Comerica Incorporated (NYSE:CMA) Shares Sold by Phocas Financial Corp.

Key Points

• Phocas Financial Corp. reduced its stake in Comerica Incorporated by 5.5%, ending the first quarter with 122,387 shares valued at approximately $7.23 million.
• Analysts have mixed ratings for Comerica, with 11 hold ratings, 6 sell ratings, and 5 buy ratings, resulting in an average price target of $63.25.
• Comerica recently announced a quarterly dividend of $0.71 per share, translating to an annual yield of 4.3% based on its current share price.

Phocas Financial Corp. trimmed its holdings in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 5.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 122,387 shares of the financial services provider's stock after selling 7,084 shares during the period. Phocas Financial Corp. owned about 0.09% of Comerica worth $7,228,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CMA. North Reef Capital Management LP boosted its position in shares of Comerica by 15.7% during the fourth 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 buying an additional 550,000 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Comerica by 548.9% in the fourth quarter. Canada Pension Plan Investment Board now owns 642,400 shares of the financial services provider's stock worth $39,732,000 after buying an additional 543,400 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its position in Comerica by 29.7% during 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 purchasing an additional 492,381 shares in the last quarter. Mackenzie Financial Corp acquired a new stake in shares of Comerica in the fourth quarter valued at approximately $25,692,000. Finally, Northern Trust Corp increased its stake in Comerica by 26.9% during the fourth quarter. Northern Trust Corp now owns 1,900,261 shares of the financial services provider's stock worth $117,531,000 after acquiring an additional 402,992 shares during the last quarter. Hedge funds and other institutional investors own 80.74% of the company's stock.

Comerica Stock Performance

Shares of CMA stock traded down $0.43 during trading on Tuesday, reaching $66.96. 311,756 shares of the company's stock traded hands, compared to its average volume of 2,006,344. The firm's 50-day moving average is $61.11 and its 200 day moving average is $59.88. The company has a market capitalization of $8.61 billion, a P/E ratio of 12.84, a PEG ratio of 12.02 and a beta of 0.94. Comerica Incorporated has a 1 year low of $48.12 and a 1 year high of $73.45. 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 (NYSE:CMA - Get Free Report) last issued its earnings results on Friday, July 18th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, topping 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 business had revenue of $849.00 million during the quarter, compared to analysts' expectations of $844.39 million. During the same period in the previous year, the company earned $1.49 earnings per share. Equities research analysts expect that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be paid a $0.71 dividend. The ex-dividend date is Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a yield of 4.2%. Comerica's dividend payout ratio (DPR) is 54.41%.

Analyst Ratings Changes

CMA has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their price target on Comerica from $52.00 to $60.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 1st. Evercore ISI downgraded shares of Comerica from an "in-line" rating to an "underperform" rating and dropped their price objective for the stock from $65.00 to $50.00 in a report on Tuesday, April 22nd. Royal Bank Of Canada reduced their target price on shares of Comerica from $75.00 to $65.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Robert W. Baird decreased their target price on shares of Comerica from $80.00 to $75.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Finally, Raymond James Financial reaffirmed a "market perform" rating on shares of Comerica in a report on Tuesday, July 8th. Six research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $63.25.

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.