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. lessened its holdings in Comerica Incorporated (NYSE:CMA - Free Report) by 5.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 122,387 shares of the financial services provider's stock after selling 7,084 shares during the quarter. Phocas Financial Corp. owned approximately 0.09% of Comerica worth $7,228,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Jefferies Financial Group Inc. raised its position in shares of Comerica by 480.5% during the 1st quarter. Jefferies Financial Group Inc. now owns 75,465 shares of the financial services provider's stock worth $4,457,000 after purchasing an additional 62,465 shares during the last quarter. Lyell Wealth Management LP purchased a new position in Comerica in the 1st quarter valued at about $1,251,000. Meeder Asset Management Inc. raised its stake in shares of 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 purchasing an additional 221 shares in the last quarter. Meeder Advisory Services Inc. raised its stake in Comerica by 5.4% during the first quarter. Meeder Advisory Services Inc. now owns 5,116 shares of the financial services provider's stock worth $302,000 after acquiring an additional 263 shares during the period. Finally, TCW Group Inc. raised its stake in Comerica by 30.1% during the first quarter. TCW Group Inc. now owns 23,031 shares of the financial services provider's stock worth $1,360,000 after acquiring an additional 5,330 shares during the period. Hedge funds and other institutional investors own 80.74% of the company's stock.

Comerica Trading Down 1.1%

Shares of NYSE CMA traded down $0.70 during trading hours on Thursday, hitting $65.80. 311,928 shares of the company traded hands, compared to its average volume of 2,002,879. Comerica Incorporated has a 12 month low of $48.12 and a 12 month 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. The company's 50 day moving average price is $61.51 and its 200 day moving average price is $59.97. The stock has a market capitalization of $8.46 billion, a price-to-earnings ratio of 12.58, a price-to-earnings-growth ratio of 12.20 and a beta of 0.94.

Comerica (NYSE:CMA - Get Free Report) last announced its quarterly earnings data 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 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 analysts' expectations of $844.39 million. During the same period last year, the business posted $1.49 earnings per share. On average, equities research analysts anticipate that Comerica Incorporated will post 5.28 earnings per share for the current fiscal year.

Comerica Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 15th will be given a $0.71 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.3%. Comerica's dividend payout ratio is 54.41%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CMA shares. Raymond James Financial restated a "market perform" rating on shares of Comerica in a report on Tuesday, July 8th. Truist Financial lifted their target price on shares of Comerica from $61.00 to $68.00 and gave the stock a "hold" rating in a report on Thursday, July 24th. Evercore ISI lowered shares of Comerica from an "in-line" rating to an "underperform" rating and decreased their price target for the stock from $65.00 to $50.00 in a research report on Tuesday, April 22nd. Wells Fargo & Company decreased their target price on shares of Comerica from $67.00 to $55.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. Finally, Royal Bank Of Canada dropped their target price on shares of Comerica from $75.00 to $65.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Comerica currently has an average rating of "Hold" and a consensus target price of $64.40.

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.