Russell Investments Group Ltd. Has $5.76 Million Stock Position in Comerica Incorporated $CMA

Key Points

• Russell Investments Group Ltd. reduced its stake in Comerica Incorporated by 69.7% during the first quarter, now holding $5.76 million worth of the company's stock.
• Jefferies Financial Group upgraded Comerica from "underperform" to "hold," raising the price target from $50.00 to $70.00, indicating positive analyst sentiment around the stock.
• Comerica has announced a quarterly dividend of $0.71 per share, with an annualized yield of 4.2%, reflecting a strong cash position despite recent stock performance.

Russell Investments Group Ltd. reduced its stake in shares of Comerica Incorporated (NYSE:CMA - Free Report) by 69.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 97,505 shares of the financial services provider's stock after selling 224,011 shares during the quarter. Russell Investments Group Ltd. owned 0.07% of Comerica worth $5,758,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Primecap Management Co. CA boosted its stake in Comerica by 228.8% in the first quarter. Primecap Management Co. CA now owns 1,670,110 shares of the financial services provider's stock valued at $98,637,000 after buying an additional 1,162,110 shares in the last quarter. North Reef Capital Management LP boosted its stake in Comerica by 15.7% in 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 in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in Comerica by 29.7% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,149,591 shares of the financial services provider's stock valued at $132,952,000 after buying an additional 492,381 shares in the last quarter. Mackenzie Financial Corp acquired a new stake in Comerica in the fourth quarter valued at about $25,692,000. Finally, Northern Trust Corp boosted its stake in Comerica by 26.9% in the fourth quarter. Northern Trust Corp now owns 1,900,261 shares of the financial services provider's stock valued at $117,531,000 after buying an additional 402,992 shares in the last quarter. 80.74% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Jefferies Financial Group raised Comerica from an "underperform" rating to a "hold" rating and raised their price objective for the company from $50.00 to $70.00 in a research note on Wednesday, August 6th. Truist Financial raised their price objective on Comerica from $61.00 to $68.00 and gave the company a "hold" rating in a research note on Thursday, July 24th. Stephens reaffirmed an "equal weight" rating on shares of Comerica in a research note on Monday, July 21st. DA Davidson set a $60.00 price objective on Comerica and gave the company a "neutral" rating in a research note on Monday, July 21st. Finally, Citigroup raised their price objective on Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have given a Sell rating to the company's stock. According to MarketBeat.com, Comerica has a consensus rating of "Hold" and a consensus target price of $64.40.

Comerica Price Performance

Comerica stock opened at $67.5440 on Thursday. 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 has a market capitalization of $8.68 billion, a PE ratio of 12.94, a P/E/G ratio of 12.19 and a beta of 0.94. Comerica Incorporated has a 12 month low of $48.12 and a 12 month high of $73.45. The stock has a 50-day moving average price of $63.45 and a two-hundred day moving average price of $60.17.

Comerica (NYSE:CMA - Get Free Report) last posted its earnings results on Friday, July 18th. The financial services provider reported $1.42 EPS 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 the consensus estimate of $844.39 million. During the same period last year, the company earned $1.49 earnings per share. Analysts expect that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Announces Dividend

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

Insider Transactions at Comerica

In other news, insider James Mcgregor Carr sold 4,000 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $67.28, for a total transaction of $269,120.00. Following the completion of the transaction, the insider directly owned 33,471 shares in the company, valued at $2,251,928.88. This trade represents a 10.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Allysun C. Fleming sold 2,100 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at $631,690.72. This trade represents a 18.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.19% of the stock is owned by company insiders.

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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