Patriot Financial Group Insurance Agency LLC Makes New $337,000 Investment in Comerica Incorporated $CMA

Key Points

• Patriot Financial Group Insurance Agency LLC invested approximately $337,000 to acquire 5,651 shares of Comerica Incorporated in the second quarter.
• Comerica announced a quarterly dividend of $0.71, with an annualized yield of 4.0%, reflecting a stable payout ratio of 54.41%.
• Research analysts have mixed ratings for Comerica, with the average rating being "Hold" and a consensus target price of $67.05.

Patriot Financial Group Insurance Agency LLC bought a new position in Comerica Incorporated (NYSE:CMA - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 5,651 shares of the financial services provider's stock, valued at approximately $337,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Lynx Investment Advisory grew its stake in Comerica by 3.3% in the 2nd quarter. Lynx Investment Advisory now owns 5,135 shares of the financial services provider's stock valued at $306,000 after buying an additional 163 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in Comerica by 41.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 597 shares of the financial services provider's stock valued at $35,000 after buying an additional 176 shares during the last quarter. Parallel Advisors LLC grew its stake in Comerica by 19.6% in the 2nd quarter. Parallel Advisors LLC now owns 1,152 shares of the financial services provider's stock valued at $69,000 after buying an additional 189 shares during the last quarter. Keeley Teton Advisors LLC grew its stake in Comerica by 0.7% in the 1st quarter. Keeley Teton Advisors LLC now owns 32,079 shares of the financial services provider's stock valued at $1,895,000 after buying an additional 217 shares during the last quarter. Finally, Meeder Asset Management Inc. grew its stake in Comerica by 0.3% in the 1st quarter. Meeder Asset Management Inc. now owns 84,408 shares of the financial services provider's stock valued at $4,985,000 after buying an additional 221 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company's stock.

Insider Transactions at Comerica

In other Comerica news, insider James Mcgregor Carr sold 4,000 shares of the business'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 approximately $2,251,928.88. The trade was a 10.67% decrease in their ownership of the stock. The sale was disclosed in a legal 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 dated Friday, August 8th. The stock was 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. 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.

Analyst Upgrades and Downgrades

CMA has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their target price 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. Cantor Fitzgerald initiated coverage on shares of Comerica in a research report on Wednesday, September 10th. They issued a "neutral" rating and a $72.00 price target on the stock. Cowen initiated coverage on shares of Comerica in a research report on Wednesday, September 24th. They issued a "hold" rating on the stock. Raymond James Financial restated a "market perform" rating on shares of Comerica in a research report on Tuesday, July 8th. Finally, Morgan Stanley raised their price target on shares of Comerica from $61.00 to $76.00 and gave the stock an "underweight" rating in a research report on Monday, September 29th. Five investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, Comerica presently has an average rating of "Hold" and a consensus target price of $67.05.

Comerica Trading Up 0.7%

Shares of CMA stock opened at $70.60 on Friday. Comerica Incorporated has a 12-month low of $48.12 and a 12-month high of $73.45. The company has a market capitalization of $9.07 billion, a P/E ratio of 13.52, a P/E/G ratio of 12.64 and a beta of 0.96. The firm has a 50-day moving average price of $68.83 and a 200 day moving average price of $61.53. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.84.

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, beating the consensus estimate 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 the consensus estimate of $844.39 million. During the same period last year, the firm posted $1.49 EPS. Research analysts forecast that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th were paid a $0.71 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.0%. Comerica's 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.

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