquiring an additional 543,400 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Comerica by 29.7% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,149,591 shares of the financial services provider's stock worth $132,952,000 after acquiring an additional 492,381 shares during the period. Finally, Mackenzie Financial Corp purchased a new position in shares of Comerica during the fourth quarter worth $25,692,000. 80.74% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CMA has been the subject of several analyst reports. Royal Bank Of Canada decreased their price objective on Comerica from $75.00 to $65.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Citigroup increased their target price on shares of Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. DA Davidson set a $60.00 target price on Comerica and gave the company a "neutral" rating in a research report on Monday, July 21st. Jefferies Financial Group began coverage on Comerica in a report on Wednesday, May 21st. They issued an "underperform" rating and a $47.00 price target for the company. Finally, Stephens reissued an "equal weight" rating on shares of Comerica in a report on Monday, July 21st. Six investment analysts have rated the stock with a sell rating, eleven have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Comerica currently has a consensus rating of "Hold" and a consensus price target of $63.25.

Comerica Price Performance

Shares of CMA stock traded up $0.88 during trading hours on Monday, reaching $67.49. The company had a trading volume of 417,262 shares, compared to its average volume of 2,011,788. Comerica Incorporated has a 12-month low of $48.12 and a 12-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. The company has a market capitalization of $8.67 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 12.02 and a beta of 0.94. The stock has a fifty day moving average of $60.89 and a 200-day moving average of $59.87.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.23 by $0.19. Comerica had a net margin of 14.92% and a return on equity of 10.92%. The business had revenue of $849.00 million during the quarter, compared to the consensus estimate of $844.39 million. During the same quarter last year, the firm earned $1.49 EPS. On average, equities analysts anticipate that Comerica Incorporated will post 5.28 earnings per share for the current year.

Comerica Announces Dividend

The firm 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 is Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.2%. 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.