McElhenny Sheffield Capital Management LLC Takes $6.80 Million Position in Comerica Incorporated $CMA

Key Points

• McElhenny Sheffield Capital Management LLC has acquired a new stake in Comerica, purchasing 114,000 shares valued at approximately $6.8 million, representing 0.09% of the company.
• Comerica's latest quarterly earnings report showed $1.42 earnings per share, exceeding analysts' expectations of $1.23, while the company also announced a quarterly dividend yielding 3.6%.
• Analysts have mixed opinions on Comerica, with a consensus rating of "Hold" and a target price averaging around $69.50, amidst recent adjustments in price targets from various research firms.

McElhenny Sheffield Capital Management LLC purchased a new stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) in the second quarter, according to its most recent filing with the SEC. The firm purchased 114,000 shares of the financial services provider's stock, valued at approximately $6,800,000. McElhenny Sheffield Capital Management LLC owned 0.09% of Comerica at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in shares of Comerica by 9.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,508,229 shares of the financial services provider's stock worth $325,308,000 after purchasing an additional 472,409 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Comerica by 5.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,663,441 shares of the financial services provider's stock worth $275,423,000 after purchasing an additional 231,885 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Comerica by 9.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,321,494 shares of the financial services provider's stock worth $137,107,000 after purchasing an additional 203,333 shares during the last quarter. Azora Capital LP raised its position in shares of Comerica by 53.7% during the 1st quarter. Azora Capital LP now owns 1,899,198 shares of the financial services provider's stock worth $112,167,000 after purchasing an additional 663,513 shares during the last quarter. Finally, Primecap Management Co. CA raised its position in shares of Comerica by 228.8% during the 1st quarter. Primecap Management Co. CA now owns 1,670,110 shares of the financial services provider's stock worth $98,637,000 after purchasing an additional 1,162,110 shares during the last quarter. 80.74% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Jefferies Financial Group lifted their price objective on Comerica from $75.00 to $85.00 and gave the stock a "hold" rating in a research report on Tuesday. DA Davidson set a $60.00 price target on Comerica and gave the company a "neutral" rating in a report on Monday, July 21st. Cantor Fitzgerald started coverage on Comerica in a report on Wednesday, September 10th. They issued a "neutral" rating and a $72.00 price target for the company. Citigroup boosted their price target on Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Finally, Evercore ISI cut their price target on Comerica from $71.00 to $70.00 and set an "underperform" rating for the company in a report on Tuesday, September 30th. Five research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $69.50.

Comerica Stock Down 0.3%

Shares of Comerica stock opened at $79.80 on Thursday. The company has a fifty day moving average price of $69.49 and a 200 day moving average price of $61.94. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.84. Comerica Incorporated has a twelve month low of $48.12 and a twelve month high of $83.22. The stock has a market cap of $10.26 billion, a price-to-earnings ratio of 15.29, a price-to-earnings-growth ratio of 14.34 and a beta of 0.96.

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, 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 firm had revenue of $849.00 million during the quarter, compared to analysts' expectations of $844.39 million. During the same period in the prior year, the company earned $1.49 EPS. Equities research analysts forecast 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 was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were given a $0.71 dividend. This represents a $2.84 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Monday, September 15th. Comerica's dividend payout ratio is presently 54.41%.

Insider Transactions at Comerica

In other Comerica 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 transaction, the insider directly owned 33,471 shares of the company's stock, valued at $2,251,928.88. This represents a 10.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at 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 shares were 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 directly owned 9,424 shares of the company's stock, valued at approximately $631,690.72. The trade was a 18.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.19% of the company's stock.

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.

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