Nuveen LLC Takes $14.25 Million Position in Comerica Incorporated $CMA

Key Points

• Nuveen LLC has made a new investment in Comerica Incorporated, acquiring 241,335 shares valued at approximately $14.25 million, which accounts for about 0.18% of the company.
• Comerica reported a quarterly earnings per share (EPS) of $1.42, surpassing analyst estimates of $1.23, with revenue reaching $849 million.
• The company announced a quarterly dividend of $0.71 per share, representing an annualized yield of 4.2%, payable on October 1st to shareholders of record on September 15th.

Nuveen LLC acquired a new position in Comerica Incorporated (NYSE:CMA - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 241,335 shares of the financial services provider's stock, valued at approximately $14,253,000. Nuveen LLC owned approximately 0.18% of Comerica at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. MorganRosel Wealth Management LLC purchased a new position in Comerica in the 1st quarter worth $33,000. Quarry LP raised its stake in Comerica by 152.0% in the 4th quarter. Quarry LP now owns 867 shares of the financial services provider's stock worth $54,000 after acquiring an additional 523 shares during the last quarter. UMB Bank n.a. raised its stake in Comerica by 19.4% in the 1st quarter. UMB Bank n.a. now owns 1,777 shares of the financial services provider's stock worth $105,000 after acquiring an additional 289 shares during the last quarter. Point72 Europe London LLP purchased a new position in Comerica in the 4th quarter worth $130,000. Finally, MGO One Seven LLC purchased a new position in Comerica in the 4th quarter worth $200,000. Institutional investors and hedge funds own 80.74% of the company's stock.

Comerica Price Performance

Shares of Comerica stock traded up $1.45 on Wednesday, hitting $71.14. The company's stock had a trading volume of 2,259,089 shares, compared to its average volume of 1,767,560. 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 Incorporated has a 1 year low of $48.12 and a 1 year high of $73.45. The firm has a fifty day moving average price of $64.80 and a 200-day moving average price of $60.23. The company has a market capitalization of $9.14 billion, a price-to-earnings ratio of 13.63, a price-to-earnings-growth ratio of 12.57 and a beta of 0.94.

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, 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 analyst estimates of $844.39 million. During the same quarter in the previous year, the business earned $1.49 EPS. As a group, sell-side analysts anticipate 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 issued a $0.71 dividend. This represents a $2.84 annualized dividend and a yield of 4.0%. The ex-dividend date is Monday, September 15th. Comerica's payout ratio is presently 54.41%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CMA shares. Citigroup raised their target price on Comerica from $54.00 to $61.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. raised their target price on Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Keefe, Bruyette & Woods raised their target price on Comerica from $69.00 to $73.00 and gave the stock an "outperform" rating in a research note on Monday, July 21st. UBS Group set a $64.00 price objective on Comerica and gave the company a "neutral" rating in a research note on Monday, July 21st. Finally, Piper Sandler lifted their price objective on Comerica from $60.00 to $65.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Comerica presently has a consensus rating of "Hold" and a consensus target price of $64.40.

Insider Activity

In related news, insider James Mcgregor Carr sold 4,000 shares of Comerica stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $67.28, for a total value of $269,120.00. Following the sale, the insider directly owned 33,471 shares in the company, valued at approximately $2,251,928.88. The trade was a 10.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Allysun C. Fleming sold 2,100 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $67.03, for a total value of $140,763.00. Following the transaction, the executive vice president owned 9,424 shares in the company, valued at approximately $631,690.72. This represents a 18.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.19% of the company's stock.

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.