Swiss National Bank Sells 6,200 Shares of Comerica Incorporated (NYSE:CMA)

Key Points

• The Swiss National Bank has reduced its holdings in Comerica Incorporated by 2.4%, selling 6,200 shares in the first quarter, leaving it with approximately 0.19% ownership valued at $15 million.
• Recent insider transactions include EVP Allysun C. Fleming selling 2,100 shares and insider James Mcgregor Carr selling 4,000 shares, representing ownership decreases of 18.22% and 10.67%, respectively.
• Comerica has announced a quarterly dividend of $0.71 per share, which will be paid on October 1st, reflecting an annualized yield of 4.1%.

Swiss National Bank cut its holdings in Comerica Incorporated (NYSE:CMA - Free Report) by 2.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 254,800 shares of the financial services provider's stock after selling 6,200 shares during the period. Swiss National Bank owned approximately 0.19% of Comerica worth $15,048,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. MorganRosel Wealth Management LLC bought a new position in shares of Comerica during the first quarter valued at approximately $33,000. Quarry LP boosted its stake in shares of Comerica by 152.0% during the 4th quarter. Quarry LP now owns 867 shares of the financial services provider's stock worth $54,000 after acquiring an additional 523 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Comerica by 19.4% during the 1st quarter. UMB Bank n.a. now owns 1,777 shares of the financial services provider's stock worth $105,000 after acquiring an additional 289 shares during the last quarter. Point72 Europe London LLP bought a new stake in shares of Comerica during the 4th quarter valued at $130,000. Finally, MGO One Seven LLC bought a new stake in shares of Comerica during the 4th quarter valued at $200,000. Hedge funds and other institutional investors own 80.74% of the company's stock.

Insider Buying and Selling at Comerica

In other news, 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 transaction of $140,763.00. Following the completion of the transaction, the executive vice president owned 9,424 shares in the company, valued at $631,690.72. This trade represents a 18.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider James Mcgregor Carr sold 4,000 shares of Comerica stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $67.28, for a total transaction of $269,120.00. Following the sale, the insider directly owned 33,471 shares of the company's stock, valued at $2,251,928.88. This represents a 10.67% decrease in their position. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on CMA. Citigroup lifted their price target on shares of Comerica from $54.00 to $61.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Piper Sandler lifted their price target on shares of Comerica from $60.00 to $65.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. DA Davidson set a $60.00 price objective on shares of Comerica and gave the company a "neutral" rating in a research report on Monday, July 21st. Keefe, Bruyette & Woods boosted their price objective on shares of Comerica from $69.00 to $73.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Finally, Jefferies Financial Group upgraded shares of Comerica from an "underperform" rating to a "hold" rating and boosted their price target for the company from $50.00 to $70.00 in a report on Wednesday, August 6th. Five equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $64.40.

Comerica Stock Up 1.3%

CMA opened at $68.94 on Thursday. Comerica Incorporated has a twelve month low of $48.12 and a twelve month high of $73.45. The firm has a market cap of $8.86 billion, a P/E ratio of 13.21, a price-to-earnings-growth ratio of 12.28 and a beta of 0.94. The business has a 50 day moving average price of $62.49 and a 200 day moving average price of $60.08. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.96 and a current ratio of 0.96.

Comerica (NYSE:CMA - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The financial services provider reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.19. The company had revenue of $849.00 million for the quarter, compared to analyst estimates of $844.39 million. Comerica had a return on equity of 10.92% and a net margin of 14.92%. During the same quarter last year, the firm posted $1.49 earnings per share. Research analysts forecast that Comerica Incorporated will post 5.28 EPS for the current year.

Comerica Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Monday, September 15th will be issued a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend is Monday, September 15th. Comerica's dividend payout ratio is 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.

Want to see what other hedge funds are holding CMA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Comerica Incorporated (NYSE:CMA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.