OLD National Bancorp IN Sells 10,053 Shares of Comerica Incorporated (NYSE:CMA)

OLD National Bancorp IN cut its holdings in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 4.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 213,419 shares of the financial services provider's stock after selling 10,053 shares during the period. OLD National Bancorp IN owned 0.16% of Comerica worth $12,605,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CMA. Retirement Systems of Alabama acquired a new position in shares of Comerica during the fourth quarter worth $9,890,000. Yousif Capital Management LLC increased its position in shares of Comerica by 52.7% during the fourth quarter. Yousif Capital Management LLC now owns 11,355 shares of the financial services provider's stock worth $702,000 after purchasing an additional 3,918 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Comerica by 18.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 96,025 shares of the financial services provider's stock worth $5,931,000 after purchasing an additional 15,178 shares in the last quarter. Vest Financial LLC increased its position in shares of Comerica by 62.6% during the fourth quarter. Vest Financial LLC now owns 40,197 shares of the financial services provider's stock worth $2,486,000 after purchasing an additional 15,481 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in shares of Comerica during the fourth quarter worth $355,000. 80.74% of the stock is owned by institutional investors and hedge funds.

Comerica Trading Up 2.0%

CMA stock opened at $58.62 on Friday. The company's 50-day simple moving average is $55.06 and its 200-day simple moving average is $60.95. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 1.09. Comerica Incorporated has a 52-week low of $45.32 and a 52-week high of $73.45. The firm has a market cap of $7.70 billion, a P/E ratio of 11.68 and a beta of 0.92.

Comerica (NYSE:CMA - Get Free Report) last posted its earnings results on Monday, April 21st. The financial services provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.11. Comerica had a net margin of 13.98% and a return on equity of 12.04%. The business had revenue of $829.00 million for the quarter, compared to analyst estimates of $839.31 million. During the same period in the prior year, the company posted $1.29 EPS. As a group, equities analysts forecast that Comerica Incorporated will post 5.28 EPS for the current fiscal year.

Comerica Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Friday, June 13th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 4.84%. The ex-dividend date is Friday, June 13th. Comerica's payout ratio is currently 53.69%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CMA shares. UBS Group raised Comerica from a "sell" rating to a "neutral" rating and set a $59.00 price target on the stock in a research report on Thursday, April 10th. Stephens downgraded Comerica from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $66.00 to $64.00 in a research report on Monday, March 31st. Robert W. Baird cut their target price on Comerica from $80.00 to $75.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Truist Financial cut their target price on Comerica from $65.00 to $57.00 and set a "hold" rating on the stock in a research report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. downgraded Comerica from a "neutral" rating to an "underweight" rating and cut their target price for the company from $64.00 to $52.00 in a research report on Tuesday, April 22nd. Six investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Comerica has an average rating of "Hold" and a consensus target price of $62.37.

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.

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